Mortgage rates have been relatively low for years. Seeing them inch up can cause home shoppers to panic and possibly put their home purchase on hold. The good news is that there are options when mortgage rates are rising. First, it’s worthwhile knowing that small increases in mortgage interest rates shouldn’t affect buyers too much …
Financially, there’s more to buying a home than the purchase price—sometimes much more. After the down payment, and once your closing costs and monthly mortgage payments are added up, it can be easy to forget some of the costly and hidden costs of owning a home. Take these added charges into consideration: Property Taxes Property …
Talk with your lender immediately. The lender may be able to arrange a repayment plan or the temporary reduction or suspension of your payment, particularly if your income has dropped substantially or expenses have shot up beyond your control. You also may be able to refinance the debt or extend the term of your mortgage …
Expert Insights: If Faced With Foreclosure, What Are My Options? Read More »
It is a short-term bank loan of the equity in the home you are selling. You may take out a bridge loan, or interim financing, to help with a knotty situation: closing on the home you are buying before you close on the property you are selling. This loan basically enables you to have a …
A lot will depend on the length of time you plan to live in the home, other financial obligations, and potential savings gained from comparing the monthly costs of a home against the upfront costs and closing costs involved with a particular loan. Also, you will need to be comfortable with whatever choice you decide …
Expert Insights: What’s the Best Way to Choose a Home Loan? Read More »
