Category Archives: Mortgages

home equity loans

Short Story: The Truth About Home Equity Loans 2018

The new tax reform law has changed the way of calculating the home equity debt. It’s going to hit many homeowners with these loans and their chance of retrieving deductions for the interest paid in 2017. The concerning matter is that only a tiny portion of the home equity loan borrowers are aware that the new tax code will hurt them. Others are still living in the illusion of reaping the benefits. Read More →

harp mortgage refinance

The ABC of Home Affordable Refinance Program (HARP)

Are you a struggling homeowner? Do you find it hard to keep up despite spending a major share of your income on mortgage payments? The government has a program called Home Affordable Refinance Program (HARP) for homeowners like you who are just steps away from foreclosure. Read More →

mortgage payment credit card

Is It Financially Sensible to Pay Mortgage with a Credit Card?

Many people prefer making payments with the credit card. It appears to be easier and simpler. The bills will be paid on time and you will get reward points in return. Considering these points, it seems lucrative to pay the mortgage installments with a credit card. Read More →

mortgage alert

Don’t Mess up with Your Mortgage: Avoid Doing These 5 Things

Getting the mortgage approval for buying a home is not only stressful but complicated too. The lender does a complete scrutiny of your financial background and asks lots of questions. There is a lot of paperwork to be done in the process too. A lot of things can go wrong during this approval procedure and screw up the deal. Read More →

joint mortgage filing

Who Gets the Ownership for a Joint Mortgage Filing?

It is not unusual for a couple to file for a mortgage loan jointly. Many couples want a 50/50 split, indicating an equal ownership of the property. Does having your name on the mortgage means you get the ownership? Is it even a good financial decision to put both names on the loan? Read More →

bank statement review

The Things that Mortgage Lenders Check on Bank Statements

When you apply for a home loan, the mortgage lenders scrutinize your finances to see if you are eligible or not. They spend a lot of time to review your bank statements to make sure that you are financially strong to pay the down payment, monthly installments, and other expenses related to buying the home. If you are looking for buying a home, you should know how to sort the bank documents and records to increase the chance of getting approved. Read More →

APR

What is APR? The Definition and Explanations

When you take a mortgage to buy a home, along comes an interest rate that you have to keep up with. The APR or annual percentage rate refers to the total amount that you have to pay in interest and other fees on that mortgage. It’s different than the mortgage interest rate in the sense that it counts all the costs associated with the loan. Read More →

down payment assistance

Learn about the Treasury Down Payment Assistance Program

Many people have planned to buy a home in the New Year. Many renters have aimed to change their status to homeowners. But, the reality is harder than dreaming and making plans. Buying a home means you have to pay the down payment, which is difficult for the younger generation (considering up to the millennial generation). It’s difficult to save up for the down payment when you are struggling to keep up with all the expenses – rents, student loans, and other incidentals. Read More →

rising interest rates

How Do Rising Interest Rates Affect the Housing Market?

A housing market with rising interest rates is difficult for the buyers and tricky for the sellers. Or, it is what everyone knows. Is it really bad news for the real estate market? Well, an escalating interest rate is nothing to be panicked of. It does have an impact on all the aspects of home buying, but you can avoid the bad effects if you are smart. Let’s see how it affects the housing market. Read More →

Home Equity Line of Credit

The Unique Benefits You Could Draw from a Home Equity Line of Credit

The home equity refers to the difference between the real value of the property and the amount you, as the homeowner, owe your mortgage lender. A home equity line of credit (HELOC) determines how much you can borrow against the equity of your house. You can use that money either to pay the debt or make unconditional purchases. Read More →