What is a mortgage? We take a look at the process of getting a mortgage and some key terms you need to know to get the best mortgage for you.
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Category: Mortgages
What Is a Reverse Mortgage? The Real Risks and Rewards, Revealed
What is a reverse mortgage? Most home buyers know what a mortgage is, but a reverse mortgage may seem far less familiar.
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Foreclosure vs. Short Sale: What’s the Difference?
What is the difference between a short sale and a foreclosure? They’re both options for homeowners who fall behind on mortgage payments.
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What Is a Good Credit Score to Buy a House?
What is a good credit score to buy a house? When you’re trying to get a mortgage, a high number helps, but how low can you go and still have a good credit score?
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That’s So 2018! Outdated Mortgage Advice You Should Ignore Right Now
Buying a house is exciting, but signing the mortgage is terrifying. Follow this mortgage advice from our experts—they know what works in 2019.
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How to Donate a House—and Why You Might Want to Really Do It
While donating money, art, and other possessions may be common, there are instances when people might wonder how to donate a house. Here are the steps.
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Is a Mortgage Pre-Approval Letter Necessary To Make An Offer on a House?
Is mortgage pre-approval necessary to make an offer on a house? No, but if you want to be taken seriously and stand out from any competing bids, it’ll help.
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Q3 2018 Loan Originations by Generation: Top Markets for Millennials
The millennial share of mortgage originations has expanded to 45.2 percent at the end of the third quarter, rising by an additional 3.2 percent. Top markets for millennials include affordable Buffalo, NY; Pittsburgh, PA; and Milwaukee, WI. The top 3 millennial…
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So Nice We Did It Twice: The 2018 Real Estate Advice You’d Better Not Miss
We doled out so much expert advice over the past 12 months on every possible real estate topic we could think of. But what was most useful to you? Here are our most-read advice pieces of 2018.
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3 Things You’d Better Know Before Applying for a Mortgage—or Else
Getting a mortgage all starts with arming yourself with the right info about the home loan application process. Here are three things you need to know.
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What We Learned From Losing Our Home in the California Fires
Michelle Perry Higgins was one of many who lost a home in the Northern California fires. These are the financial lessons she learned.
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6 Times It’s Actually Smarter to Buy a New Home Before Selling the Old
You should never buy a new home before the old, right? On the contrary, here are six times it’s smarter to buy before you sell.
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5 Reasons to Talk to a Lender Right Now—Long Before You Buy a Home
Most home buyers wait to talk to a mortgage lender until they’re ready to buy. But that may be way too late! Here’s why to do it now.
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Can You Get a Mortgage With a Credit Freeze?
A credit freeze can keep your money safe, but it can pose problems if you need a mortgage to buy a home. Here’s the right way to navigate the home loan process with frozen credit.
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How Long Does It Take to Improve Your Credit Score Enough to Buy a Home?
How long does it take to improve your credit score? That depends on the steps you take to improve your credit. Read on to find out more.
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What Is a Special Assessment? Condo and Co-op Buyers Beware
What is a special assessment? It’s an added fee that can crop up for owners of a condo, co-op, or home belonging to a homeowners association (HOA).
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‘The Best Mortgage Advice I’ve Heard, Ever’
With all the mortgage advice out there, it’s a challenge to sort through it all. Here’s a roundup of the best mortgage advice homeowners have received.
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How Long Does It Take to Build Credit History From Scratch?
How long does it take to build credit? For a mortgage, anywhere from a few months to a few years. Here are tips to speed things up.
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What Is a Home Equity Loan? How It Works vs. a Home Equity Line of Credit
What is a home equity loan? If you own a home, you can borrow money based on its value to pay other expenses such as home improvements or college tuition.
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How to Buy a Home Fast—Even Before the Holidays!
Think it’s hopeless to figure out how to buy a home fast, even before the holidays? It’s still doable; here’s how.
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How to Get a Mortgage Without Financially Freaking Out
Wondering how to get a mortgage to buy a home, but scared you’ll mess things up? Buying a house is exciting, but can also fill you with fear.
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How to Buy a House for $10,000 Upfront (or Less!)
Pssst … wanna know how to buy a house for $10,000 upfront? As impossible as this sounds, it’s entirely doable.
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How Long Does Underwriting Take—and Can You Speed It Up?
How long does underwriting take? Underwriting—a process in which mortgage lenders verify your assets—typically lasts about a week.
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‘House-Rich, Cash-Poor’: Here’s What It Really Means
Being “house-rich, cash-poor” depends on how much you have in your pocket compared with how much you have tied up in your home. We explain it all here.
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3 Reasons Why PMI Saved Me Money—Really!
If you asked me six months ago, I’d tell you PMI meant flushing money down the toilet. But today, I’d call myself a private mortgage insurance advocate. Here’s why.
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What Is a Recast Mortgage? Way Easier Than Refinancing—Should You Try It?
What is a recast mortgage? It’s where you pay off a lump sum of your principal, then your lender reamortizes the rest to lower your monthly payments.
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How Long Does It Take to Refinance a Mortgage?
How long does it take to refinance a mortgage? Refinancing should take anywhere from 30 to 45 days on average, although that can stretch to 60 days if you hit any snags along the way.
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How to Buy a House in Your 20s—and Why You Really Should
Curious to know how you can buy a house in your 20s? It’s entirely possible if you take these steps.
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Take Our Quiz: Are You Truly Ready To Buy a House?
Take this quiz to test your home-buying smarts, and see if you’re truly ready to tackle a mortgage, home closing, and more.
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What Is Debt-to-Income Ratio? The Key to Qualifying for a Mortgage
What is debt-to-income-ratio? This comparison of the money you owe to the money you make determines whether you can qualify for a mortgage.
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What Is MIP? Mortgage Insurance Premium, Explained
“What is MIP?” You might be wondering that if you’re a first-time mortgage borrower. If you want an FHA loan, you’d better read this.
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What Is a Mortgage Note—and Do You Know Where Yours Is?
What is a mortgage note? Also known as a promissory note or deed of trust note, it’s the basic loan contract given to you by your lender.
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Oops! 5 Mortgage Moves You May Not Realize You Need to Do
Obtaining a mortgage is a marathon—and because there are so many moving parts, it’s easy to overlook an important step or two along the way.
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5 Surprising Questions You’d Never Think to Ask a Real Estate Agent, but Really Should
To really know which real estate agent is right for you, you’ll need to throw a few curveballs questions. Here are some to try.
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Need a Mortgage Co-Signer? Here’s What It Means and What to Watch Out For
Need a mortgage co-signer? That may be the case if you’ve found that perfect house, only to have lenders inform you that you don’t qualify for a mortgage.
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Wells Fargo Accidentally Foreclosed on More Homes—What You Should Do in a Similar Situation
A computer glitch at Wells Fargo may have caused more than 400 people to lose their homes, the company admitted. Here are tips to deal with the situation.
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5 Mortifying Reasons Mortgage Applications End Up in the ‘Reject’ Pile
There are a number of reasons why mortgage applications end up being denied‚ and the saddest part about it is that many could have been avoided quite easily.
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4 Things I Wish I’d Known Before I Got an FHA Loan
An FHA loan helped us buy our first home with a low down payment, but it wasn’t a total breeze. Here are a few things I wish I’d known before signing.
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So Your Offer Was Rejected? This Might Be the Real Reason Why
Money talks, but a low price isn’t the only reason that sellers might reject your offer. Find out other mistakes you may be making.
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How to Finance a House Flip: 5 Types of ‘Fix-and-Flip’ Loans
If you’re wondering how to finance a house flip, this article will explain your five options, as well as the interest rates and pros and cons of each.
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What Is the Right of Rescission? It’s Like a Safety Net for Home Loan Seekers
The right of rescission is a little-known—but valuable—rule to consider when you’re going through the process of refinancing or taking out a home loan.
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Is There a Lien on My Property? How to Check
Are there liens on your property? The answer may not be so obvious. Here’s how to check.
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Saving for a Rainy Day: Your Home Repair Emergency Fund Should Have This Much Cash
Your house may be in great shape, but issues such as an expensive plumbing bill or a flooded basement can happen. Here’s how much you need to set aside.
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5 Mortgage Misconceptions Set Straight
Looking for a home loan? Get your facts straight so you can proceed with confidence. …
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What Is a Foreign National Loan? One Way to Buy Investment Property in the U.S.
A foreign national loan helps noncitizens buy investment properties or vacation homes in the United States. But what are the parameters?
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6 Smart Ways to Build Home Equity
Want to create wealth through homeownership? Build equity. Home equity is the percentage of your home’s value that you own, and it’s key to building wealth through homeownership. Let’s take a closer look at how to build home equity without blowing your budget — and how to access it when you need it. How much equity
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The 3 Most Boring Parts of the Home-Buying Process—and How to Deal
When all is said and done, buying a home is exciting—and a milestone to be celebrated. But if you expect each step of the process to be a thrill ride, we’re here to tell you you’re sorely mistaken. In fact, between the rush of the hunt for the perfect place and the extreme satisfaction of
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Want to Rent Your Vacation Home? Beware These Lender Rules
When it comes to financing your vacation home, not all loans are created equal — so choose wisely. Ready to buy that ski cabin or lake house? Renting it out while you’re not using it is a great way to make it happen — but not so fast. Lender rules may not allow it, so here’s
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Dodd-Frank Reform Could Make It Easier to Get a Mortgage
(TNS)—It should be easier for you to get a mortgage now that President Donald Trump has signed legislation that will lift lending restrictions on community banks. Congress on Tuesday voted in favor of rolling back Dodd-Frank banking rules, and Trump signed it Thursday. The reforms will ease some of the mortgage laws from the Dodd-Frank
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Can a Non-U.S. Citizen Get a Mortgage in the U.S.? It Depends on Your Immigration Status
Can a non-U.S. citizen get a mortgage in the U.S.? The short answer is yes. “You do not have to be a citizen of the United States to purchase real estate here,” says Ines Hegedus-Garcia, a real estate agent in Miami, FL. However, the kind of loan you are eligible for—and the documentation required to
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