Is the short sale process really more advantageous for the seller, or is foreclosing the safest route to take? What criteria should a homeowner meet, in order to qualify for a short sale? How do short sales really match up to foreclosures?—and, after all is said and done, why should you, as an owner, care […]
How a Mortgage Credit Certificate Can Help First-Time Home Buyers
People who are looking into buying their first home have got their work cut out for them. It’s not easy to save for the down payment, research mortgages with good interest rates, and figure out what closing costs are. On the upside, first-time buyers can benefit from several programs designed to provide them with financial […]
Is It a Good Idea to Pay Mortgage with Credit Card?
You’ve got a mortgage and a credit card—join the club. That makes you very similar to roughly two thirds of the wage earning American population. Now, if you’re a member of that extended category, you’ve probably already asked yourself a common question: ‘can I pay my mortgage with a credit card?’ The short answer is […]
2015 Alternatives for the Federal First-Time Home Buyer Tax Credit Program
It’s not easy being a 1st time home buyer in these post-recession times; luckily, though, there are several grants, both at state and at federal level available for such buyers. There are also several state-funded tax credit programs for first time buyers. Today, we’re going to focus on the First Time Homebuyer Credit, as explained […]
What Is a Good Faith Estimate?
If this is one of your first foray into the complex and often daunting world of applying for a mortgage, you probably have a list of questions lined up, including “what is a Good Faith Estimate?” Also known as a GFE in short, a Good Faith Estimate is essentially a form that lists all the […]
Saving for a House: The First Time Buyer’s Tips & Tricks Cheat Sheet
Putting money aside in order to purchase a home is a complex issue, which takes several distinct factors into account. For one thing, it directly relates to the size of your household budget, as well as to your ability to save money for the downpayment. There’s no simple and single answer to the question of […]
The 2 Main Options for Selling your House When You Can’t Make Mortgage Payments
It’s unpleasant and potentially dramatic, yet the recession and its aftermath saw quite a lot of it: borrowers failing to meet mortgage payments and being forced into a foreclosure. When a property is foreclosed, the lender takes over ownership of it and the borrower gets evicted. The alternative is a short sale, which also takes […]
Fixed Mortgage Length: 15 or 30 Years?
When considering mortgage loans, most prospective borrowers know there are two basic types available on today’s market: fixed rate mortgages and ARMs (short for adjustable rate mortgages). Both types of mortgage loans come with specific subtypes, classified based on their length and other factors. It’s usually a good idea to have at least a basic […]