For people with globophobia, the thought of encountering a balloon, especially as it pops, can be terrifying. When you add in associations with horror movies and creepy clowns, balloons make some people downright nervous. Fortunately for aspiring homebuyers, balloon mortgages don’t involve rubber, helium, or spine-chilling jesters. Still, many prospective borrowers are wary of this …
The Pros and Cons of USDA Loans
When the U.S. Department of Agriculture (USDA) comes up in discussion, people tend to think of agribusiness concerns instead of home loans. That might be why the USDA Rural Development Guaranteed Loan program is often referred to as one of the best-kept secrets of the mortgage market. Could a USDA loan be the tool that …
Buying a Home with Student Loan Debt
If you’re interested in buying a home but carrying a heavy load of student loan debt, the statistics can be disheartening. As CNBC reports, roughly 45 million Americans are bearing the financial burden of student loan debt. When asked why they haven’t bought a house, more than 80 percent of adults between the ages of …
Why Do You Need an Appraisal When Buying a Home?
Why do you need an appraisal when buying a home? A home appraisal is a professional estimation of a property’s market value put together by an independent certified appraiser (source). Various factors have an impact on the value of a property, including its location, structural condition, and the amenities that it offers. Appraisers also weigh comps, …
How Do Discount Points Work?
Discounts sometimes provide significant savings, but savvy shoppers know that it’s always wise to be wary. Too many supposedly fantastic bargains come with strings attached that erase the promised savings or result in a higher price tag. If you’re contemplating a home loan, you may wonder if discount points are a smart purchase. To make that …
How to Build Equity in Your Home
When you own a home that’s mortgaged, your lender holds a financial interest in the property. Home equity is the amount of your home that you truly own; it’s also a valuable asset that can be cashed in to fund a wide array of wants and needs. As Investing Answers explains, your equity is determined …
Why Apply for a Mortgage Online?
More than 75 percent of adults in the U.S. already shop online, and the popularity of online shopping is expected to grow in the years to come. In fact, experts predict that there will be more than 300 million Americans shopping online by 2023. With numbers like that, it’s no surprise than many aspiring homeowners …
Buying a House When You’re Self-Employed
A growing number of Americans are making the choice to be their own boss. In fact, Everlance reports that some 27 million Americans are expected to make the switch to self-employment between 2017 and 2020, raising the number of self-employed workers to 42 million. That means nearly one-third of the American workforce will be self-employed. …
The Difference Between FHA and Conventional Loans
What is the difference between FHA and conventional loans? In fact, there are several disparities that make FHA loans and conventional loans unique from one another. Taking the time to discover these differences and how they impact borrowers can help you choose the best home loan for your specific needs.
What Is a Jumbo Loan?
When it comes to french fries, ice cream, popcorn, or any other treat that delights your taste buds, it’s an easy decision: A jumbo order is the perfect fit. With home loans, it’s a little trickier. What is a jumbo loan? Could securing one be the key to you achieving your dreams of homeownership?
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