Mortgages

Our Credit.com experts are here to help you better understand mortgages so that you can make smarter home loan decisions. Find out what you should consider when shopping for a home loan, plus ways to get the best rates & deals. Learn how to approach re-financing, foreclosures and short sales. Understand how mortgage decisions can affect your credit score.

The Major Mortgage Cost Most Homebuyers Overlook

The Major Mortgage Cost Most Homebuyers Overlook

The Major Mortgage Cost Most Homebuyers Overlook

When it comes to getting or refinancing a mortgage, little things can turn into big bucks quickly. For example, small differences in interest rates can mean thousands (even tens of thousands) of dollars in additional interest charges over the life of the loan. Or, a slight difference in rates among different loans can signal fees… Read More

Foreclosures Hit an 18-Month High: Is Your State Struggling?

Foreclosures Hit an 18-Month High: Is Your State Struggling?

Foreclosures Hit an 18-Month High: Is Your State Struggling?

More than 45,000 homes in the U.S. were repossessed last month, up 50% from April 2014, marking the completion of the foreclosure process for thousands of homeowners. The spike in banks taking possession of housing units drove the U.S. residential foreclosure rate to an 18-month high, with one in every 1,049 housing units in some… Read More

Could This Mortgage Innovation Help You Buy a Home?

Could This Mortgage Innovation Help You Buy a Home?

Could This Mortgage Innovation Help You Buy a Home?

Would you buy a home for a discounted price if you had to surrender much of the gains when you sold it someday? That’s the premise behind an innovative new housing strategy called “shared equity.” It sounds a bit like a hybrid between buying and renting. Buyers who couldn’t otherwise be able to afford a home… Read More

Is a Biweekly Mortgage Payment a Bad Idea?

Is a Biweekly Mortgage Payment a Bad Idea?

Is a Biweekly Mortgage Payment a Bad Idea?

Biweekly mortgage payments certainly sound like a great idea. Paying half your mortgage every two weeks instead of a full payment once each month actually can save you many thousands of dollars over the life of a mortgage, and allow you to cut years off that 30-year loan. Sadly, as with many financial instruments that… Read More

Do You Really Understand Your Mortgage APR?

Do You Really Understand Your Mortgage APR?

Do You Really Understand Your Mortgage APR?

Everyone wants to know they’re getting a fair and reasonable mortgage offer. The federal government supports the annual percentage rate disclosure (APR) as the benchmark barometer of loan cost when mortgage shoppers begin their quest to find a good deal on a home loan, which is why it’s so important to understand what goes into a… Read More

The Little-Known Database That Can Sink Your Mortgage

The Little-Known Database That Can Sink Your Mortgage

The Little-Known Database That Can Sink Your Mortgage

One of the benefits of government-backed home loans is that they tend to have more flexible and forgiving requirements when it comes bankruptcies, foreclosures and other derogatory credit. The wait time for a VA or FHA loan in the wake of one of these events can be considerably shorter than for conventional financing. But that… Read More

5 Mortgage Myths That Won’t Die

5 Mortgage Myths That Won’t Die

5 Mortgage Myths That Won’t Die

Buying a home can be a big commitment — emotionally and financially. When picking a property, many of us hope that we will enjoy living there and comfortably afford it for years to come. For this reason, it’s a good idea to spend just as much time and energy finding the right mortgage as you do searching… Read More

The 8 Most Misunderstood Refinancing Terms

The 8 Most Misunderstood Refinancing Terms

The 8 Most Misunderstood Refinancing Terms

If you are having trouble keeping to your budget or at least making your monthly mortgage payments, you may have thought about (or been told to think about) refinancing. Homeowners often refinance their mortgage to secure a lower interest rate, shrink their monthly payments or change the length of the loan. But before you start… Read More

How Important Is Your Down Payment on a Home?

How Important Is Your Down Payment on a Home?

How Important Is Your Down Payment on a Home?

When buying a home, most people take on a mortgage. There are many things to consider when taking on a mortgage loan, including interest rate, closing costs and the down payment. Once you calculate how much house you can realistically afford, you can start looking at properties and considering how you will afford the house…. Read More

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