Two sacks with dollar signs on scale opposite house model

Article Summary: Homeowners’ insurance generally won’t be tax-deductible if you live in the home that you’ve insured. However, if you rent out a part of your property or use the home as a vacation rental, then it’s considered a tax-deductible expense related to your business. Unfortunately, homeownership insurance premiums are typically not tax-deductible for your […]

A colorful row of homes, any of which could be in foreclosure

Article Summary: It is possible to buy a distressed or foreclosed home without cash by either financing the purchase or assuming the original owner’s mortgage. Some sellers are willing to transfer ownership of a property and let the buyer assume the mortgage to avoid having a foreclosure on their credit history. This option can be […]

Grid paper with "fixed rate" and "adjustable rate" written down

Article Summary: A 5/1 ARM is a loan that starts with a low fixed rate, then converts to an adjustable-rate mortgage after five years. Your home loan will change rates every year, based on the current mortgage rate prices on the market. While this could be a great deal for house flippers, long-term homeowners may […]

Man pointing at house model with pen

Article Summary: Almost every major real estate transaction involves a home appraisal. Appraisals ensure that the home is sold at an appropriate price that satisfies all parties involved. The entire process shouldn’t take longer than 14 days, and a typical appraisal takes between five and 10 days for a standard single-family home. Multifamily homes may […]

Row of houses and apartment buildings

Article Summary House hacking is the practice of earning income from your own homes or real estate. This includes everything from renting out subunits in a multifamily property to building a secondary unit on your own land. House hacking is a creative way to supplement your home’s income and may even pay off your mortgage […]

Image of home with calculator, money, and house keys

Article Summary: REO stands for “real estate owned” and refers to foreclosed houses that have not yet sold at the customary foreclosure sale. REO homes are sold “as is,” and tend to be at a high discount. However, some REO houses require so much work they are no longer a good investment. The real estate […]

Couple high fiving while looking at a computer screen

Article Summary: A satisfaction of mortgage is a document that confirms your mortgage loan is fully paid and you no longer owe money on the house. Once you’ve finished paying off your mortgage, the mortgage lender will send you this document. It gives you details on how to get the title and deed to your […]

Man looking at computer with two screens of houses and a map

Article Summary: Over the past few years, homes have sold within a matter of weeks. But how long will this rate last? It’s hard to say. Several factors determine how quickly a house sells, and you can’t always control them. Some of these factors include staging your home, paying extra for those professional photos, and […]

Man looking confused at several papers

Article Summary: Cosigning on a mortgage loan is a way to ensure that a borrower can qualify for a home purchase. However, it’s extremely risky and will push financial responsibility onto the cosigner if the primary borrower can’t make payments. Most loans may have a cosigner, and you may have even experienced the process. But […]

Woman holding documents and reading computer screen

Article Summary: A partial claim is a special assistance loan offered by the Federal Housing Administration (FHA). If you have an FHA mortgage, are behind on your payments, and want to prevent foreclosure, you may be able to get a claim. With a claim, your late mortgage bills will be paid by the FHA. Once […]

Man looking at his mortgage balance and wondering whether he is underwater

Article Summary An underwater mortgage is a mortgage that has a higher principal balance than the current market value of the home. This can have long-reaching issues for both borrowers and lenders. If you listen to the news, you already know that an underwater mortgage is not something you ever want to have. It often […]

Notebook with mortgage recast calculations and a calculator in the background

Article Summary: A recast of your mortgage allows you to make one large payment toward your mortgage in exchange for a lower monthly payment. This simple mortgage recast calculator will help your work out when it makes sense for you. Choosing to recast your mortgage to improve your month-to-month payments could be a sound financial […]

Image of home with calculator, money, and house keys

Article Summary: As long as you have an assumable mortgage, you should be able to transfer ownership of your home along with the mortgage. There are several ways that this can be done, including as a sale, as a gift, or as a part of a transfer after one’s death. Each method has its own […]

Man looking at papers with a coffee mug and pencil in hand

Article Summary: As long as you pull your credit within an allotted timeframe, you can pull your credit as many times as you want. Within this timeframe, each set of attempts can count as a single inquiry. Outside of the approved timeframe, repeated credit pulls will harm your credit score and potentially come up as […]

Image showing a man explaining how reverse mortgages work after death

Article Summary: When the last reverse mortgage borrower dies, the heirs will need to repay the loan or give up the property. They may sell the house, pay off the loan with inheritance money, or hand over the keys to the home to prevent a foreclosure. Depending on the appraised value of the house and […]

An elderly couple happy because they got out of their reverse mortgage

Article Summary: If you want to get out of a reverse mortgage, there is usually a way. You can sell the home, cancel the loan within the first 20 days, pay off the loan, or get a refinance. Here’s a detailed guide on how to do it. Reverse mortgages are a popular way to get […]

A man searches online "what is a graduated payment mortgage

Article Summary: A graduated payment mortgage loan is a fixed-rate FHA loan that has payments that increase gradually. These are excellent for people who may need to get a better job to make homeownership affordable. GPMs will increase every year until they reach their maximum monthly payment. Getting a home often means that you will […]

Box with luxury watches

Article Summary: Luxury watches can appreciate in value, but usually, this only applies to mechanical watches. Rolex, TAG Heuer, Omega, and Breitling watches lead the pack as far as value appreciation goes. When choosing an investment watch, make sure to research the model and materials. Ah, the elegant look and sparkle of a luxury watch! […]

Medical supplies that are FSA-eligible

Article Summary: An item is FSA eligible if it is likely to be covered by a Flexible Spending Account (FSA). FSA funds can be spent on any health-related expenses that do not include your monthly insurance premiums. You have to spend your funds by December 31 every year. However, there are many creative ways to […]

Couple happy because they shopped for a mortgage without hurting their credit

Article Summary: To shop for a mortgage without hurting your credit, you need to start by getting your financial ducks in a row. This includes your income, savings, and credit reports. Then you can shop for a mortgage without hurting your credit by opting for soft inquiry preapprovals when available and doing your mortgage shopping […]