When you apply for a mortgage, you may hear names thrown around that include Fannie Mae, Freddie Mac, and HUD. Just what do they mean and how do they affect your mortgage? Keep reading to find out.Looking for Current Mortgage Interest Rates? Click Here. Who are Fannie, Freddie, and HUD? In simple terms, Fannie, Freddie, and HUD are all government agencies that ‘back’ the mortgages lenders write. They don’t do the underwriting or funding of the loans. Instead, they set the guidelines that … [Read more...]
Using a HELOC to Pay off a Mortgage: Pros and Cons
If you have a low mortgage balance, you may want to find a way to lower your payments or decrease the amount of interest you pay. It makes sense, especially if you’ve had the mortgage for a while. You are tired of paying interest and just want to pay your mortgage off as fast as you can. One option is with a HELOC or home equity line of credit.Looking for Current Mortgage Interest Rates? Click Here.A HELOC works a little differently than a traditional mortgage. They typically have lower … [Read more...]
Understanding Non-Recurring Closing Costs
When you apply for a home loan, you’ll receive a Loan Estimate. By law, the lender must send this to you within three business days of applying for the loan. On this document, you’ll see closing costs, some of which are recurring and others that are non-recurring.Looking for Current Mortgage Interest Rates? Click Here.We’ll explore the differences below. What are Non-Recurring Closing Costs? While the names sound complicated, a majority of the closing costs you pay are non-recurring. … [Read more...]
The Top Ways to Choose the Right Mortgage
You are ready to buy a house – congratulations! Before you start, though, you need to do the hard work of finding a mortgage. If this is your first home, you may not even realize how many mortgage programs are available today. It’s more than choosing the right interest rate or even the right term – you have to put all of the pieces together to choose the right loan.Get Matched with a Lender, Click Here. The Type of Loan First, you must choose the right type of loan. The choices … [Read more...]
I’m 3 Months Behind on My Mortgage Payments – What Can I Do?
If you are behind on your mortgage payments, know that you aren’t alone. Five percent of Americans are behind on their mortgage payments. The key is to know what to do in order to make sense of the situation. Ignoring it and hoping it will resolve itself won’t work. Instead, take the following steps.Looking for Current Mortgage Interest Rates? Click Here. Contact Your Lender Always let your lender know what’s going on. Yes, it’s embarrassing, but trust us, they hear the stories every day. … [Read more...]
Can you Deduct HELOC Interest Payments on Your Taxes?
The Tax Cuts and Jobs Act changed the standard deduction for taxpayers. It increased the deduction enough that many people take the standard deduction. If you don’t itemize your deductions, you can’t write off interest on any loan, let alone your HELOC.Get Matched with a Lender, Click Here.Assuming your deductions exceed the standard deduction limit, can you deduct the interest payments on your taxes any longer? The Previous Ruling Prior to the Tax Cuts and Jobs Act, you could deduct … [Read more...]
Buying Out Equity in a Divorce
If you own a house as a couple and get divorced, one party must buy out the other unless you sell the home. Typically, one spouse must refinance the mortgage in order to buy the other out unless he or she has the cash available to pay the spouse out.Get Matched with a Lender, Click Here.The two most common ways to buy a spouse out are with a cash-out refinance or home equity line of credit. Both offer access to your home’s equity, just in different ways. The Cash-Out Refinance A … [Read more...]
Avoid These Mistakes With a Home Equity Loan
Knowing you can borrow against your home’s equity may seem like a dream come true. If you need money, you can apply for a home equity loan and have the money in hand shortly. But, should you do it? What mistakes do people make with home equity loans?Get Matched with a Lender, Click Here.Keep reading to find out. Ignoring Your Loan-to-Value Ratio Just because you can tap into your home’s equity doesn’t mean you should. Know what the loan entails. Can you afford the payments? Do you know … [Read more...]
The Steps to Making a Success Offer on a Home
You’ve decided on a home and are ready to make the offer. Do you know what you are doing? Do you know what sellers want?Looking for Current Mortgage Interest Rates? Click Here.Even if you work with a realtor (which we recommend), it’s important to know what makes a great offer. We outline the steps for you below. Get a Pre-Approval Before you look at homes, find a reputable lender and get pre-approved. This step saves a lot of time and frustration.Sellers will take your offer more … [Read more...]
How to Sell a Home in Pre-Foreclosure
If you’ve received notice that your home is in pre-foreclosure, you don’t have to withstand the agonizing process that it starts. You may be able to sell your home up until the day it goes to auction. The actual pre-foreclosure phase lasts anywhere from three months to a year. This gives you ample time to sell your home and avoid a complete foreclosure.Get Matched with a Lender, Click Here.Keep reading to learn how you can sell your home if it’s in pre-foreclosure. Work With a … [Read more...]
