Imagine how much easier life would be if you could just write a check for your next home. No mortgage application process, no monthly payments, the security of owning your home outright — sounds like a no-brainer, right? Not necessarily. Paying cash for a home isn’t always the right financial move, even if you happen … Read more
Unless you’re buying your next house in cash, you need to finance part of the purchase (probably most of it) with a mortgage loan. That loan can have both positive and negative impacts on your credit score. Those impacts appear as soon as you apply for your mortgage and continue until you sell the house … Read more
You’ve long dreamed of updating your cramped, dusky, barely functional kitchen. There’s just one problem: It’ll cost tens of thousands of dollars to achieve your vision. And while you’re not flat broke, you can’t afford to pay that kind of money out of pocket. Are you out of luck? Maybe not. If you’ve been in … Read more
The worst part about foreclosure is losing your house, but the indirect financial fallout is pretty bad too. A foreclosure can cause your credit score to drop by 100 to 200 points, with much of the damage coming in the first two or three months after you first fall behind on your mortgage. If that’s … Read more
Your debt-to-income ratio compares what you owe against what you earn. In its simplest form, it’s the percentage of your monthly income that goes toward debt payments. Your debt-to-income ratio is one of the most important factors the lender considers when you apply for a loan or line of credit, right up there with your … Read more
No matter how careful you are, you probably drop your phone on occasion. If it’s cased up with a properly applied screen protector, it might be no worse for the wear, but every encounter with the ground is momentary cause for alarm. Sometimes, that alarm is justified. I’ve seen smartphones dropped into pools, run over … Read more
Whether you’re a first-time homebuyer, looking to purchase a second home, or downsizing after a life change, you can’t move into your new house until you officially close on the property. Your closing day – the day you meet with the seller, your real estate agents, title or escrow agents, and possibly other parties involved in … Read more
Recently, we discovered the #1 financial perk for military families: the VA Home Loan Guaranty, commonly known as the VA loan program. It is designed to make homeownership more affordable for current and honorably discharged members of the Armed Forces and certain other service organizations. If you’ve joined the military and now want to buy … Read more
Once you’ve determined to buy a house rather than rent, you need to get approved for a mortgage. Then you need to go through a multi-week underwriting process that climaxes on closing day – the day your dream home officially becomes your home. The magnitude of the home buying process can’t be overstated. Statistically speaking, your … Read more
If you’re ready to buy a house, congratulations. You’re one step closer to making what’s likely to be the largest single purchase of your life – at least until your family grows larger and you’re forced to upsize to a more spacious abode. Whether you’re buying a new construction home or an old fixer-upper house, chances … Read more
