Mortgage

March 13, 2017Planning to build your own home or hire someone to build it for you? You may be wondering whether a construction loan is appropriate for your needs. Construction loans can be hard to get, but they’re one way to secure financing so you can build your dream home. Construction Loan Basics When you take out a… read more…

March 9, 2017Healthcare is one of the fastest-growing expenditures in the country. Nationwide healthcare costs reached over $10,000 per person in 2016 and that figure’s expected to grow at a 5.8% clip until 2025, according to a report in the Health Affairs journal. One way to keep those costs down is to take care of your health. Of… read more…

March 7, 2017When looking to sell their house, most owners probably want to make a profit and sell the home for more than they paid for it. But the selling price isn’t the only factor to consider, there are hidden costs when it comes to selling a home. And if it takes a long time to sell… read more…

March 6, 2017If you want to buy a new home you may be wondering how you’ll juggle selling your current home with taking out a mortgage on your new home. One option for homebuyers in this situation is to take out a… read more…

March 3, 2017Have you heard the term “redlining”? It’s a term that refers to the practice of cutting certain neighborhoods – and aspiring homebuyers – off from mortgage lending opportunities. Let’s take a closer look at the historical roots of the term and its legacy today.  Check out our mortgage calculator.  The History of Redlining People often… read more…

February 27, 2017If you’ve only compared mortgage rates published by banks and private lenders, you could be missing out on loans backed by the federal government. For example, there are mortgages that are issued and guaranteed by the Department of Agriculture. USDA… read more…

February 24, 2017Mortgage lenders use the debt-to-income ratio to evaluate the creditworthiness of borrowers. It represents the percentage of your monthly gross income that goes to monthly debt payments, including your mortgage, student loans, car payments and minimum credit card payments. The debt-to-income ratio… read more…

February 22, 2017You finally have enough savings for a down payment and you’re ready to buy a house. How much will monthly house payments cost? Like with any big financial commitment, it’s important to know how much you’ll need to budget per month. It can be hard to calculate exact payments as property taxes and homeowners insurance are also factors.… read more…

February 21, 2017Employment growth among jobs in the STEM field varies widely. According to the Department for Professional Employees, the number of job opportunities for aerospace engineers increased by 53% between 2005 and 2015. Within the same period, the number of jobs for biologists and computer programmers fell by 28% and 17.4%, respectively. Pay within the STEM… read more…

February 17, 2017Basically, your loan-to-value (LTV) ratio is the flip side of your down payment, assuming that the purchase price equals the appraised value of the home. So if you are putting down 20%, your LTV is 80%. If there is a difference between the appraised value and the price you agreed to pay, the lender will… read more…

February 16, 2017Chicago is the third-largest city in the U.S., with a diverse population and a diverse economy to match. Financial services, engineering and publishing are some of the biggest industries in the Windy City but manufacturing and food processing are key… read more…

February 16, 2017Homeownership rates still have not fully recovered from the 2007 housing crisis, data from the U.S. Census Bureau shows. For some age groups, foregoing homeownership is not a hard decision. It can offer more labor market flexibility and the chance to pursue other investments. For many retirees, however, homeownership may be an important facet of… read more…

February 15, 2017We’ve all grown accustomed to instant gratification. We can get instant coffee and instant access to our favorite movies and TV shows. So when we actually have to wait for something, being patient can be challenging. This issue often arises… read more…

February 15, 2017Television ratings reveal that hockey is far from being America’s favorite pastime. In fact, the numbers seem to suggest that the sport’s popularity is declining, especially in terms of viewership. Only 3.9 million viewers tuned in for the six-game Stanley Cup Finals in 2016, compared to the 5.6 million viewers who watched the series the… read more…

February 14, 2017Ever feel like you’re one step away from looking under sofa cushions to cobble together your next rent payment? You’re probably not alone. In past studies we’ve highlighted cities where rent payments are gobbling up the majority of residents’ incomes. Below, we look at data on the largest cities in the country to see how many hours… read more…

February 13, 2017How long does it take to sell a house? It depends on where you live and what’s happening in your local housing market. If it’s a seller’s market, home sellers will have an advantage. There will be lots of buyers… read more…

February 10, 2017Reverse mortgages are popular among seniors. Through the Home Equity Conversion Mortgage (HECM) Program, retirees can turn their home equity into a monthly source of income without moving out of their houses. And with their extra cash, seniors can remodel their homes and pay for their living expenses. If you’re interested in buying a new… read more…

February 9, 2017Thinking about moving to Los Angeles for the beautiful weather, diverse population and access to California’s natural beauty? Well, unless you’re retired, a student or independently wealthy you’ll also need to work in LA. Check out our list of 10… read more…

February 9, 2017Home is where the heart is, so the saying goes. For homeowners, their home is also where they probably invested a large chunk of their money. In some places homeownership has proved to be a worthwhile investment, as the home values skyrocket. But in other places, depressed home values and high property taxes may have… read more…

February 8, 2017The marriage rate has declined over the past several decades and the median age of first marriages for women and men has climbed steadily in the past 50 years. While many people are postponing marriage or avoiding it altogether, walking down the aisle is still part of the American Dream. What’s more, being single by… read more…

February 7, 2017Do homeowners sell their houses before paying off their mortgages? Turns out, it happens more often than you may think. After all, most mortgage loan terms last for 30 years and few homeowners stay in their houses for that long.… read more…

February 6, 2017Putting 20% down on a house may not be feasible for everyone. That’s why many homebuyers get stuck paying private mortgage insurance (PMI). Having to pay mortgage insurance can make owning a home more expensive. But you may not be responsible for… read more…

February 3, 2017Paying property taxes is inevitable for homeowners. The amount each homeowner pays per year varies depending on local tax rates and a property’s assessed value (or a yearly estimate of a property’s market value).If you’re unsure of how and when… read more…

February 2, 2017Raising a family can be tough. First of all, it’s expensive. The USDA estimates that raising a child born in 2015 would cost a family $233,000 over 18 years. It’s common nowadays for both parents to work outside of the home, meaning they need to pay for full-time child care, which can be very costly. Parents… read more…

February 1, 2017Wedding costs are climbing. Between 2014 and 2015, the average cost of a wedding rose by 4.6%, according to The Knot Real Weddings Study. Nuptials now cost $32,641, on average, and one in eight couples spend more than $40,000 when tying the knot. Interestingly enough, research suggests that brides and grooms who spend more money… read more…