What is the 40-Year Mortgage? The idea of the 40-year mortgage has been around in America since the 1980s when interest rates reached record highs of over 18%. With those massive interest rates, the affordability of monthly mortgage payments was a big problem. Increasing the terms of the mortgage to 40 years rather than 30 […]
Applying for a mortgage? You’ll need to supply the lender with several documents to verify your debts, income and assets when applying for a mortgage. These documents calculate how much you can afford to borrow. Only verifiable sources of income may be used in this calculation. So it’s important to be thorough and keep good […]
Adjustable-rate mortgages (ARMs) are risky, but they certainly have their uses. If the interest rate on ARMs is low and you’re planning to sell after a few years, it can be a definite money-saver compared to a fixed-rate mortgage (FRM). But is it really smart to refinance your mortgage? Refinance Your Mortgage: A Good Idea? […]
An interest-only loan is a fixed-term loan for which you pay only the interest, leaving the balance of the principal unchanged over the term of the loan. In America an interest-only period is typically between one and five years, sometimes extending as long as ten years. After this time, the borrower has the option to […]
If you’re not familiar with the various types of mortgages and loans, you stand the chance of paying out thousands of dollars more than you should during the life of your loan. There are several different types of mortgages and loans and each one has its own list of pros and cons. In order to […]
Before approaching lenders, draw up a detailed budget for your remodeling or fixer upper plans. To calculate an accurate estimate, first decide what projects you’ll need to hire a contractor for and which ones you’ll do yourself. On contracted work, start with a firm bid and add 10% for “surprises.” On work you’ll do yourself, […]
If you’ve decided to go ahead and sell your house, it’s important to have a sales strategy planned out before you even put your house on the market. It’s also important to have a strategy that both you and your agent agree on, right down to the last detail. With all the details of your […]
If you’re selling a house you’ve already moved out of, you may be wondering how to stage a house. While sparsely-furnished rooms look bigger and help potential buyers imagine how their own possessions will look in the house, completely empty ones feel lifeless. Without the warm and friendly ambiance of a house that’s obviously lived-in. […]
Selling your home? Once you’ve decided to sell your home, you will, of course, want to find a buyer. And close the deal as quickly as possible. And the longer your home is on the market, the harder it becomes to find a buyer. A property that has been on the market for a few […]
Selling a house takes attention to detail. What’s the best way to help your home make a glorious first impression on would-be buyers? Real estate experts agree that “staging” (also called “fluffing”) your home to show it in the most favorable light is well worth your time and effort. Tips for Selling a House Beyond […]
