What Is A Home Equity Loan? A home equity loan enables you to use the equity you’ve built in your home as collateral to borrow money. Like a primary loan used to buy a house, your home is used as security to protect lenders if you end up defaulting on your loan. Home equity loans […]
If you’re at least 62 and worried about affording your retirement years, a reverse mortgage could be an option.However, this loan is a bit complicated and can come with some drawbacks. It’s important to know how this loan works, how it can help you and whether it’s the right option for your financial situation and […]
When you’re first looking to buy a home, it may seem like there’s an overwhelming number of options. Not only do you have to deal with figuring out what house you want and how much you can afford, but you’ll also need to determine the best loan option for you and who you should work […]
You have a few options when shopping for a mortgage, including a mortgage banker and mortgage broker. Most people confuse the two terms or assume they are the same. Today we’ll focus on what a mortgage banker is to clarify their roles and responsibilities, which can help you to decide if a mortgage banker is […]
The federal funds rate helps the U.S. Federal Reserve influence interest rates and borrowing. It can also be called the fed funds rate, federal interest rate or federal reserve rate. The federal funds rate may also impact the interest rate that you’re charged on your home mortgage or personal loan. Understanding how it works can […]
As you shop around for a mortgage, you become an important part of the primary mortgage market. As a borrower, you can shop around for the best available rate to obtain a mortgage loan from a primary lender. Home buyers are a critical part of a healthy primary mortgage market. Here’s what you need to […]
For 50 years, reverse mortgages have helped seniors reach their financial goals in retirement. In 1961, the very first reverse mortgage helped Nellie Young keep her home after her husband passed away. Since its creation, the reverse mortgage has gone through several transformations, with its uses expanding to help seniors supplement their retirement income, consolidate […]
A boon to DIYers and home project enthusiasts, an FHA 203(k) loan – also known as a mortgage rehab loan, renovation loan, or Section 203(k) loan – can be used to fund both a home’s purchase and renovations under a single mortgage. In effect, it allows home buyers who are considering purchasing a fixer-upper that […]
When embarking on the journey to homeownership, understanding the steps involved in securing a mortgage is crucial. For individuals seeking VA loans, one of the most important documents is the Certificate of Loan Eligibility (COE). This document serves as proof that a borrower meets the requirements to access the benefits of a VA home loan. […]
