Get the latest info on mortgages, home equity, and refinancing at the home loans blog. First-time homebuyers and seasoned homeowners alike will find helpful and current information on the wide world of mortgage lending.
Let’s be honest: it’s tough going it alone. Especially when you’re a home buyer. Wouldn’t it be nice to have someone on your side? Someone to guide you in the right direction when it comes to buying the right house for you — and at the right price, with the right financing and terms?
Read MoreBeing self-employed can be a really great situation for people who need more control over their work environments or who simply work better by themselves. For the most part, it’s just like working other jobs, except that you’re the one making the big decisions. Unfortunately, for a long time a lot of lenders didn’t see it that way -- instead, you were considered a high risk borrower.
Read MoreEven though it’s been a while since I was an active Realtor, I do still keep an eye on the market because I am both a homeowner and a future home buyer. It’s good to know what’s going on when you’re making such a large purchase, but it’s not for everyone. That’s why I’m here to distribute tips and hints and bits and pieces that hopefully help you better understand the whirlwind that is buying a home.
Read MoreWell, kids, the numbers are in. According to the National Association of Realtors, existing home sales are still down. So far, we’ve had five months of this type of flailing. Reporting by HousingWire states that it’s the slowest pace since February 2016. February: one of the traditionally worst months of the year for selling a house, that’s where we are now.
Read MoreEven as the housing market starts to sort of get back to normal, there are clear signs that we’re not back to business as usual. Last week, the Mortgage Bankers Association shared their weekly round-up for mortgage news and while people are trying very hard to buy, there’s an elephant in the room: the adjustable rate mortgage.
Read MoreWhen you’re buying a new house, you’re considering more than just a structure; you’re creating a new lifestyle. You’re choosing the right container — the right foundation — for every moment of your home life moving forward.
Wouldn’t it be great to test drive that foundation? After all, some questions can only be answered by spending more time in the space.
Read MoreAs I listen to the news on my Echo (hey, toys are fun and Alexa is a handy pal) each morning, I can’t help but feel incredible sorrow for the people who are being evacuated from their homes because of wildfires. Everyone says, “Oh, don’t worry, they had INSURANCE.”
This is the beauty of not having had to experience a house fire.
Read MoreWhile everybody else was busy focusing on interest rates and new housing trends, something sort of unbelievable happened--a whole bunch of real estate-related startups popped up and started changing the way people manage their home purchases from the moment they decide to apply for a loan and well beyond the closing table..
No, really, it’s true.
Read MoreThe year was 2007 and America was celebrating a high financial point by spending every last nickel it could find on everything under the sun. Housing prices soared, so much so that a big part of the market was priced out of purchasing, and in some areas, homes were under contract in a matter of hours for amounts way over their asking price.
It was a non-stop PAR-TAY, especially if you were in the banking, insurance, and real estate sector. Then, one day in June, I went to a closing with my buyer and it all came crashing down. My banker was never, ever late, so this alone alarmed me that morning. Was he injured? Some kind of family emergency?
Did you know that a HELOC can also be a great way to fund home improvements that could actually increase your home equity in the long run? And if you increase your home equity, down the line, you can get a credit line increase as well?
Maybe this has happened to you: you’re enjoying the benefits of home ownership, planning your next renovation or color scheme for the living room, when -- bam! -- you get hit with a property tax bill you totally didn’t expect.
Is there anything you can do when your property taxes go up?
Read MoreRather than starting out with some tired joke about Millennials and diamonds, Millennials and Ramen, or Millennials and their useless college degrees -- we’re actually here to give you some good news.
Millennials have a fantastic advantage when it comes to purchasing a home in 2018.
Read MoreAt least once a year, without fail, I’m asked to write a piece about whether or not it’s the right time to buy a home, get a mortgage or sell a home. This is life in the fast lane when you’re a writer with a lending and real estate background. Everybody wants an answer to THE burning question--it appears in search constantly. Site owners want to be able to give readers something that can help them figure out their current financial picture (while encouraging them to click on said site link)
Read MoreA home equity line of credit, or HELOC, is a revolving line of credit that’s secured by the equity in your home. Think of it as a secured credit card, with your home acting as collateral.
Just like with a credit card, you’ll have a limit. This limit represents the equity in your home. You can tap it as frequently as you want, provided you have the available balance. When you pay down your balance, that amount of money is credited to your HELOC and you can spend it again later.
Read MoreWhether you’re looking at a Fannie Mae HomeStyle loan, an FHA 203k, or a good old home equity loan -- borrowing to make home improvements isn’t a decision to take lightly.
For any of these types of loans, the most important question any home buyer can ask is “What sort of house improvement can I buy with this loan?” The reason: it’s all too easy for a buyer to jump into a renovation loan in order to buy an extreme fixer-upper, without realizing that the house may be a total disaster.
Read MoreI keep a pretty close eye on economic data when it comes to housing and lending (kinda my job), but I’ve been especially eagle-eyed in the last couple of months as my husband and I are getting ready to get ready to buy a house in our adopted home of Dallas-Fort Worth, Texas. The market here is complex, so I don’t want to rush things, you know?
Of course you do.
Read MoreMortgage insurance, also called PMI (or MIP, in the FHA program) protects banks when borrowers default on their loans. It’s not like homeowner’s insurance, which protects a borrower from theft and natural disasters.
Read MoreIf you’re interested in getting an FHA mortgage loan to buy a home, you aren’t alone. Borrowers across the U.S. are intrigued by FHA loans for several reasons, including their incredibly low down payment requirements and the fact that you don’t need perfect credit to apply.
Read MoreWhile the U.S. financial crisis began over 10 years ago, many Americans are still a little worried about the idea of buying a home. After all, the crisis led to home prices falling more than 40% in some of the country’s top markets -- and no one wants to buy something that will drop significantly in value just a few years later.
Read MoreIf you’ve recently gotten a windfall -- say, a big work bonus, or an inheritance from a long-lost uncle -- you might be wondering whether to pay off your mortgage, or invest the extra cash in order to make more money in the future.
When it comes to deciding the best way to spend your extra money, there are several factors to take into account. This includes the type of mortgage you currently have, your personal appetite for risk, and how much you expect to get from your potential investment. We’ll help you make the call.
Read MoreMaybe you’re having trouble making your mortgage payments. Maybe you just want to downsize. Or maybe you simply want to escape your everyday routine and travel the world for a year. Regardless of your circumstance, renting out your home to pay your mortgage has never been a more popular option. But before you rush to list your house on Zillow and Trulia, know that renting your home could actually land you in trouble -- if you don’t take the right precautions first.
Read MoreIf you’ve been looking for a home loan, you’ve most likely heard the term mortgage broker on more than one occasion. But what is a mortgage broker? Can they help you get a better home loan than if you simply went to your bank? Let’s take a look!
Read MoreTrying to predict what the real estate market is going to do is a bit like trying to nail a runny egg to a tree. Nevertheless, buyers are often asking real estate experts questions like “is it a good time to buy a house?” These market-related questions have as many answers as they have askers -- the industry as a whole is a slippery beast.
With this new and exciting column from Home.Loans, we’re going to tackle those animals, as well as help you understand the information that experts rely on to forecast trends. Let’s go!
Read MoreIn part four of our “Different Types of Mortgages” series, we talked about home loans for refinancing, and home equity loan products. In the fifth and final part of our no-nonsense mortgage guide, we name a few more uncommon types of mortgages on the market.
Read MoreIn part three of our “Different Types of Mortgages” series, we talked about conforming loans, jumbo loans, and super jumbo loans. Now, we’ll share some of the other types of mortgages that aren’t used for buying a residence -- from refinancing loans to home equity products.
Read MoreIn part two of our “Different Types of Mortgages” series, we talked about government insured loans and conventional loans. The next category of mortgages is based on size: do you need a jumbo loan, or a conforming loan?
Read MoreIn part one of our “Different Types of Mortgages” series, we talked about fixed and adjustable rate mortgages. The next important consideration when looking at your mortgage options is whether to go for a government-insured home loan, or a conventional one.
Read MoreWhen it comes to buying a home in 2018, the average American has more home loan options than ever before. Unfortunately, more choice isn’t always better. With many options come many questions, especially if you’re a first time home buyer and not a veteran of the mortgage game. Thats where our ultimate guide to mortgages comes in! Our 5 part series will delve into the nitty gritties of the many types of mortgages on the market.
Read MoreIf you’re looking for a great home loan in Texas, you’re not alone. Right now, the Lone Star State is home to more than 28 million people. The housing market is relatively hot, with home prices having increased a solid 7 percent between June of 2017 and 2018. In this article, we’ll review the best FHA approved lenders in Texas and how they can help guide you on your quest to homeownership.
Read MoreThe most common type of mortgage for first time home buyers and longtime homeowners alike is the U.S. is the classic 30-year fixed-rate home loan. The 15-year fixed-rate mortgage is another popular home loan option, followed by the somewhat less common 20- and 25-year mortgages.
One of the types of mortgages that’s a lot less talked about is the 40-year mortgage -- and no, it isn’t a fairy tale or myth. 40-year mortgages do exist, but that doesn’t mean that they’re a good choice for everyone.
Read MoreIf you’re a veteran or surviving spouse who wants to get out of a mortgage with a high interest rate, as well as tap into some of the equity in your home, a VA cash out refinance could be the perfect solution.
Read MoreWe’re going to tell you where you totally can’t afford to buy a house--or if you do, it’s going to cost you a premium. Since the real estate market has been plagued by housing inventory shortages, many areas are experiencing run-away housing costs simply due to too many buyers and too few homes.
Read MoreBeing a first-time home buyer is a glorious time in your life. You’re on a solid path with your career, you’ve managed to save a little money, and maybe (dare we say it?) you’ve come to enjoy tracking your credit score. As a responsible, independent adult, you’re tired of living under the rule of your landlord -- so now it’s time to get out on your own and buy a home!
Read MoreDIY projects are all about becoming a more creative and inventive version of your regular desk mounted self. Oh, sure, during the week you’re Bob from Accounting, but on the weekend? That’s when you transform into Bob the Resourceful DIY Guy. This article is for all the Bobs (and Bobbies) out there.
Read MoreThere’s an epic battle raging in the mortgage world between two fierce and unyielding opponents: PMI and MIP. Both do essentially the same thing, but they aren’t the same. Let’s take a walk through both camps to get a better understanding of these much-maligned mortgage insurances.
Read MoreYou thought your college apartment was tiny--that is, until you started seeing tiny homes pop up everywhere. They make that apartment look like a mansion by comparison. Financing them, on the other hand, isn’t so attractive all the time. Let us help you make your little dreams come true.
Read MoreWith housing costs across America on the rise, especially in big cities, many people are turning toward tiny homes to make life simpler, less expensive, and a lot more fun. While there are a lot of tiny home concepts and categories out there, these are some of the ones that really caught our eye.
Read MoreRight now, shipping container homes have never been hotter. With the average price of owning a home in the U.S. sitting around $257,000, and the price of buying a brand new home sitting at $407,000, it’s only natural that people are flocking to a more cost-friendly alternative. Shipping containers, by contrast, may cost as little as $1,400 each, and you might not even need that many to make a beautiful and spacious home.
Vanilla or chocolate ice cream? Coke or pepsi? Renting or buying a home? These are some of the world’s biggest debates -- but unlike choosing an ice cream flavor or a brand of soda, the decision of whether to rent or buy could affect your financial future for decades to come.
Read More
