Homeowners insurance isn’t as price-competitive as auto insurance, making it one of those things you have to buy — mortgage lenders require having homeowners insurance set up before a home loan is finalized so that their collateral is protected — but something that many people are likely to shop for once and then forget about it.
Personal Finance Articles
New mortgage rules meant to protect consumers from bad lending practices may have another impact - forcing home buyers to get their financial house in order.
Purpose of this Guide
Owning a home and sending payments to your mortgage lender each month can be tough. That mortgage bill is probably the biggest expense you face, and maintaining a home is no inexpensive task. You can easily spend thousands of dollars a year should your hot water heater burst, furnace conk out or roof start leaking. And if you are paying off an adjustable-rate mortgage, you might be watching mortgage rates closely to make sure your monthly mortgage payment doesn’t rise too much.
Worried that a hacker will steal your personal information and use it to apply for credit cards, a home equity line of credit (HELOC) or personal loans in your name? Then it might be time to freeze your credit, something you can do free with the three national credit bureaus of Experian, Equifax and TransUnion.
Sometimes you’ve got to spend money to make money. That adage often holds true in investing or starting a business, and can also be valid when owning a home after you’ve gone through all of the trouble of getting a home loan.
According to the latest research from CoreLogic, homeowners across the United States gained plenty of home equity last year. That’s good news for homeowners, who can tap their equity for everything from paying down credit card bills to covering at least part of their children’s college education.
It might be a bit more challenging for seniors to qualify for some reverse mortgages now that the Federal Housing Administration has enacted its second-appraisal rule. This doesn't mean, though, that seniors who want to tap the equity in their homes should panic: The new rule, which applies to the FHA's Home Equity Conversion Mortgage (HECM) program, hasn't yet impacted many reverse mortgage applications.
You’re ready to buy a home, but you want to first save up enough money for a down payment. But how much should you set aside each month to do that? And how long will it take you to save enough?
With only one income, single people can have a hard time affording a home and the mortgage that goes with it. Single women, however, are making it happen much more often than single men.