Mortgages are safer now than they were 10 years ago. That’s the main effect the 2008-09 financial crisis has had on the mortgage market. The following loan types were popular during the housing boom in the early- to mid-2000s but are unavailable now to most borrowers: Low-doc mortgages allowed borrowers to get loans without documenting income…
Homebuying will remain competitive from July through September, with the edge going to buyers who act fast. And as mortgage rates rise, some homeowners will feel compelled to tap their equity rather than refinance or sell. Here are three housing and mortgage trends to watch for as summer 2018 slides into fall: Home sales will…
Should you invest extra cash or use it to pay off your mortgage? It’s a heated debate that rivals French press versus pour-over coffee and “Star Wars” or “Star Trek.” But while all three topics might get passionate believers on both sides all worked up, investing or paying off your mortgage is a choice with serious financial…
If you’re a first-time home buyer, you may be wondering: Should you purchase a small starter home to get into the market now, knowing you may grow out of it in a few years? Or, should you stretch your budget — or spend more time saving — to get a “forever home” that will take care of…
The down payment. It’s the only thing keeping you from a home of your own. You’ve got a good job, you’re paying down debt, and mortgage rates are still remarkably low. And rental rates are getting ridiculous. Let’s see if we can break down this home buying barrier. It doesn’t always take 20% down If…
The Federal Reserve raised short-term interest rates another quarter percentage point today. No surprise there. If only you could talk the central bank into a game of high-stakes, no-limit hold ’em. The Fed doesn’t have a poker face — and that’s the way it’s supposed to be. Chair Janet Yellen and her Federal Open Market…
Millions of Americans look to mortgage loans to help them buy homes, but the number of applications — and the percentage actually getting approved and funded — varies by where you live. To determine the states with the most mortgage purchase, not refinancing, loan applications and approvals, NerdWallet analyzed 2015 data from the Home Mortgage Disclosure Act…
In recent years, home equity loans have gone the way of boy bands. So last-century. In an era of low interest rates, home equity lines of credit and cash-out refinances have been the equity-tapping products of choice. Home equity lines of credit, or HELOCs, have been popular because they usually are built with low introductory rates,…
Let’s be real: Rejection hurts. It’s particularly hard if you’re denied for a mortgage preapproval, which is one of the biggest hurdles in the home-buying process. Mike and Brittany Delgado know the feeling all too well. In 2013, the couple tried to get a mortgage preapproval and were denied. Why? Mike’s credit report showed no…
The benefits of a mortgage backed by the Department of Veterans Affairs continue beyond the day your loan closes. You can lower your rate, tap into your home’s equity or even bring your conventional loan into the VA program by refinancing. Two types of VA refinances You can refinance your VA loan two different ways: With…
