Before you close on the purchase of your new home, your lender will order an appraisal of the property you are buying. What happens during the appraisal process During this process, an appraiser tours both the home’s interior and exterior. The appraiser will take photos and inspect the property. They will review public records, check […]
Tag: mortgage
ARM Yourself with Knowledge: Smart Mortgage Choices Now
The interest rate of an adjustable-rate mortgage, or ARM, can rise or fall during its term. That’s the main difference between ARMs and standard 15-year or 30-year fixed-rate mortgages. ARMs start out with a fixed period During this period, an ARM’s interest rate will remain fixed, meaning that it won’t rise or fall. This fixed […]
A Short Sale Can Mean a Bargain Price
A short sale occurs when a lender allows a homeowner to sell their house for less than what is owed on their mortgage. For example, if a homeowner owes $300,000 on their mortgage, in a short sale, they might sell their home for $250,000, or $50,000 “short” of what they still owe. Why would a […]
Know the Three Mortgage Application Factors
With rates possibly falling, you’re finally ready to apply for that mortgage loan that will allow you to finance the purchase of your dream home. But what do you need to qualify for a mortgage in 2024? Start with your credit score Your three-digit credit score has always been a key factor in whether you’ll […]
Changes in Homeowners’ Deductions for Mortgage Interest and Taxes
What are the rules that apply to deductions for interest payments on mortgages? They can get confusing. The old rules that apply for 2017 and previous years. They allowed itemizers to deduct payments for interest on as much as $1 million of mortgage debt for a main home and a second home used as a […]