Your HOA Payments May Now Affect Your Credit Score

Credit Score

Your HOA Payments May Now Affect Your Credit Score

Your HOA Payments May Now Affect Your Credit Score

Homeowner associations can be great for neighborhood maintenance, settling disputes and enforcing community guidelines, but all of those benefits come with a cost: the association dues. A good chunk of American homeowners agree to pay them — nearly 25%, according to RealtorMag.org — but unlike the mortgage, insurance and tax costs those homeowners also must pay,... Read More

Mortgage Rates Hit 2016 Low: Is Now the Time to Buy?

Mortgages

Mortgage Rates Hit 2016 Low: Is Now the Time to Buy?

Mortgage Rates Hit 2016 Low: Is Now the Time to Buy?

Here’s some good news for current house hunters: Mortgage rates hit a new low for the year last week. In fact, rates on a 30-year fixed mortgage are at the lowest mark since May 2013, according to the latest mortgage market survey from Freddie Mac. The 30-year fixed-rate mortgage averaged 3.58% with an average 0.5 point for the... Read More

Why You Might Not Want Your Spouse on Your Mortgage

Mortgages

Why You Might Not Want Your Spouse on Your Mortgage

Why You Might Not Want Your Spouse on Your Mortgage

Couples may be inclined to buy a new home together — and, if necessary, apply for a home loan — but new data suggest you ought to think twice before saying “I do” to joint mortgages. In fact, according to a note from the Federal Reserve, some borrowers could have saved a lot of money in interest if they’d applied solo. “Specifically, we find... Read More

Most Young People Expect Their Parents to Help Them Buy a House

Mortgages

Most Young People Expect Their Parents to Help Them Buy a House

Most Young People Expect Their Parents to Help Them Buy a House

Buying a house is generally considered a sign of financial independence, but apparently most young people want help. Even though 58% of first-time homebuyers aged 18 to 34 think buying a house is an adult-like accomplishment, 66% expect some sort of help from parents, according to a recent report from Bank of America. You might be thinking, “Ugh. Millennials.” In some ways,... Read More

The U.S. Cities That Are About to Become Unaffordable

Mortgages

The U.S. Cities That Are About to Become Unaffordable

The U.S. Cities That Are About to Become Unaffordable

When you hear affordable cities, there are four that should be familiar to you now: Cincinnati, Charlotte, Pittsburgh, Omaha. But here’s a list of U.S. cities that are rapidly becoming less affordable: Cincinnati, Charlotte, Pittsburgh, Omaha. In other words, the secret is out. The good news is, many of these places are still affordable — for... Read More

Are You Ready to Be a Landlord?

Mortgages

Are You Ready to Be a Landlord?

Are You Ready to Be a Landlord?

Q. I’m thinking of buying a house down the block from me and then renting it out. How can I decide if it’s worth it as an investment? — Maybe a landlord A. This isn’t just a financial decision. You also have to decide if you’re ready to become a landlord. First, the finances. “Buying rental... Read More

5 Signs You’re Not Ready for a Mortgage

Mortgages

5 Signs You’re Not Ready for a Mortgage

5 Signs You’re Not Ready for a Mortgage

Buying a home is still cheaper than renting in nearly every major U.S. market. That’s one of a few key trends that have mortgage lenders expecting big things in 2016. Nearly two-thirds of industry professionals think purchase loan volume will rise this year, according to a recent survey from trade group Lenders One. Bullish outlook... Read More

6 Painless Ways to Shave Years Off Your Mortgage

Mortgages

6 Painless Ways to Shave Years Off Your Mortgage

6 Painless Ways to Shave Years Off Your Mortgage

Chances are your home mortgage is the largest debt you’ll ever have. How would you like to pay it off and run your mortgage contract through the shredder a lot faster than the 30 years for which most homeowners sign up? Let’s consider some ways to painlessly pay off your home loan sooner. You can choose to do it a little faster... Read More

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