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Stories

Mortgage Recasting: A Practical Guide to Lower Payments
A mortgage recast, also called a re-amortization, lets a homeowner apply a large lump-sum payment toward the loan principal and then have the lender…
How to use home equity for debt consolidation without hidden traps
Home equity can provide access to a substantial amount of money, especially after years of mortgage payments or rising property values. Some homeowners use…
How To Refinance Your Primary Home To Buy A Rental Property
Using equity in your primary residence can help fund the purchase of an investment property. A cash-out refinance replaces your current mortgage with a larger…
How a Second Mortgage Works and When It Might Be Useful
A second mortgage lets a homeowner borrow against the equity in a property while keeping the original home loan in place. The new loan creates a second lien,…
What Is a Land Contract and How Is It Different From a Mortgage?
Buying a home usually means borrowing money from a bank, credit union, or mortgage lender. A land contract uses a different arrangement: the seller finances…
How Balloon Payments Work and When to Avoid Them
A balloon payment is a large lump sum due at the end of a loan term. With a balloon mortgage, the regular monthly payments may be calculated as if the loan…
What Is an Interest-Only Mortgage and Why Is It Risky?
An interest-only mortgage lets you make payments toward interest without reducing the loan’s principal during an initial period. The payment can look…
What a mortgage commitment letter means for your home purchase
A mortgage commitment letter is a written statement from a lender indicating that it is prepared to provide a home loan under specified terms. It usually…
How Federal Reserve decisions shape mortgage rates
The Federal Reserve influences the cost of borrowing throughout the economy, but its policy rate does not directly set the rate printed on a 30-year mortgage…
How to Qualify for an Energy-Efficient Mortgage for Home Upgrades
An energy-efficient mortgage can help finance improvements that reduce a home’s energy use, such as insulation, efficient windows, heat pumps, solar equipment,…