One hand with pen about to sign documents with house model in the back

Article Summary: Refinancing your mortgage after a forbearance can be a way to lower your monthly payments. But refinancing isn’t right for everyone, and you’ll have to meet certain requirements before you are eligible. Homeownership is the American dream for many families. Unfortunately, that dream can be threatened if you face financial hardship after you […]

Two sacks with dollar signs opposite house model on scale

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 […]

home with front yard

Article Summary: You can refinance your home after bankruptcy. If you filed for Chapter 7 bankruptcy, you can obtain conventional loans within four years, and government-backed loans (including FHA loans and VA loans) within two to three years. If you filed for Chapter 13 bankruptcy, the waiting periods are two years for conventional loans and […]

women getting a helping hand up metal ladder

Article Summary: Mortgage forbearance agreements help people experiencing financial hardship keep their homes. It can pause mortgage payments or reduce the payment amount for a time. Of course, delayed and reduced payments will have to be made up for later, but the temporary relief can help people get on their feet. During periods of financial […]

Woman looking questioningly while man holds house model

Article Summary: A curtailment occurs when a homeowner pays off his or her mortgage balance ahead of schedule. This may be done either in the form of a lump sum that clears the mortgage entirely or smaller additional monthly payments. However, lenders can also curtail your loan if there has been a calculation error or […]

Couple in financial difficulties worrying about foreclosure

Article Summary: Foreclosures don’t happen the moment you miss a payment. There is a period, typically three to four months, when homeowners can work with their lender to get back on track or renegotiate the loan. This period is called preforeclosure. Losing your house can be the most devastating setback of your lifetime. Apart from […]

man searching online for "what is an asset-based mortgages"

Article Summary: Buying real estate often involves applying for a mortgage. This takes time. If you have cash or securities with a financial services firm, you may be able to arrange an asset-based loan in advance. Asset-based loans are not common, but they can give you the ability to act quickly when you find a […]

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 […]

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 […]

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 […]

Couple high-fives because they saved money with a mortgage refinance

Article Summary How soon you can refinance a mortgage will depend on the terms of your mortgage. Some lenders allow you to refinance your mortgage immediately while others require you to wait a set period, such as six to 12 months. If you find yourself tight on money after taking out a mortgage loan, you […]

man looks at bills trying to find how to lower monthly payment

Article Summary: Mortgage payments have a significant impact on the monthly budget of many households. It is probably your largest monthly expense. Thankfully, there are multiple ways to reduce the monthly mortgage payment, so your budget can breathe. Lowering your monthly mortgage is one of the easiest ways to free up some room in your […]

Man checking documents to see how he can get rid of mortgage insurance premiums

Article Summary: Mortgage insurance typically costs between 0.25% and 2% of your mortgage amount per year. You can save thousands of dollars if you learn how to get rid of mortgage insurance. There are four ways you can get rid of mortgage insurance, three involve waiting and the fourth you might be able to do […]

Should you refinance a 30 year mortgage for a 15 year mortgage

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. […]

Invest or pay off your mortgage. Find out which one makes sense for you.

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 […]

should you pay off or refinance

As the owner of a rental property, your goal is to reduce your expenses and maximize your profits. Refinancing can help you achieve this goal. It can enable you to lower your interest rate and slash years off the term on your mortgage. But how do you know if and when it’s smart for you to refinance […]