1. Find a mortgage lender who specializes in VA loans. A mortgage officer with experience working on VA loans will have better insight on which documents you need to complete and what properties you are able to qualify for than someone who is unfamiliar with the process. Some lenders may als...
If you buy a home with your spouse andfile taxes as a couple, you claim the total amount of qualified mortgage interest on your joint return. However, if you’remarried and file taxes separately, or you borrowed money to buy a home with someone who isn’t your spouse, you each get to...
There are several reasons why you may want to get out of a reverse mortgage early. It's possible you no longer need the funds, or perhaps you want to leave your house to your heirs without the financial burden of having to pay off the loan. It’s also possible someone who is not on...
Insurance is a way to manage your financial risks. When you buy insurance, you purchase protection against unexpected financial losses. The insurance company pays you or someone you choose if something bad occurs. If you have no insurance and an accident happens, you may be responsible for all ...
So in this piece, we’re going to explore what salary you need to earn to afford a $600,000 home, what your down payment should be, where to find homes in this price range and more. We’ll also cover the risks of buying a (relatively) high-value home, today’s mortgage rates and...
Multiply that number by your remaining loan balance to find out how much you’ll pay in interest that month. If you have a $5,000 loan balance, your first month of interest would be $25. Subtract that interest from your fixed monthly payment to see how much in principal you will pay ...
After assessing his financial situation and considering his family’s needs, John determines that he needs $1.5 million in term life insurance coverage. This amount will provide his family with enough funds to cover their current living expenses, pay off their mortgage, and secure their children’...
As you explore options for your retirement plan, here are a few questions for you and your spouse/partner to discuss with your advisor: Should you pay off your mortgage before you retire? Are you funding your grandchildren's college expenses? How much expensive travel do you have planned?
investing and saving to be two sides of the same coin. This is because when you save money by depositing in a bank, the bank then lends that money to individuals or companies that want to borrow that money to put it to good use. Therefore, your savings are often someone else's ...
So, while someone who frequently eats out at restaurants will probably love the Bilt Mastercard’s elevated rewards on dining, someone who always cooks at home won’t benefit as much. If there’s an annual fee, does it seem reasonable to you? This isn’t to say you shouldn’t pay an...