It’s the biggest hack to homeownership, and probably the most misunderstood: a home loan preapproval. How do you know when you’re financially set to get preapproved? Here’s what lenders look for and what you need to do if you’re not quite there. What you need for a mortgage preapproval Unlike a mortgage pre-qualification, a preapproval…
Mortgage rates are near all-time lows, and it might be hard to imagine them going even lower. But some loan experts say many banks aren’t giving borrowers the lowest rates they deserve. It’s a matter of how banks price mortgage loans: a complicated mix of making loans that are attractive to potential investors — often…
Without a high credit score, you won’t qualify for the best mortgage rates available, which could mean you’ll end up paying more money over the term of your mortgage. Even with rates at historic lows right now, the difference between 3.5% and 3.75% can add up, especially if you’re applying for a 30-year fixed-rate mortgage….
Homebuyers make a lot of mistakes that hurt their chances of getting a mortgage preapproval from their lender. You don’t want to join their ranks and sabotage your home purchase. To find out what those missteps are, we talked to two lending experts: Casey Fleming, a mortgage advisor with C2 Financial Corp. in San Jose, California,…
Your office might be a built-in desk in the corner of a spare bedroom, a downtown co-working space — or the front seat of your pickup. The Bureau of Labor Statistics reports there are 15 million self-employed workers in America living the dream, being their own boss. Sure, it can be a struggle, but there…
If you’re fresh out of college and settling in at your first or second job, homeownership might be out of sight, out of mind. But there’s a lot you can do in your 20s to better position yourself for buying a home when the time is right. You’ve got plenty of company if you’re not ready…
Move over, Marriott. Hotels were once the default lodging option for travelers, but in recent years, demand has boomed for vacation rentals in private homes. And travelers aren’t the only ones who stand to benefit from this trend; homeowners who rent out their house can turn a handsome profit, especially during peak times like spring…
As you consider buying a home or refinancing your mortgage, it’s likely you’ll eventually look for a mortgage calculator online. As with anything else, there are tons of search results. And as usual, only a handful are relevant or even useful. We jumped into the deep end of those results, and here’s what we found. Making the…
You might think that refinancing your mortgage to a shorter-term loan is a win-win: You save on interest and pay off your home sooner. But many mortgage experts say there are better ways to invest extra money you might have than putting it into your home. After all, paying off your home is just one…
The new year brings some good news to borrowers as mortgage rates dipped just below 4% in the latest survey of lenders. Freddie Mac’s just-released report shows the following average rates for the most popular home loan terms: 30-year fixed-rate mortgages averaged 3.97% with an average 0.6 point for the week ending Jan. 7, 2016….
