Borrowing against home equity can be a convenient way to access cash, but it also carries risk, as millions of Americans learned in the housing crisis of 2008. If you’re considering it, CNBC tells you 4 things borrowers should know. 1. It’s getting (slightly) easier to qualify More than 10 percent of lenders eased their credit standards somewhat for HELOCs in the first
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Thinking of buying a home? Now’s a great time to brush up on your mortgage terms 101. Here, is a helpful glossary to help demystify the often confusing mortgage process. Adjustable rate: An interest rate that may change during the life of the loan, and the essence of an Adjustable Rate Mortgage or ARM. Some rates vary according to an established
Whether it’s choosing the wrong location or buying more house than you can afford, almost everyone makes mistakes when it comes to purchasing a home. That being said, certain age groups are more susceptible to particular missteps than others. Here, Bankrate discusses some common mistakes homeowners make at each age, and a few ways to avoid them. 20s: Getting the wrong
Thinking about buying your first home? That worrisome down payment has probably kept you awake for more than a few nights. That’s understandable. Although a pre-approval is crucial for determining your buying power, it’s the down payment that shows you mean business. Saving up is difficult, however, and it’s often a roadblock that keeps many individuals from buying a home.
If you’re a homeowner, there’s one thing that won’t change: your obligation to make a monthly mortgage payment. The good news? A loan term doesn’t have to dictate when you free yourself from this financial commitment. Here, Trulia gives 5 tried-and-true ways to pay off and cut the ties early while lowering the total amount paid in the process. 1. Refinance
When it comes time to purchase a home, a proof of funds letter shows that a buyer has enough liquid cash to complete the deal. If fact, buyers shouldn’t feel prepared to make an offer without this document because buyers will want to see this essential paperwork to determine whether the purchaser is truly able to afford the house. Here, Realtor.com
Springtime means warmer temperatures, blooming flowers—and prime real estate season. However, the market is different every year, and spring 2018 is a uniquely challenging time for buyers, especially those looking for starter homes due to low inventory, higher prices and rising interest rates. Here, Trulia offers some smart choices and tips that can help homebuyers in this spring’s tight housing market.
A closing disclosure form outlines the terms and costs of your mortgage, and it’s one of the most important pieces of paperwork to check before you close on a home. Lenders must provide borrowers with a closing disclosure (or a CD) at least three business days before closing—that day when all of the remaining paperwork is signed and you get the
Most people who decide to buy a home don’t have enough for a down payment sitting in their savings accounts, which means you’ll need to borrow most of that amount from a lender and spend awhile paying it back with interest. That’s why your mortgage interest rate is a big deal. Lowering your rate by one or two percentage points
When it comes to being approved for a mortgage on a home, a down payment is a requirement. This typically involves paying 20 percent of the purchase price in cash up-front, with the mortgage financing the remaining 80 percent. That’s a large chunk of change to come up with at once, and many people don’t have that amount saved in
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