If you purchased your home when the federal funds rate was at least 150 basis points — 1.5% — higher than today, an opportunity to profit from low interest rates is staring you in the face. In fact, there’s a good chance it’s surrounding you as you read these words. Like millions of other homeowners … Read more
If you have an existing FHA mortgage, you may qualify for a special type of refinancing product known as an FHA streamline refinance. Although it’s important to do your due diligence and carefully consider other refinance options — as well as the option to do nothing — homeowners who refinance through this program are often … Read more
If you’re like most Americans, buying a house is the largest single investment you make in your life. It’s also likely you’re financing the purchase with a mortgage loan. But mortgages come in many varieties, most of which aren’t appropriate for your situation. If you have limited savings or less-than-perfect credit, a Federal Housing Administration-insured … Read more
With inflation running hotter than it has in years, you’re probably looking everywhere for opportunities to trim your monthly expenses. If you own your home, you don’t have to look far to find one of the biggest. You might be sitting in it right now, in fact. If today’s mortgage interest rates are lower than … Read more
It’s a big decision to join the military. Members of the Armed Forces face a slew of risks to their physical safety and psychological well-being. They make many trade-offs in their personal lives as well, from frequent moves to new towns around the United States to overseas deployments that challenge even the strongest families. To help offset … Read more
In 2017, more than 676,500 American homes went into foreclosure, according to Attom Data Solutions. That’s roughly 1 out of every 200 homes in the country. This is better than the peak rate in 2010 when more than 2 out of every 100 homes were in foreclosure, but it still represents hundreds of thousands of people being … Read more
The Johnsons were terrified of losing their home. Mrs. Johnson had recently lost her job, and they just couldn’t meet their mortgage payments on one income. When they saw the flier promising to save their home from foreclosure with “Guaranteed Results,” it seemed like a godsend. The company promised that, for a fee, it could … Read more
Many older adults struggle to make ends meet each month. At the same time, they often own thousands of dollars of real estate equity in their home. Meanwhile, their mortgage payment adds to their monthly living expenses. If you or your parents are “house-rich” but cash-poor, a reverse mortgage could solve several cash flow problems … Read more
Feeling house-rich and cash-poor? Many homeowners find equity both gratifying and maddening. They own a valuable asset with tens or even hundreds of thousands of dollars of untapped equity, but accessing that equity is neither easy nor cheap. The first rule of home equity is to remember that it exists only on paper. It doesn’t … Read more
At the peak of the Great Recession, a quarter of U.S. homeowners were underwater on their mortgage. By 2020, Attom Data Solutions reported that only 6.2% of homeowners with a mortgage were seriously underwater. But that still comes to 3.4 million homes, and Attom only classifies homes as “seriously underwater” when home values drop 25% below … Read more
