- What Is Credit and How Does It Work?
Key Insights
Credit Importance:
Essential for major purchases like homes and cars.
Affects financial opportunities such as renting apartments or securing loans.
Creditworthiness:
Evaluates how well you manage…
Topic: Buying A House | Read more
- The Best FHA Loan Lenders
If you're looking to purchase a home but can't afford a 20% down payment, FHA loans are a fantastic option. Here's a comparison of top FHA lenders and what you need to know before applying.
Top FHA Loan Lenders
1. Ame…
Topic: Buying A House | Read more
- The Best Mortgage Lenders
What is a Mortgage?
A mortgage is a loan for purchasing real estate, such as a home.
The property serves as collateral, which can be repossessed if the borrower defaults.
Borrowers repay the loan plus interest over…
Topic: Buying A House | Read more
- Choosing Reverse Mortgage Lenders
Criteria for Top Picks
Customer Ratings:
Only companies with a minimum 4-star average rating in the past three years were considered.
Availability:
Lenders with broad availability across the U.S. were prioritized.
Mos…
Topic: Buying A House | Read more
- Reverse Mortgage Buyer's Guide
What is a Reverse Mortgage?
A loan for homeowners aged 62+ to borrow against home equity without monthly repayments.
Funds are repaid when the borrower sells the home, moves out, or passes away.
Payout options: lump su…
Topic: Buying A House | Read more
- The Best Mortgage Refinance Companies
What is Mortgage Refinancing?
Refinancing replaces your current mortgage with a new one offering different terms. Reasons to refinance include:
- Lowering interest rates or monthly payments.
- Changing the loan term l…
Topic: Buying A House | Read more
- How Much House Can You Afford?
Summing it up
Rule of Thumb:
Your mortgage payment should not exceed 28% of your gross monthly income.
Total debt obligations (mortgage + other debts) should be below 36% of your gross monthly income.
Conside…
Topic: Buying A House | Read more
- Understanding Mortgages and How to Get One
What is a Mortgage?
A loan for real estate purchases, such as homes.
Lender Types: Banks, credit unions, or mortgage companies.
Collateral: The property itself secures the loan, repossessable if payments are missed.…
Topic: Buying A House | Read more
- The Best Mortgage Lenders in the U.S.
What is a Mortgage?
Definition: A loan specifically for purchasing real estate, where the property acts as collateral.
Repayment: Borrowers repay the loan plus interest over several years or decades.
Key Types:
C…
Topic: Buying A House | Read more
- The Best Real Estate Websites
Top Features to Look For in Real Estate Websites
Search Features
Map Searches: Filter listings based on geographical areas, crossing multiple zip codes or city lines.
Advanced Filters: Narrow results by property t…
Topic: Buying A House | Read more
- The Best USDA Loans
USDA loans offer a path to homeownership in rural and suburban areas with unique benefits like no down payment, no private mortgage insurance (PMI), and lower interest rates. They are designed for low- to moderate-incom…
Topic: Buying A House | Read more
- The Best HELOC Lenders: Overview and Guide
What is a HELOC?
A Home Equity Line of Credit (HELOC) allows homeowners to borrow against the equity in their home.
It's a revolving line of credit, similar to a credit card, with a borrowing limit determined by the …
Topic: Buying A House | Read more
- The Best HARP Lenders and Loan Modification Options
After the 2008 housing crisis, homeowners sought assistance through loan modification and HARP loans to manage mortgage payments and avoid foreclosure. Below is a guide to top providers and their offerings:
How Loan Mo…
Topic: Buying A House | Read more
- Choosing a Reverse Mortgage
What Are Reverse Mortgages?
A loan option for homeowners aged 62+ to borrow against their home equity without monthly repayments.
Funds are due when you move, sell, or pass away.
Payment options: lump sum or recurr…
Topic: Buying A House | Read more
- Choosing a Mortgage Company
1. Is the Mortgage Company Reliable?
Internet Search: Perform online research to check for legitimacy and reputation.
Company History: A long history suggests stability; new companies should have experienced leadersh…
Topic: Buying A House | Read more
- How to Get a Mortgage
Key Insights
Mortgage rates have risen but could still be a good investment if rents in your area are high.
Preapproval helps you stay within your budget when home shopping.
Government-backed loans offer alternati…
Topic: Buying A House | Read more
- How Much House Can I Afford?
Determining how much house you can afford involves more than just calculating your monthly mortgage payment. Here's a breakdown to guide your decision:
Key Insights
Mortgage Payment: Should not exceed 28% of your gr…
Topic: Buying A House | Read more
- The Best Mortgage Lenders
What is a Mortgage?
Definition: A mortgage is a loan used to buy real estate, secured by the property itself as collateral.
Repayment: Borrowers pay back the loan plus interest over a set period (e.g., 15-30 years).…
Topic: Buying A House | Read more
- How to Find the Cheapest Mortgage
Rising mortgage rates mean it’s more critical than ever to shop smartly. Here’s a step-by-step guide to securing the most affordable home loan:
1. Clean Up Your Credit Score
Check Credit Reports: Visit AnnualCreditR…
Topic: Buying A House | Read more
- Types of Mortgage Loans
Key Insights
Mortgage loans vary based on financial requirements, term lengths, and rate structures.
Some loans, like government-backed options, require little or no down payment.
Choosing the right mortgage depen…
Topic: Buying A House | Read more
