Say you’ve found a property that will be a great investment at a bargain price. Or perhaps the beach cottage you’ve had your eye on for years just came on the market. Whatever the reason, if you’re considering applying for another loan while refinancing your current home, the process can be somewhat complicated. To give you the full picture, Realtor.com
You’ve been pre-approved for a mortgage, found the perfect home and had your offer accepted. All you need to do now is sit back and wait for closing, right? Well, not exactly. While the odds are reasonably good that nothing major will go wrong, that doesn’t mean things can’t go wrong. A financial misstep now could change your mortgage terms and interest rate, or even
In the wake of all the changes ushered in by the new tax plan, the Tax Cuts and Jobs Act, realtor.com offers a list of all the tax breaks for homeowners. Mortgage interest In the past, you could deduct the interest from up to $1 million in mortgage debt (or $500,000 if you filed singly). But for loans taken out from Dec.
Whether you’re a freelancer, temp worker or independent contractor, they’re all the same term for a job that feeds the gig economy. The upside? Instead of working full-time for only one employer, you have the flexibility, freedom and personal fulfillment to work when you want. There’s a downside to this freedom — your income could be “riskier” if you want to get a loan,
A mortgage likely is the largest debt you’ll ever have, so paying it off is a significant achievement. But be warned: Depending on various factors, this act of financial responsibility could increase or decrease your credit score. Here, realtor.com explains how it could affect your FICO score. Your credit score could decrease Paying off what is likely your largest installment debt
Thinking about buying your first home? Here, realtor.com lays out all of the must-know details of purchasing for the first time, whether it’s getting a mortgage, choosing a real estate agent, shopping for a home or making a down payment. 1. How much home you can afford Because homes are a large expenditure, you’ll likely need a home loan
You’ve found the house you love, put in a good offer and it was accepted. If you’ve applied for a mortgage, the next step is to undergo a comprehensive appraisal of its worth. And be warned: An unfavorable home appraisal can squash a real estate deal. Here, realtor.com offers insight into how the home appraisal process works. Appraisals estimate
Hoping to buy a home? One number you’ll want to get to know well is your credit score. Also called a credit rating or FICO score (named after the company that created it, the Fair Isaac Corporation), this three-digit number is a numerical representation of your credit report that outlines your history of paying off debts. Why does your credit score
Buying a house is exciting, but the home loan process sometimes can be a bit daunting. Here, realtor.com offers some expert mortgage advice that should work well in 2019. 1. Consider an adjustable rate mortgage You’ve probably always assumed you’d get a 30-year mortgage with a fixed interest rate, but if you’re not buying your forever home then the benefits
According to realtor.com, these five money mistakes could lead to your mortgage being derailed. 1. Moving money around If you have cash in the bank, do not move it anywhere while you wait to close. Buying stock, for example, will lower your net value and reduce the cash you can bring to closing. 2. Taking a leave of absence
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