Pros and Cons of Prepaying Your Mortgage

Paying off your mortgage early could lead to a sense of financial freedom, but it’s not the right move for everyone. Consider your complete financial picture and check your lender’s policies before deciding whether to prepay your mortgage. Reasons to Make Extra Loan...

Do You Have High Enough Liability Coverage?

Homeowners insurance includes several components. One is liability coverage, which can cover accidental injuries or property damage. Insurance companies offer a wide range of liability coverage limits. You may need more coverage than you currently have to fully...

Improve Your Credit Score Before You Start House Hunting

If you want to buy a house and you’ll need to take out a mortgage, getting your credit score as high as possible should be a top priority before you begin searching for a home. Your credit score will be used to set your interest rate, so be sure to stay on top of it....

Why Your Mortgage Servicer Might Change

Many homeowners are surprised to receive a letter stating that their mortgage servicer has changed. Financial institutions that issue mortgages are permitted to sell loans or to transfer the rights to service mortgages to other financial institutions without...

How Does a Reverse Mortgage Work?

A reverse mortgage is a loan designed to help older homeowners access home equity while using their house as collateral. This can provide financial flexibility and security in retirement, but it’s important to understand the terms. Who Is Eligible for a Reverse...

Avoid These 5 Refinancing Mistakes

If you’re someone who isn’t happy with their current mortgage—whether it’s because you heard of someone having a better rate, you realized the payments are too large or you want to pay your home off quicker, then it’s probably time to look into a mortgage refinance....

Why You Should Avoid Using Credit Cards When Shopping for a House

If you’re looking for a new home, you probably already know that a mortgage lender will consider your credit score, percentage of available credit used and debt-to-income (DTI) ratio. If your score is too low or your credit utilization or DTI ratio is too high, the...

3 Money Tips for New Homeowners

Being in your first home is an exciting time in your life. But coming up with a down payment may not have been the toughest part of it. Aside from buying furniture, painting and decorating, and making those first fixes, you should probably give your finances an...

How Much Money Do You Need for a Down Payment?

Buying a home often requires years of saving for a down payment, which is money that a buyer pays upfront toward the cost of a house. This is the immediate equity that a buyer has when purchasing a home. Unless buying with cash funds, the rest of the money comes from...

Tips for Avoiding Scams

Unfortunately, scammers continue to get more creative in their attempts to trick the general public into relinquishing funds and personal information for nefarious purposes. Here are some important best practices from the Better Business Bureau (BBB) to help protect...

When Can You Negotiate the Price on a Home?

If you’re searching for a home to buy, you probably know by now that a lot goes into that all-important offer you make on the house you’ve finally decided is the one for you. Hopefully, you’ve connected with a professional, informed real estate agent who has great...

Put Your Home Equity to Good Use

With home values enjoying a steady rise over the past several years, most Americans have witnessed a return of home equity, and many are leveraging that equity toward other important financial goals. A recent study by LendingTree, which assessed home equity loan...

The ABC’s of FHA Loans

By Barbara Pronin Like all mortgage loans, FHA loans require proof of steady income and employment as well as a minimum down payment. But they are attractive to consumers because they are government-backed, offering more attractive interest rates and less stringent...

Know What Goes Into Your Credit Score

You’re probably well aware of how important your credit score is. A good score grants you access to loans and favorable interest rates, and opens up many different possibilities for a healthy financial future. But do you know how your credit score is determined? Be...

Should I Dip Into Equity and Renovate?

Many homeowners will be taking advantage of winter savings on supplies and the off-season availability of contractors to use a home equity line of credit (HELOC) to finance home renovations. According to recent research from TD Bank, more than three quarters (80...