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Using home equity to buy a second home
Home Purchase

Using home equity to buy a second home

Owning a second or vacation home is a dream for many, but getting a mortgage to buy one can be a challenge. The requirements can be significantly more stringent than those for a mortgage to buy a primary residence. An alternative possibility: tapping the equity in your current home instead.

Kirk Haverkamp
1 year ago
Understanding the TALC on a reverse mortgage
Mortgage

Understanding the TALC on a reverse mortgage

A reverse mortgage is an odd duck as far as loans go. While a “forward” mortgage lets homeowners build equity over time as they pay down their loan, a reverse mortgage is the opposite. It gives older homeowners regular payments to supplement their income in exchange for giving up the equity in their home.

Dan Rafter
1 year ago
Can a cash-out refinance help reduce your debt load?
Mortgage

Can a cash-out refinance help reduce your debt load?

Struggling to pay off your credit cards or other debts? Are the high-interest rates attached to this debt causing it to soar each month? If you have enough equity in your home, and you can afford what might be a slightly larger mortgage payment each month, a cash-out refinance might be the answer.

David  Mully
1 year ago
Mortgage broker or lender? Which is better for you?
Mortgage

Mortgage broker or lender? Which is better for you?

You’re ready to apply for a mortgage loan and begin the hunt for your dream home. Now you have to decide between the two main providers of mortgage financing: mortgage brokers or mortgage lenders, the latter including both banks and other direct lenders.

David  Mully
1 year ago
The Higher Costs of Buying a Historic Home
Home Purchase

The Higher Costs of Buying a Historic Home

If you’re the owner of a historic home, you may not be able to say that George Washington slept there, but you should at least be able to find some sort of interesting story you can tell about the house after you’ve secured a home loan.

Kirk Haverkamp
1 year ago
What you need to know about online mortgages
Mortgage

What you need to know about online mortgages

Applying for a mortgage, and closing one, can be a tedious process. Lenders must scan your credit reports and study your credit score. You’ll have to provide copies of such documents as your most recent pay stubs, bank statements and tax returns to verify your income. And the odds are high that you’ll have to either meet in person or have several telephone calls or online chats with a mortgage loan officer.

Dan Rafter
1 year ago
A better credit score could make mortgage refinancing worthwhile
Mortgage

A better credit score could make mortgage refinancing worthwhile

Falling interest rates can be reason enough to refinance a mortgage loan. So can improving your credit score, even by just 50 points by simply paying all of your bills on time for a year. Raising a credit score only 20 points can lower a monthly mortgage and save thousands on interest paid over the life of a home loan.

Aaron Crowe
1 year ago
Are VA loans always the best choice for veterans?
VA Loans

Are VA loans always the best choice for veterans?

There’s plenty to like about VA loans, the mortgage product insured by the U.S. Department of Veterans Affairs and available to current and former members of the U.S. military. The biggest draw of a VA loan? You can qualify for one without providing any down payment dollars, something that makes this product especially attractive to first-time homebuyers or borrowers without a stuffed bank account.

Kara  Johnson
1 year ago