- What Are the Different Types of Homes?
Regardless of where you want to move, there are tons of options for the types of homes you can buy. Your choices stretch from basic single-family and multi-family homes to condos and townhouses. Some jumping-off points for making a final… read more…
- FHA Loans – Part 1: What is an FHA Loan?
An FHA loan is a loan administered by the Federal Housing Administration (FHA) to those that may not be able to get financing elsewhere. The loan is designed to reduce the risk of lending to individuals with less than stellar… read more…
- Mortgages – Part 5: Pre-Closing and the Mortgage Closing Process
Before moving on to the final step, the closing process, it helps to go through a pre-closing checklist. Going through a detailed checklist makes sure everything is in order for the actual closing. Think of it as a dress rehearsal… read more…
- Mortgages – Part 4: Mortgage Underwriting & Mortgage Insurance
In the five circles of the mortgage process, underwriting is where you (the borrower) come face to face with the bank’s gatekeeper: the underwriter. The underwriter is the last major hurdle standing between you and closing the loan on your… read more…
- Buying vs. Renting: Important Factors to Consider
Buying versus renting is the one question that most often plagues first time home buyers. It usually goes something like this: “should I continue shelling out money to a landlord, or dig a hole for myself and buy a home?”… read more…
- Mortgage Dictionary: Learn the Lingo of Loan-speak
Welcome to the SmartAsset Mortgage Dictionary. Below you will find a glossary of popular terms explained in plain English. No need to thank us, this is just what we do. APR Annual percentage rate: This number allows you to make comparisons between loans offered by different lenders by giving you the total cost of the… read more…
- How to Decide Between Fixed Rate and Variable Rate Mortgages
Once you have decided that you would like to buy a home, the first thing you need to do is figure out how to ‘finance’ the purchase. This means deciding how much of your savings you are going to use as a down payment, how much money you want to borrow (the mortgage) and choosing… read more…
- What Is a Mortgage Broker?
There are some bad feelings about mortgage brokers left over from the housing bubble and what seems to be at the root of the issue is a dearth of honest advice. Indeed, working with a broker isn’t always easy and sometimes their interests don’t correspond with your own. On the other hand, working with brokers can… read more…
- Should you buy points on your mortgage?
You probably already know that the interest rate you pay is among the most important factors contributing to the cost of your mortgage. The lower the interest rate you can get, the better for you and your finances. You may also know that points have something to do with the interest rate you end up getting with… read more…
- How to Pay Off Your Mortgage Early
When you have a mortgage, a hefty portion of each monthly loan payment goes toward interest. You might be tempted to make minimum payments toward your home loan so that you can use the rest of the money in your bank account to cover other costs. But paying off your mortgage early can save you… read more…
- Should You Buy a House Without a Realtor?
Can you buy a house without a realtor? That’s one of the decisions you’ll have to make when you begin the home-buying process, but you technically can. While going without a realtor could save you a little bit of money, a buyer’s… read more…
- Does Buying a Home Before Your House Sells Make Sense?
Many homeowners wait to search for a new house until their current house sells. But these days, houses can spend months on the market. While putting a contingency offer on a new home is an option, there’s no guarantee your offer will be accepted in the current market. Find out now: How much mortgage can… read more…
- Having Financial Trouble? Mortgage Loan Modification vs. the Short Sale
Are you struggling to pay your mortgage bills each month? Maybe you’ve lost a job and your income has plummeted. Or maybe you’re going through a costly divorce, or receiving treatment for an injury or illness. There are many reasons… read more…
- Buying a House? How to Trim Your Closing Costs
It might seem like your bank account will have a hole in it by the time you’re done buying a house. After all, you’re paying hundreds of thousands of dollars for your new home, and you’ll be paying hundreds of thousands of dollars worth of interest over the life of your 30-year or 15-year fixed-rate mortgage loan.… read more…
- The Hidden Costs of That Second Home
Tired of showing up at that pricey hotel only to find that the sheets are dirty and your no-smoking room reeks of cigarette smoke? Why not purchase a second home, a vacation home that you can control? When you hit… read more…
- Real Estate Transfer Taxes in New York
When you buy a home or other piece of real estate, you’ll have to deal with certain taxes and closing costs and the real estate transfer tax is one of these costs. Whenever there is an exchange of real estate, the… read more…