The Federal Housing Administration (FHA) is the largest insurer of mortgages in the world, having insured over 47.5 million properties since its establishment in 1934. Could an FHA loan help make your dream of homeownership a reality? Read this complete guide to find out. What is the FHA and how do its loans work? The Federal Housing […]
Are you considering a cash-out refinance? If so, now is a good time to get serious about it. National homeowner equity has been on the rise, increasing by $981 billion (12.3%) since last year. But is a cash-out refinance the best way for you to access your equity? In this guide, you’ll learn everything you need […]
Mortgages represent the largest form of consumer debt in the U.S., amounting to about $15.8 trillion as of Q3 2019. If you owe more than your home is worth, you’re not alone. 4.5 million homeowners in the U.S. are in the same boat—713,000 of which owe at least twice the amount of their homes’ value. Once your loan is in […]
Article Summary: Although many times you need to pay some sort of tax when selling a rental property, the IRS offers many structures and exclusions that can help you mitigate tax or avoid tax altogether. Tactics such as a 1031 exchange and depreciation are classic asset structures and allowances that can help you to avoid […]
Article Summary: Using the equity you’ve built in your home can be a great way to finance major expenses in your life, such as home improvements. Two ways to leverage that equity are to take out a home equity loan or to get a cash-out refinance. A home equity loan is basically a second mortgage […]
Article Summary: You can get equity out of your home through a home equity loan, HELOC, or cash-out refinance. These funds can be used for everything from renovating your home to consolidating other loan expenses, and investing in property or a business. Before committing to one loan, compare alternative options and fees to ensure you’re […]
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 […]
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 […]
Many people are refinancing their homes now while mortgage rates remain near record lows. If you’ve decided to look into the process, then there are several pieces of information you should gather before you actually move forward. It’s best to have everything at your fingertips before you start working with a loan officer or broker. […]
You’ve come into some extra money. Maybe a relative left you an inheritance, or your employer gave you a holiday bonus. Or maybe you’ve set up your budget to get you some extra savings each month. You want to use this extra cash to improve your financial situation. But what’s the best way to do […]
A home is probably the most expensive purchase you will make in your lifetime. Even relatively affordable houses cost hundreds of thousands of dollars, and mortgage loans can last decades. As such, choosing the right loan is an essential part of the home buying process. When comparing loans, people often look at the length of […]
The average sales price of a home has increased by more than 2000% since 1963. In 2020, the median sales price of a home was $391,300. That is 20 times the $19,300 average sales price in 1963! How can you say housing affordability hasn’t changed? Consider all the data before you jump to a conclusion. […]
Can you renegotiate your mortgage to get better terms without refinancing? It’s possible. Banks do renegotiate mortgage contracts in certain situations. However, you need to give your lender a good reason. Here’s everything you should know and mortgage renegotiations including valid reason lenders accept, the process, and answers to frequently asked questions. What are valid […]
At the end of Q1 2019, more than 5.2 million Americans were seriously underwater on their mortgage. That means that 9.1% of all homeowners possess negative equity. If this applies to you, you’re probably wondering what you can do to minimize your losses. Refinancing may be a helpful solution. But is it possible to refinance […]
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