Category: Financing & insuring
Affording a home is all in the numbers! Get mortgage information, plus discover everything you need to think about to get your new home insured the right way.
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Student Debt and Buying a Home
Read more: Student Debt and Buying a HomeStudent debt is a hot topic these days, and little wonder: approximately 44.7 million Americans were paying back student loans as of 2017, according to the Federal Reserve Bank of New York (spreadsheet). If you’re one of them and have hopes of purchasing a home, the good news is that buying a home with student…
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5 Ways to Help Maintain (or Improve) Your Credit Score
Read more: 5 Ways to Help Maintain (or Improve) Your Credit ScoreKeeping a spotless credit history can be tough, but if you’re hoping to buy a home, maintaining or improving your credit score is well worth the effort. Factors like your FICO® score help lenders determine your creditworthiness, which in turn affects what mortgage rates, loan amounts and terms they can offer you. Luckily, there are some…
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Home Buying Infographic: The Mortgage Process
Read more: Home Buying Infographic: The Mortgage ProcessWhether you’re a first-time home buyer or it’s just been a few years since you last looked into home financing, this infographic is for you! It gives a very simple overview of the mortgage process from start to finish and, if you want to dive deeper, a link to get our Mortgage Quick-reference Guide. Knowing what…
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Online Tools to Improve Credit
Read more: Online Tools to Improve CreditAn acceptable credit score is one of the keys to getting your home loan application approved. Mortgage lenders have historically used FICO® scores—derived from data collected by one or more of the three major credit bureaus—as a major factor in determining whether you qualify for a mortgage. Different mortgage lenders can approve or deny loans based…
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How to Use a Mortgage Calculator
Read more: How to Use a Mortgage CalculatorMortgage calculators are an underappreciated example of how the web has made home shopping easier, smarter and flashier. OK, maybe not flashier, but definitely easier and smarter, as they can provide quick insights into whether you’re able to afford a mortgage, and if so, what you’ll want or need for a down payment, monthly payment,…
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Who can qualify for a VA loan?
Read more: Who can qualify for a VA loan?Zero money down.* Limited closing costs. No monthly mortgage insurance premiums. Borrower’s choice of a fixed-rate or adjustable-rate mortgage. Sounds nice, right? They’re all potential perks of financing your home with a VA loan, but you have to belong to a very particular subset of homebuyers in order to qualify for one. To assess your…
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How to Save Money for a Down Payment: 7 Strategies
Read more: How to Save Money for a Down Payment: 7 StrategiesSaving for a down payment on a new home might feel daunting, but small daily changes can make a big difference when it comes to setting aside money for a large purchase. We rounded up seven strategies that make it simple to streamline your spending and save up for your dream home—and it’s a lot…
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First Steps for Buying a Home After Foreclosure
Read more: First Steps for Buying a Home After ForeclosureIt’s already been a decade since the start of the Great Recession, and many former homeowners sidelined by foreclosure are ready to jump back in the market. If you’re one of them, first of all, hooray! Secondly, we’ve listed a few good first steps to help you navigate the process of buying after foreclosure. We…
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Deciding on a Conventional vs. FHA Home Loan
Read more: Deciding on a Conventional vs. FHA Home LoanFederal Housing Administration (FHA) and conventional (or conforming) home loans have long been the most common mortgage options on the market. But which one is right for you? First, it’s important to clear up a major misconception that an FHA home loan is only for first-time homebuyers. While that’s a myth, it is true is…
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What Down Payment is Needed for an FHA Loan?
Read more: What Down Payment is Needed for an FHA Loan?Insured by the Federal Housing Administration (FHA), FHA loans are an attractive option for first-time and repeat homebuyers, as well as those interested in refinancing their current home loan. Many factors contribute to the popularity of FHA loans—chief among them being a lower down payment requirement (as low as just 3.5%), compared to as much…
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When to Refinance a Home Loan
Read more: When to Refinance a Home LoanWith interest rates at attractive lows, it might seem like a great time to refinance your mortgage loan—a process that involves paying off your current home loan with a new loan, resulting in new principal and interest payments (the P and the I in PITI) that could save you money, among other things. But how…
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What Can a Loan Officer Do for You?
Read more: What Can a Loan Officer Do for You?Loan officers work to help prospective borrowers obtain home loans (a.k.a. mortgages). But there’s more to the position than meets the eye. A lender’s loan officers assist borrowers through the mortgage lending process. They are skilled at evaluating a homebuyer’s creditworthiness (the degree to which he or she is considered likely to repay a loan),…
