I worked for seven years in the mortgage industry, and commonly saw one thing – people who wanted to refinance their mortgage. They often did this to get a shorter term to pay off their mortgage faster. This is a good idea in theory, but it doesn’t always make sense for everyone. B...
If you have a financial hardship, a mortgage modification may help you keep your home. Learn what a mortgage modification is and how to get one.
Working in a seasonal profession can give you the opportunity to pursue your own interests in your off months, but it can also make it challenging to get approved for a mortgage. That’s because most lenders may view your income as sporadic, even if you consistently work part-time or as ...
To help get the best mortgage rate, you can work to boost your credit score, lower your debt and save up a sizable down payment. Getting the best mortgage rate can save you money on interest over the life of the loan. Shop around for the best mortgage rate with at least three lenders...
Here’s a sample of a uniform mortgage application. If you’re applying with a spouse or other co-borrower whose income you need to qualify for the mortgage, both applicants will need to list financial and employment information. There are eight main sections of a mortgage application. 1. ...
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...
The surviving spouse may be able to sell the house and pay off the reverse mortgage. However, depending on how much the house is worth and how high the loan balance is, selling may not leave the surviving spouse with enough of a nest egg to live on. If the surviving spouse has enough...
Buying a spouse out of a mortgage removes their future liability for the loan and, therefore, involves a refinance. A cash out refinance pays off your existing mortgage debt plus other liens and generates the proceeds to cover the exiting spouse's share of equity. For example, if your home...
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...
Best Places to Retire Overseas in 2025 Consider these affordable places to launch your retirement abroad. Kathleen PeddicordJan. 7, 2025 Year-End IRA Tax Moves Optimize your IRA and 401(k) strategies with these key tax-saving tips for year-end planning. ...