Mortgage & Financing

If you owe more on your mortgage than your home is worth, you have an underwater mortgage. But you have options, like a loan modification or short sale.

Paying off a mortgage in a super-short amount of time really comes down to pay down your mortgage debt aggressively and generating extra money quickly.

Thinking about buying a home in 2024? Understanding the qualifications for getting a mortgage can help you prepare for the preapproval and lending process. 

Loan modification alters existing loan terms. Refinancing replaces the loan with new terms and rates. Find out which option is better for you.

A gift of equity is when the home seller gives a discount by lowering the sale price, thus passing their equity to the homebuyer.

Recasting a mortgage can help lower your monthly mortgage payment, but it won't lower the interest rate or change the terms of your loan.

Interest-only mortgages have two phases: making small payments and then much larger ones, which can make this type of loan unaffordable if you're not careful.

FHA construction loans are three-in-one mortgages that cover land purchase, construction costs, and permanent financing for those who want to build a home.

Before you agree to work with a mortgage broker, you'll want to find out what you might owe for their services. The answer depends on how the broker is paid.

A mortgage contingency in a closing contract releases the buyer if they cannot secure financing. Here's what you need to know about this important clause.

Any mortgage over a specific dollar amount set by the Federal Housing Finance Agency is called a jumbo loan. The cutoff for jumbo loans is updated each year.

Cosigning a mortgage is a financial responsibility with no tangible benefits for the cosigner. Still, you may choose to cosign. Here's what you need to know.

An adjustable-rate mortgage, is a home loan with an interest rate that can go up or down, depending on what interest rates are like in the economy as a whole.

While both a broker and a lender can help you acquire a mortgage, they play separate roles in the market for home loans, and you'll want to know the difference.

A cash-out refinance loan replaces your existing mortgage with a new one for more than you currently owe on your home to put money in your pocket. Here's how.

Mortgage shopping gives you a clearer picture of your financing options and lets you feel confident in your loan choice, given the available alternatives.

You can buy property with an SBA loan, but there are some considerations you should note before purchasing a building with this type of financing.

If you're choosing a home loan or considering a refinance, there's a lot of money at stake, so it's very important to be on your guard against mortgage scams.

Buying a house with a government-backed VA loan is a smart decision if you qualify, but what happens if you want to refinance? Here are your best options.

Depending on the type of loan you have, you may be eligible to refinance as soon as you close on your home.

While personal loans are much flexible, they usually come with higher interest rates, shorter repayment terms, and smaller loan amounts than mortgage loans.

Home equity is built over many years through home appreciation and paying down your mortgage, and it can go negative if you owe more than your house is worth.

Mortgage discount points are powerful tools that allow homebuyers lower their interest rate by paying more upfront and lender credits let them do the opposite.

An unaffordable mortgage puts homeowners in a vulnerable position, but there are solutions. Here's what happens if you can't pay your mortgage.

While tax debt doesn’t make buying a home impossible, it does make the process more difficult. Let’s examine your options for buying when you have back taxes.

Down payments of 20% are recommended but not required, and many people put down less. The best down payment depend on how much you can comfortably afford.

Applying for and closing on a mortgage is a lengthy process, and there are many hurdles to keep an eye out for on your way to finalizing a home purchase.

Before shopping for a mortgage, you'll want to think about which kind of home loan you want. You'll likely have a choice between a few different types.

Figuring out how to buy a house with bad credit can seem daunting, but there are many options available. Learn more about your choices with this in-depth guide.

Taking out a home loan, or mortgage, is a long-term financial commitment. Before you apply, learn how different mortgages work, and the process of getting one.

Since most of us need a mortgage to help finance the purchase of a home, it’s important to understand how a mortgage affects your credit score.

VA loans offer man benefits, like higher closing rates, increased purchasing power, and more lenient underwriting. Understand VA loan pros and cons.

A pre-approval for a mortgage typically lasts 60 to 90 days, and if the letter expires or your situation changes before you buy a home, let your lender know.

Here's how VA loans in Texas can make homeownership easier and more affordable, as well as eligibility criteria for Texas veterans and home requirements.

A proof of funds letter is a bank letter or bank statement that shows you have enough one to close on a home, and you'll need it to make offers.

Selling a house costs money, but how much does it cost to sell a house? Sellers can expect to pay 8% to 10% of their property value when selling their home.

A mortgage is a loan used to finance the purchase of a house. Borrowers typically have decades to repay a mortgage, which accrues interest.

As long as you’re in good standing with your lender, selling a house with a mortgage is standard practice.