The requirements for getting a mortgage to buy a second or vacation home can be significantly more stringent than those to buy a primary residence.An alternative possibility: tapping the equity in your current home instead.
Qualifying for a mortgage isn't as difficult as you may think.A recent study by Fannie Mae found that most people think that the requirements for getting a mortgage are more stringent than they actually are.
Mortgage rates on 30-year loans have once again fallen below 4 percent, creating opportunities for those looking to buy a home or refinance their current mortgage.Here's a look at some of the opportunities - as well as a few downsides to look out for.
Having trouble getting the mortgage you want because of credit problems or irregular income? Or because conventional mortgages don't offer the features you're looking for, like interest-only payments or a balloon term? Then a non-QM loan might be right for you.
The TALC, or Total Annual Loan Costs form, is the disclosure form on a reverse mortgage that plays a similar role that the Good Faith Estimate and Truth in Lending form do with a regular home loan.Here's how it works.
Electricity, gas, water, maintenance and other costs of running a house can be expensive, especially if you own an older home that needs updating.But a few home improvement projects can often pay for themselves over time.
A historic home offers beauty and a chance to own a piece of history, but will likely cost more to keep running than a modern home, while local regulations may limit what types of work can be done on it.
Online mortgage lending is becoming increasingly common and can offer lower rates and greater convenience for many borrowers, though those with particular needs may still need to work with a lender in person.
Don't have enough money to buy your first home? Or want to build equity quickly? One option for entering the housing market is to “house hack” and buy a multi-unit home to rent out to tenants and charge them enough to cover the mortgage, or close to it.