Jumbo loans are quite common now. As home prices have skyrocketed, the number of borrowers who need larger loans has also increased. A jumbo loan is a mortgage that exceeds the conforming loan limit set by the federal government every year. Jumbo loans can be used for primary homes, second or vacation homes or investment…
When you’re self-employed and you want to buy a home, you fill out the same mortgage application as everyone else. Mortgage lenders also consider the same things when you’re a self-employed borrower: your credit score, how much debt you have, your assets and your income. It is true that self-employed homebuyers do have to jump…
The Federal Reserve raised its benchmark interest rate .75% in September and concerns over how this would affect the personal finances of millions of Americans started to arise. While an increase in rates may help tame inflation, they don't always help consumers. However, some homeowners may still benefit from mortgage refinancing. In fact, even with…
Over the last year the average homeowner in the United States gained roughly $64,000 in equity due to home price appreciation. Now, whether you’ve just retired or you’re thinking about retirement, you may be considering your options for this whole new stage of your life. Here are a few ways that you can go about…
Over the last five years, a surge in home prices has created substantial wealth for the middle class. According to the latest Homeowner Equity Insights from CoreLogic, the average homeowner’s equity has grown by $64,000 just over the last 12 months alone. Since there’s an ongoing imbalance between the number of homes available for sale…
There is a lot of competition in the real estate market today, so you do not want to do anything that could jeopardize your chances of getting your dream home. The home loan approval process is not as simple as most people believe, and it can take some time to process all the information required.…
Once you’ve applied for a mortgage, there are some key things to keep in mind before you close the transaction. It’s exciting to start thinking about moving in and decorating your new place, but before you make any large purchases, or move your money around, be sure to consult your lender. Here’s a list of…
As a renter, you face the same question on some sort of recurring basis (depending on your lease tenure): keep renting for another year or purchase a home? Your answer obviously depends on your current situation and future plans, but there are a number of benefits to homeownership every renter needs to consider. Here are…
There’s no way around it, mortgage rates have been on the rise in 2022. With the uncertainty of where rates may go, you should do everything in your power to increase your chance at getting the best rate available to you. Your mortgage rate will depend on things such as your personal credit profile, income,…
Your equity is a powerful tool that can help you achieve your goals as a homeowner. And chances are, your equity grew substantially over the past year. According to the latest Equity Insights Report from CoreLogic, homeowners gained an average of $51,500 in equity over the past year. If you’re looking for the best ways…
