Category Archives: Mortgages & home

How to Shop for a Jumbo Reverse Mortgage


Also known as private reverse mortgages or proprietary reverse mortgages, a jumbo reverse mortgage is a loan that exceeds the maximum allowed by the U.S. Department of Housing & Urban Development’s (HUD) Home Equity Conversion Mortgage (HECM) program. These mortgages

Second Home Mortgage: 4 Questions to Ask Before You Buy a Second Home

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Owning a second home might just be the ultimate American dream. Taking on a second home mortgage is not. Don’t let your dream of a quintessential Maine cottage or an upscale Vail ski chalet turn into a financial nightmare. It’s

How To Avoid Private Mortgage Insurance (PMI)?


“I LOVE paying for Private Mortgage Insurance!” said no homeowner, ever. PMI drives up mortgage payments and can stretch your budget to an uncomfortable limit. Adding insult to injury, this insurance does nothing to protect you, the homeowner — it’s

What History Says About Buying a Home as an Investment


A decade ago, buying a home was viewed as an almost sure-thing investment. The collapse of the housing bubble then proved that real estate could be a heart-breaking and ruinous investment. Which view is more accurate? An examination of historical

Mortgage News: CFPB Says Some Lenders Discriminated Against Social Security Recipients


In this week’s mortgage news, the Consumer Financial Protection Bureau (CFPB), which is charged with overseeing recent mortgage industry reforms, released its latest supervision report to the public. “We are sharing our latest supervisory highlights report with the public so

4 Things to Know Before Shopping for a Mortgage


Before shopping for a mortgage, there are a few things to know that can help with finding your best loan option and improve your chances for loan approval: Request and review credit reports and scores. You can check your credit

Choosing a Home Loan: Match a Mortgage to Your Needs

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Identifying your current needs and future goals can help with choosing a home loan; these considerations provide a framework for how to choose a mortgage: You want a fixed rate mortgage with no risk of interest rate changes: Fixed rate

Take Care of Student Loans Before Buying a House


Buying a house is a major milestone of adulthood. However, many first-time homebuyers are finding that milestone is harder to reach because they are saddled with school loans. According to the National Association of Realtors, 57 percent of first-time homebuyers

Broker or Banker? Who Has the Best Mortgages?

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Who has the best mortgages: brokers or bankers? As is usual with such questions, the answer is a resounding “It depends.” But understanding the advantages and disadvantages of using each (or both) could help you get a seriously sweet deal.

ARM Mortgage Comparison: The Index Matters


Comparing mortgages? If you are looking at an adjustable-rate mortgage (ARM), you might be missing something. Your mortgage comparison has probably covered the starting interest rate, and you should know to take into account the initial reset period and subsequent