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Homeownership

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Closing Costs: What You Need to Know

Posted in: Homeownership, Q&A

If you’re buying your first home — or it’s been awhile since your last real estate transaction — you might need a refresher on what closings costs are and how they work. Saving for a down payment is often discussed when purchasing a home, while closing costs can get overlooked; but they are an equally important part of a...


Are You Ready to Buy a Home?

Posted in: Homeownership, Q&A

Owning a home remains one of the components of living the American Dream. But as the recent housing crisis illustrates, jumping into homeownership without being adequately prepared for everything it entails can be the start of a financial downfall. Owning a home is about much more than having a down payment and being able to pay...


Beyond the Mortgage — Additional Costs of Homeownership

Posted in: Homeownership

In addition to a monthly mortgage payment, owning your own home involves a number of additional costs and expenses you need to plan for in your budget. Some of them will be recurring expenses, others you won't see coming – but you'll need to be prepared for them nonetheless. Recurring Expenses Utilities – If you're mov...


Turned Down for a Mortgage? Prepare to Apply Again.

Posted in: Homeownership, Q&A

More prospective homebuyers are eager to enter the market as the economy improves. Yet in this post-recession world, many borrowers are finding it difficult to navigate stricter lending requirements and successfully reapply for a loan after being turned down. If you’ve been turned down for a mortgage and want to know how to...


Reverse Mortgage 101: Debunking Common Myths

Posted in: Homeownership, Q&A

With so many scams targeted at the elderly, many people wonder whether reverse mortgages are a legitimate option for generating cash or simply another scheme that exploits seniors. Simply said, a reverse mortgage or Home Equity Conversion Mortgage (HECM) enables homeowners 62 years and older to convert part of their home equi...


Precautions for Co-signers

Lenders require a co-signer when a consumer doesn’t qualify for a loan, either due to a lack of credit history or poor credit history. A co-signer is an individual who meets the loan requirements and agrees to cover the loan payments if the borrower requesting the loan is unable to make them. The decision to co-sign a loan ...


Do’s and Don’ts for Using Home Equity

Posted in: Homeownership

Equity is the difference between a home’s fair market value and the outstanding mortgage balance. When the housing market crashed in the fall of 2007 and into 2008, many homeowners across the nation lost much, if not all, of the equity in their homes because the fair market value of their property’s dropped significantly. ...


Too Much House? Tips to Simplify and Save Cash

Homeownership is considered a cornerstone of the much-desired American dream. However, we each embark on a path toward fulfilling this dream at different rates, surrounded by different circumstances. If we get caught up in chasing a dream that’s not within our current means, then we run the risk of serious financial hardships ...


What is a Reverse Mortgage?

Posted in: Homeownership

A reverse mortgage, otherwise known as a Home Equity Conversion Mortgage, (HECM) is a loan, using your home as collateral, and where payments on the loan are not required monthly or at all. Instead the loan becomes due and payable only after the last homeowner either dies, sells the home or stops living in the home for 12 consec...