Q: I purchased a house and several years later got a home equity line of credit. I remortgaged the house several times along the way. For each of these transactions, I received a folder filled with documents related to each loan and probably have a couple hundred pages including appraisals, addendums and other documents.
I closed on my house about eight months ago, but it feels like it was in another lifetime. Yes, the COVID-19 pandemic makes time feel bizarrely elastic, but also, the…
NEW YORK (AP) — Some small businesses forced to turn to online lenders for pandemic relief are making those niche players a bigger part of their financial game plan, and are even considering dumping their traditional banks altogether.
A bad credit score can make it difficult for you to qualify for a loan. If your score is too low, this increases the chances of having your loan denied. And even if a lender approves your loan, you will likely be charged a higher interest rate. Since lenders often use different credit scoring models […]
A few weeks ago, we published a question from seniors who felt they were stuck in their home. They didn’t qualify for a new mortgage and couldn’t refinance their existing mortgage.
Also, check out more of the week's best financial tips from experts at NerdWallet, Forbes and the Motley Fool.
Most people think of a personal loan as a short-term financing method with terms typically ranging from two to seven years. Borrowers use these versatile loans to fund home remodels, pay for medical expenses or even to consolidate credit card debt. But did you know that long-term personal loans also exist? Here’s what you should […]
Point-of-sale (POS) financing is a convenient lending option that lets consumers make purchases with incremental payments. Retailers partner with third-party lenders—like financial technology companies Affirm, Afterpay and Klarna—and then integrate those lending services into the checkout process. POS financing typically has less stringent eligibility requirements than traditional financing, and many lenders offer a 0% annual […]
Understanding what happens to your debt when you die is an important part of estate planning—and you don’t have to be rich to have an estate. Everything you own and owe makes up your estate. For many people, that includes a house with a mortgage. The median housing-related debt of a 65- to 74-year-old borrower […]
Between credit cards, student loans and auto loans, it can be difficult to keep track of payments and balances on outstanding debts. Consolidating these debts into a single loan may streamline your finances, but the strategy likely won’t fix underlying financial challenges. For that reason, it’s important to understand the pros and cons of debt […]
Q: I am one of three daughters who will inherit our home when our parents pass away. They have a mortgage on the home and some credit card debt. Would it be wise for us to purchase their home before their death, so their mortgage debt is paid off?
As a borrower, waiting for closing can feel like agony—especially if you’re trying to close on a house and you’re ready to move, or if you urgently need the savings a refinance will give you. Throughout most of the closing process, you’re waiting on other people, and you often don’t know how far along they […]
Q: There are thousands of seniors like us who are “stuck” in their homes because they do not “qualify” for a mortgage, let alone a refinance of their existing mortgage. All our funds are tied up in our houses or condos and we’re barely surviving on our monthly Social Security checks.
If you’re tired of paying more in rent than you would on a mortgage for a modestly priced home, it might be time to look into a small-dollar mortgage. You may have to shop around to find a lender that offers small-dollar mortgages, but some partner with nonprofits or create their own loan programs to […]
A couple of weeks ago we wrote a column about real estate taxes and real estate tax escrows. Most homeowners pay their property tax bill via an escrow with their lender, but that doesn’t always work out as it should. We wanted to share a few of the comments we received.
Also, experts offer advice on how to prioritize your debt payments right now.
Q: My wife and I own our home in Florida. We paid a bit over $300,000 early last year for the property. The home was newly built when we bought it, but prices are rising quickly in our area and it’s now worth around $350,000.
The Black-white homeownership gap is larger today than it was in 1968 when the Fair Housing Act, which outlawed discrimination when Americans buy or rent a home, apply for a mortgage…
Q: Three years ago, my son purchased a house. I am the lender for his mortgage. Last year, unable to resist a low interest rate, I took out a bank mortgage on my own home. Both my son and I pay about $6,000 in interest annually. So, effectively, $6,000 passes into and out of my hands.
Q: I have a question about what happens to your real estate taxes when you pay off your mortgage. When you have a mortgage, the payment to the lender includes real estate taxes and insurance. Once you pay off your loan, how do taxes get paid? Is it better to pay off your loan or keep a loan so that the taxes keep getting paid? Do property taxes rise when you pay off your loan?
Buying a home is a major endeavor, no matter when you do it. For those hoping to buy in 2021, an ongoing recession and global pandemic only add to the…