This article will guide you through the different types of mortgage lenders and important factors to consider when selecting your mortgage provider.
Opting for a shorter fixed-rate mortgage means that your monthly payments will be higher than with a longer-term loan.14So crunch the numbers to ensure that your budget can handle the higher payments. You may also want to factor in other financial goals, such as retirement savings or buildin...
You should use this type of loan to pay off a high mortgage balance or cover another large expense. “Lump-sum distribution works best for folks who have a large existing mortgage that they need to pay off,” Fleming says. This option is best if you need all or most of your available ...
With a USDA loan, the home must be your primary residence, and there is no minimum credit score or down payment requirements. Interest rates vary depending on the private lender you choose. USDA loans are only offered at 30-year repayment terms. A USDA loan is an ideal mortgage option for...
For Veterans looking to reduce their initial monthly mortgage payments and save money in the short term, VA ARMs can be a great option. However, since the rate can increase after the fixed-rate period, it’s important to assess both your current and future financial position to ensure an AR...
Conforming mortgage loans are a good option for individuals with good credit and stable financial backgrounds. If you are purchasing a property with a loan amount that falls within the conforming loan limit for your area, a conforming mortgage loan may be a good choice for you. ...
Conforming mortgage loans are a good option for individuals with good credit and stable financial backgrounds. If you are purchasing a property with a loan amount that falls within the conforming loan limit for your area, a conforming mortgage loan may be a good choice for you. ...
If you’re just starting the home buying or refinancing process, you may have a lot of questions and stress about the financing part. One of the questions may be whether you should choose a directmortgage lending company, a mortgage broker, or a bank to process your loan. ...
You could lose your home to foreclosure if you can’t keep up with payments You may refinance over and over and never actually pay off your mortgage Refinancing can be quite costly versus holding your original fixed-rate loan You might be stuck with your high-rate loan if you don’t quali...
Paying down mounting credit card debt is not an easy task, but consumers should avoid taking on additional debt or other risky schemes where you could lose your collateral.