mortgage

A reverse mortgage is a financial instrument that enables homeowners over the age of 62 to convert a portion of their home equity into cash. It can be a valuable option for seniors who need additional funds, as evidenced by the increasing popularity of reverse mortgages. According to data, fiscal year 2022 saw a significant rise in the number of endorsed HECM loans, with a total of 64,437 loans compared to...

  Buying a home of your own is a big deal. A home is probably the most expensive purchase you’ll ever make, and that’s not just because of the high prices many homes are going for these days. Owning a home also means being on the hook for repairs, upkeep, renovations, and just generally keeping your living space, well, livable. You have to be in good financial shape to buy a home, and...

Remortgaging a buy-to-let property is a common practice among landlords. Many landlords will look into buy to let remortgages in order to get a better deal or to avoid a spike in their monthly interest rate. This is especially true in first time buyer buy to let deals where it is very easy to get a better deal if you remortgage at the end of the benefit period before you switch to a standard variable...

Are you looking to buy a new home or refinance your current one? If so, you're probably wondering how to get the best mortgage rate. While there's no one-size-fits-all answer, there are some steps you can take to increase your chances of getting a favorable rate. Keep reading to learn more. Understanding Mortgage Rates When you are looking to buy a home, you'll need to compare mortgage rates. The...

For most homebuyers, a mortgage is essential. In the absence of a manageable mortgage, most of us would be unable to afford an investment as large as the average home. So, if you’ve never applied for a mortgage loan, it pays to do your homework in advance of submitting applications to lenders. There are a number of red flags for which lenders are constantly on the lookout, and if your application...

  The prospect of refinancing your mortgage might sound scary if you’re not familiar with what’s involved or the advantages that come with taking this route. To prevent a lack of understanding being a burden on your finances, here’s an explainer on the ins and outs of mortgage refinancing. The basics The term refinancing in the context of a mortgage effectively means switching...

  Getting a mortgage is one of the largest financial commitments that you will ever make. That’s why it’s so important that you choose the right mortgage lender for your personal circumstances. Borrowing a large amount of money can be scary. You’re signing a legally binding contract that requires you to make regular repayments for the foreseeable future. Failure to meet your...

  Photo by Ketut Subiyanto from Pexels For many prospective buyers, a house-hunting journey begins at an open house. Of course, there is nothing like falling in love with a property at first sight and imagining your family growing in your dream home! And yet, if you are serious about your home search, the first step is to get pre-approved for a mortgage. A pre-approval can help you be clear on...

Paying off your mortgage early can save you tens of thousands of dollars in interest. But don’t you need to have a lot of extra money coming in? Not necessarily. You can pay your mortgage off early without putting any extra strain on your budget, and without even paying a ton of extra money every month. Sometimes, it’s as simple as paying half your mortgage payment amount every two...

Purchasing a home can be a harrowing experience. Between the requirements you must fulfill under your contract and those by the lender, coming into the final stretch can offer a huge sense of relief. Unless, of course, your lender comes back at the last minute and denies your application for a mortgage. Unfortunately, a lender has every right to come back and deny your loan, even if everyone is sitting at...