There’s no denying it: A mortgage is an incredibly useful thing. After all, few people have the cash on hand to purchase a home outright. If you don’t, getting approved for a mortgage is generally an essential step along your journey to homeownership. However, the impact of having a mortgage doesn’t stop when you accept …
When Is My First Mortgage Payment Due?
You can close your eyes and picture it: You get preapproved for a mortgage, find the home that suits your needs, and make a convincing offer that’s accepted. Then, you work to get everything in place so that you can close the deal. Now, as a brand-new homeowner, you’re confronted with an important question: When …
VA Loan Closing Costs
When you buy a home, you’ll probably use a home loan to cover the bulk of your expenses, but there are certain costs that you have to plan for. Most buyers focus on the down payment, which is understandable. After all, the prospect of coming up with a sizeable down payment can be daunting. Some …
The Difference Between FHA and Conventional Loans
Homeownership is one of your life goals, and you’ve decided that now is the right time to make your move. As a savvy shopper, you know that it’s wise to consider your mortgage options carefully. Both FHA loans and conventional loans are popular options, so taking a close look at them seems like a sensible …
How to Get Preapproved for a Home Loan
Are you hoping to use a mortgage to fund your home purchase? If you aren’t already familiar with the process, then learning how to get preapproved for a home loan should definitely be on your to-do list. In a competitive housing market, securing a mortgage preapproval is vital if you hope to persuade a seller …
How Do Mortgages Work?
If you’re hoping to buy a home, but you don’t have a ton of cash on hand, then you’ll need to learn about mortgages. As Investopedia explains, a mortgage is a loan used to buy or maintain a home, land, or some other kind of real estate. How do mortgages work?
How Do USDA Loans Work?
You’re interested in buying a home. You’ve heard that the U.S. Department of Agriculture (USDA) has a home loan program that makes federally insured loans available through private lenders with no down payments needed. Now, you have two questions. First, how do USDA loans work? Second, could a USDA loan be the tool that you …
How Long Can You Lock In a Mortgage Interest Rate?
Scoring a low interest rate can produce huge savings when you’re buying a home. If mortgage rates are likely to rise, the chance to lock in a great rate is something many aspiring homebuyers will be eager to consider. However, timing is an issue. How long can you lock in a mortgage interest rate? That …
What Is a USDA Home Loan?
What is a USDA home loan? If you’re interested in purchasing a home in a rural area or the suburbs, it just might be the ideal way to achieve your housing goals. Are you ready to discover why the USDA guaranteed home loan is sometimes called the mortgage market’s best-kept secret?
Mortgage Principal vs. Interest
If you’re trying to figure out how home loans work, you will need to master two essential terms: mortgage principal vs. interest. Understanding what these terms are, the roles that they play in determining how much you will pay for your home loan, and what you can do to influence them can have a major …