More than 43 million Americans have student loans. So if you’re hoping to buy a home with student loans in tow, you’re not alone. Fortunately, student loans are treated just like any other debt when applying for a mortgage. While having lots of debt can certainly make the process more challenging, it doesn’t disqualify you […]
Low-income, first-time homebuyers may qualify for a low-interest, deferred payment loan of up to 17% of the purchase price for down payment assistance and 4%, up to $10,000 in closing costs assistance. Overview The loan funds must be used to pay a down payment and closing costs on the purchase. The home you buy must […]
Homeownership can be a pathway to building generational wealth — in fact, owning a home is so closely linked to long-term stability that it’s been one of the few life goals that’s just as common today as it was 50 or even 100 years ago. But how does homeownership help families build wealth? What makes […]
Refinancing is common practice for homeowners, and it’s often a smart financial move. It can lower your payment, reduce your interest rate and more. But when it’s not the right time to refinance, it can be an unnecessary effort or even result in extra costs. When should you think about refinancing, and when should you […]
For both homebuyers and homeowners, understanding how property liens work is important. In fact, they could impact your ability to buy a specific house or make a home cost more. Fortunately, finding out if a property has a lien against it isn’t too hard — nor is settling a lien once one is in place. […]
When you start researching to buy a home, you’ll see the terms “mortgage prequalification” and “mortgage preapproval” thrown around a lot. While they sound similar, they aren’t the same — and they serve different purposes in your homebuying journey. Thinking of making an offer soon? Here’s what you need to know about prequalification versus preapproval […]
Mortgage applications rose 2.2% last week compared with the previous week, prompted by a slight decline in interest rates, according to the Mortgage Bankers Association’s seasonally adjusted index. Refinance applications, which are usually most sensitive to weekly rate moves, rose 2% for the week but were still 86% lower than the same week one year […]
Federal Reserve officials earlier this month agreed that smaller interest rate increases should happen soon as they evaluate the impact policy is having on the economy, meeting minutes released Wednesday indicated. Reflecting statements that multiple officials have made over the past several weeks, the meeting summary pointed to smaller rate hikes coming. Markets widely expect the rate-setting […]
Is there a difference between the right house for your current situation versus your ideal home for life? There’s usually a big difference for most buyers, and it’s a good idea to consider both options carefully. When deciding between a starter and a forever home, there’s a lot to think about beyond your budget. This […]
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