Tip:If you have already paid down your mortgage for several years, but want to refinance to take advantage of lowmortgage rates, consider refinancing to a shorter-term mortgage, such as a 15-year or10-year fixed mortgage. This is one simple way to avoid “resetting the clock” and stay ...
Because of this, you have to consider theimpact that a refinance will have on your effortsto one day own your home mortgage-free. One of the primary reasons people refinance is to lower their monthly payment. Getting a lower interest rate is one way to do this, but another is to lengthe...
Can Closing Costs Be Rolled Into Your Mortgage? How to Lower Your Debt-to-Income Ratio? How to Calculate PMI on a Mortgage? Thinking about buying but not sure where to begin? Start with our affordability calculator. See what you can afford ...
They may falsely assume they can just shuffle some assets from a friend or family member’s account into their own bank account without incident, then use them to qualify for a mortgage. Unfortunately, this doesn’t fly with many banks and mortgage lenders because the money isn’t properly ...
When you purchase a mortgage point, you're essentially purchasing a lower interest rate. So, how much can a mortgage point bring your interest rate down? Each point brings your interest rate down 0.25%. But what does that mean in dollars and cents over the life of a mortgage? Using the...
“Here’s what I need to know: is there anything youwon’tdo? Like, I assume you won’t help me find a contract killer, or overthrow a government. But what else? Where do you guys draw the line?” There was a long pause. “May I place you on hold while I check on this for ...
We assume that, depending on where that person is coming from, they have either a different demographic makeup, a different psychographic makeup, or a different reason that they're looking for a goggle. Because some people are just looking for a replacement for something that was old and is...
 This is one gigantic put option for private investors. If you lose, so what. You only lose the premium put in since the loan is non-recourse. If you hit the pot of gold, then you make out like a bandit gambl...
The28%/36% ruleis a heuristic used to calculate the amount of housing debt one should assume. According to this rule, a maximum of 28% of one'sgross monthly incomeshould be spent on housing expenses and no more than 36% on total debt service (including housing and other debt such as ...
An assumable mortgage allows a homebuyer to assume the current principal balance, interest rate, repayment period, and any other contractual terms of the seller's mortgage. Rather than going through the rigorous process of obtaining a home loan from a bank, a buyer can take over an existing m...