Five $100 bills

Article Summary: You can probably get a $500 loan with no credit check by getting a secured loan where you have to hand over the collateral property or title to your lender until you pay back the loan. Examples include pawn shop loans and auto title loans. With other loans, “no credit check” claims usually […]

Fortune teller with crystal ball and tarot cards

Article Summary: No one knows for certain what will happen in the real estate market next year. But multiple factors favor flat or falling home prices in 2023. These include lost buyer purchasing power due to inflation, rising mortgage rates, and the fact that prices are already very high in many areas, having risen especially […]

Man, woman, and lender examine and discuss paperwork for workout loan

Article Summary: A workout loan allows mortgage borrowers to avoid foreclosure (or a default) through loan modification. Loan modifications that can turn a delinquent mortgage into a current workout loan include re-aging, extension, deferral, renewal, and rewriting. Workout loans aim to prevent foreclosure and to benefit both defaulted or at-risk borrowers and their lenders. An […]

Aerial view of the bay and marina from the hills of Sausalito, San Francisco bay area, California

Article Summary: The only places in the United States where mid-range houses cost more than in California are Washington, D.C., and Hawaii. Even so, if you have a good and stable income and good credit, you may be able to finance a home purchase in California by preparing yourself financially beforehand and taking full advantage […]

Pensive female farmer in greenhouse with tomato plants thinking about taxes

Article Summary: As a self-employed person and sole proprietor, you probably know that you need to fill out a special form to report your business income and claim deductions for business expenses. If your business is among those the Internal Revenue Service (IRS) considers farms for tax purposes — such as ranches, plantations, fish hatcheries, […]

Hands of a man signing a contract

Article Summary: At today’s housing prices, there’s no shame in not being able to afford a 20% down payment. One alternative to a traditional mortgage with 20% down is an 80-10-10 mortgage. 80-10-10 mortgages, also called piggyback loans, let you buy a home with only 10% down and avoid having to pay for private mortgage […]

a seller or agent's hand places new home keys into the hands of a buyer

What is a GSE Mortgage?

Article Summary: A government-sponsored enterprise or GSE is a company authorized by federal legislation and backed by the U.S. government. In spite of this government sponsorship, GSEs are private businesses with private shareholders. Fannie Mae (the Federal National Mortgage Association) and Freddie Mac (the Federal Home Loan Mortgage Corporation) are the most well-known GSEs and […]

Man looking at a mortgage commitment letter

Article Summary: A mortgage commitment letter empowers you to go forward with your home purchase. It indicates that you’ve been approved for a mortgage loan of some amount provided you fulfill the conditions indicated. This document is an important step on your home buying journey because it shows you are a qualified buyer with financing […]

home with white-picket fence and autumn leaves, purchases with conforming mortgage loan

What Is a Conforming Loan?

Article Summary: Conforming loans qualify for purchase by Fannie Mae and Freddie Mac, deep-pocket government-backed entities that buy mortgages and turn them into securities. This makes the loans less risky for lenders, less expensive for borrowers, and more appealing to investors. Are you a homebuyer with good credit, say a FICO score of 620 or […]

symbolic representation of pulling liquid equity out of your home

Article Summary: Any mortgage you get on a property after the first will be a subordinate mortgage. Common examples of this include second mortgages for home equity loans and home equity lines of credit. In case of a foreclosure, second mortgages’ subordinate status protects the primary lender, ensuring it gets paid first. Should you want […]

Man looks at repossesion notice and wonders how long it will stay on his credit report

Article Summary Repossession is not the end of the world and it shouldn’t be treated as such. While it may hurt your mortgage chances, and you may have to wait 2 to 7 years to qualify, you have options. Granted, the rate and terms are unlikely to be as good as they would be if […]

Image of a home, money growing and a calculator

Article Summary: Typically there are no legal limits on the number of times you can refinance your mortgage loan. However, some states, such as Texas, do restrict the number of times you can do it in a year and some lenders may also have policies that restrict the frequency with which you can refinance. Refinancing […]

A man researching online what a 10 1 mortgage is

What Is a 10/1 ARM Mortgage?

Article Summary: A 10/1 ARM loan is an adjustable-rate mortgage that has a fixed rate for its first 10 years. After that, its interest rate adjusts one time per year. Loans with adjustable rates expose you to risk should rates rise. In exchange for taking on this risk, you as a borrower can get a […]

Image of toy houses flying with balloons as an illustration of a balloon mortgage

What Is a Balloon Mortgage?

Article Summary: Balloon mortgages typically have shorter terms and higher interest rates than traditional mortgages. They require a lump-sum payment at the end, and they’re usually harder to qualify for. In spite of all this, some borrowers find them appealing because they can mean lower monthly payments. Should you consider getting one? If not, what […]

young homebuyer who has used a silent mortgage and just moved in to her new home asks for discretion

Article Summary: It can be hard to save for a down payment. Some home buyers think a clever solution is to get a loan from a second lender to cover the down payment and not tell the first lender about it. This is called a “silent second mortgage.” This article will tell you what you […]

Woman tries to make a purchase with a debit card

Article Summary The chips on today’s credit and debit cards make them more secure than old cards with only magnetic strips. But a card’s chip can stop working for a number of reasons, such as becoming demagnetized. What then? There are several solutions you can try, such as cleaning the chip and swiping your card […]

consumer enters debit card zip code on a laptop

Article Summary: Each debit card has a zip code associated with the user’s billing address that is used as a security code for certain purchases. This is also generally true of credit cards, but not prepaid Visa gift cards. It is important to remember your zip code, as it will be used frequently. Here are […]

How to Get a Debit Card Without a Social Security Number

Article Summary: Can you still get a debit card though you don’t have a Social Security number? Yes, you can. You can also get a good bank account and a credit card if you want. This article will tell you how. When it comes to personal finance, a debit card (or a credit card) is […]

How To Find My Debit Card Number Online

Article Summary: If the issuer of your card is highly focused on security, you probably won’t be able to find your debit card number online. Possibilities in other cases include, but are not limited to, finding it on the issuer’s website, finding it on an account statement, and making an educated guess with help from […]

Can You Purchase Airline Tickets With a Debit Card

Article Summary: Can you book a flight with your debit card? Yes, you can. This article will tell you things to keep in mind when buying plane tickets with debit cards. It will also tell you why you might want to consider credit cards instead if you fly often. The first credit cards came on […]