Imagine the bank depositing monthly premiums into your account instead of you writing a mortgage check. That’s basically how a reverse mortgage works.
Imagine the bank depositing monthly premiums into your account instead of you writing a mortgage check. That’s basically how a reverse mortgage works.
After hackers breached Equifax and stole vital financial records of 145 million Americans, people have a right to be afraid of disclosing personal information. That’s why it’s imperative that lending institutions to do everything in their power to protect your privacy.
Securing the best conventional mortgage rate possible can pose a challenge for even veteran property buyers.
If you are reading this article, it’s entirely possible that you are considering buying a home. It’s also likely that you are weighing certain financial options between a sizable down payment or taking on the expense of mortgage insurance.
Homeowners who have equity built up in their homes can tap into that equity using a home equity line of credit, or HELOC. This financial tool can be a great way to accomplish a number of financial goals.
For first-time home buyers, closing costs are a major hurdle for home ownership. Coming up with a down payment and several thousand dollars for closing costs can be hard without home equity to tap.
Most consumers believe if they pay their bills on time, they need not worry about their credit score. Oftentimes, it is a rude awakening when they apply for a mortgage loan, car loan, or any revolving credit to learn they are not going to get the lowest rates available due to their credit score. This is because paying bills on time only accounts for 35 percent of your credit score. The remaining 65 percent is spread out among other factors that impact your credit score.
On the surface, a short sale seems like the perfect deal. However, before you take the plunge, you need to understand how this type of home purchase works.
When a homeowner stops making regular mortgage payments, the bank can foreclose on the property. This means that the bank takes possession of the property in an attempt to recover the debt the homeowner owes. In some cases, the bank may try to recover this debt by selling the property at auction. In other cases, the bank will simply list the foreclosed home for sale.
Borrowers who cannot qualify for a conventional mortgage are often able to obtain an FHA loan. However, to secure this type of loan, you must still meet certain requirements.
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