Credit Basics for First-Time Homebuyers
Before a lender offers you a loan or line of credit, that lender wants to know the answer to one very important question: If I loan money to this person, how likely is it that this person will pay…
How do the Fed’s Interest Rate Changes Affect Mortgage Rates?
If you’re a person who is a little fuzzy on what the Fed is or what it does, you’re not alone. But with interest rates rising this year, now’s a pretty good time to catch up. So, what is…
Saving for Your Down Payment? Here’s Where to Stash Your Money
For many would-be homeowners, the biggest hurdle on the path to homeownership isn’t the expense of a potential mortgage. It’s the difficulty of saving for a down payment. For the non-savers among us, it can be tempting to assume…
Buying a Home Together as an Unmarried Couple
While most homebuyers are married couples, about 15% of young homebuyers in the United States are unmarried couples purchasing a home together. In metro areas with hot housing markets like Tampa, Portland, and Washington, D.C, that number is even…
Understanding Real Estate as an Investment
The house-flipping shows on t.v. make it look simple. First, you find a home in need of a little love for a bargain price. Then, you buy it, fix it up, and sell the place quickly for a tidy…
Thinking About Refinancing Your Mortgage?
So you’re already a homeowner. But maybe you’ve looked around and noticed that mortgage interest rates seem to be lower than they were when you applied for your original mortgage a few years back. Or perhaps you’ve heard that…
It’s Almost Always Cheaper to Buy Than It is to Rent
You’ve probably heard from well-meaning friends or relatives that renting is just throwing money away. That’s not entirely true, of course. Paying rent means you get a place to sleep and store your belongings. And having a place to…
3 Things You Shouldn’t Do Before Getting a Mortgage
You’ve decided that you’re ready to be a homeowner. Now, you need to convince a lender to give you a mortgage. As you might imagine, lenders aren’t keen to give tens or hundreds of thousands of dollars to just…
What Documents Do You Need to Apply for a Mortgage?
Before a mortgage lender can finance your home purchase, you’ll need to show your lender that you’ll be able to afford to make your monthly mortgage payments. As a borrower, you need to be ready to show documentation to…
How the Price of Bacon Could Affect Your Mortgage Interest Rate
In today’s globally interconnected economy, nothing happens in a vacuum. Each piece of the economic puzzle ties in with the rest of the world’s economy, sometimes in surprising ways. Mortgage interest rates are set by lenders, based on lenders’…
Why do Mortgage Rates Fluctuate?
Mortgage interest rates are set by mortgage lenders. The higher the interest rate, the more money the mortgage lender makes for loaning a mortgage borrower the funds she needs to buy a home. Rates change daily, sometimes hourly (which…
What Is a Rate Lock?
Mortgage interest rates fluctuate daily, sometimes even from hour to hour. Market factors can send rates up one day and then back down the next. There’s no sure-fire way to know when rates will change – though there are…
Do you Understand Your Monthly Mortgage Bill?
If you’re like most homeowners, you probably don’t read your monthly mortgage statement too carefully. Perhaps you double-check the statement from your mortgage lender for the exact dollar amount due when it’s time to write out the check for…
How to Use Credit Responsibly
This post is by MyBankTracker. MyBankTracker compares banks and financial products to help you find the best financial products for your lifestyle. I’ve been writing about debt for a long time – almost five years, in fact. That, mixed…