You want to get out of debt, including your mortgage, so you think it may be a good idea to use your 401K savings. While we are all for consumers getting out of debt, the one time we wouldn’t recommend that you pay off your mortgage is if you have to use your retirement funds to do so. Your 401K … Continue about Is it Wise to Use a 401K to Pay Off Your Mortgage?
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Buying a Home
Should you Include an Appraisal Contingency Clause in Your Purchase Offer?
When you buy a home, it’s often a good idea to include some contingencies in the purchase contract. These contingencies protect you should something go wrong after you sign the contract. They give you … Continue about Should you Include an Appraisal Contingency Clause in Your Purchase Offer?
How a Home Inspection Differs from an Appraisal
When you apply for a mortgage, you’ll likely hear the lender throw around a couple of different words including appraisal and inspection. They sound like they could be one in the same, right? Wouldn’t … Continue about How a Home Inspection Differs from an Appraisal
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Is it Wise to Use a 401K to Pay Off Your Mortgage?
You want to get out of debt, including your mortgage, so you think it may be a good idea to use your 401K savings. While we are all for consumers getting out of debt, the one time we wouldn’t recommend that you pay off your mortgage is if you have to use your retirement funds […]
How to Find Property Lines Online
At some point in your homeownership you will likely need to know your property lines. Whether you have a beef with your neighbor and you want to prove a point or you just want to know where a safe place is to build a shed or place a fence, you’ll need the official property lines. […]
How Long do Hard Inquiries Stay on Your Credit Report?
Each time you apply for new credit, the creditor puts an inquiry on your credit report. You might not think it’s a big deal, but it does affect your credit score. If you have too many inquiries, it could seriously damage your credit score. Looking for Current Mortgage Interest Rates? Click Here. So how long […]
Can you Use Home Equity to Buy Another House?
You decided you are ready to get in on real estate investing. You have friends that are making money hand over fist and you want in on it too. The problem is that you don’t have any liquid assets; everything is tied up in your home. Can you tap into that equity to buy a […]
Can You Use a Home Equity Loan for Anything You Want?
A home equity loan gives you access to the equity you have in your own. Your equity is the difference between your outstanding mortgage balance and the value of your home. If you’ve paid down a good portion of your mortgage balance and/or your home appreciated, you may have a significant amount of equity in […]
What is a Purchase Money Mortgage?
When you take out financing to buy a home, it’s a purchase money mortgage. The bank provides you with some (or all in some cases) of the money to buy a home. If you are making a down payment, you combine the proceeds of the purchase money mortgage with your down payment to pay the […]
What is Hazard Insurance on a Mortgage?
When you buy a home with a mortgage, you have several factors that go into that payment. You’ll obviously pay the principal and interest on the loan. But, you may also see charges for real estate taxes and homeowner’s insurance. Many loan programs require that you set up an escrow to pay for these charges. […]
Statute of Limitations on Second Mortgage Debt
Second mortgage lenders have a distinct disadvantage in the face of default. If you don’t make your second mortgage payments, the second lienholder must wait to see how much money the first lienholder gets before the second lienholder receives anything. Get Matched with a Lender, Click Here. Typically, the second mortgage lender walks away with […]
What Happens When a Reverse Mortgage Owner Dies?
A reverse mortgage can help a senior live comfortably by drawing on the equity of his/her home without making mortgage payments. A reverse mortgage provides the borrower with equity funds upfront or on a monthly basis. The mortgage accrues interest, but no payments are necessary until the owner(s) die or moves out of the home. […]
What is the PACE Loan Program?
Are you considering making energy improvements to your home? You aren’t alone. As a matter of fact, there is a government program that helps you do just that. It’s called the PACE or Property Assessed Clean Energy program. Get Matched with a Lender, Click Here. The program provides borrowers with the money to make clean […]