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Stories

What Is a Mortgage Rate Lock and How Long Should It Last?
A mortgage rate lock is an agreement between you and a lender that holds a specific interest rate and, usually, the associated discount points for a set…
Removing Private Mortgage Insurance at 20 Percent Equity
Private mortgage insurance, or PMI, protects a lender when a conventional borrower makes a relatively small down payment. It does not protect the homeowner,…
Rate-and-term refinancing explained for homeowners
A rate-and-term refinance replaces an existing mortgage with a new loan that changes the interest rate, repayment period, or both. The borrower usually does…
How to Fund Home Improvements Without Overleveraging
A cash-out refinance can turn part of your home equity into funds for a kitchen update, roof replacement, energy-efficiency project, or necessary repairs. The…
Using home equity without losing sight of the risks
Home equity is the portion of a property you own after subtracting the remaining mortgage balance from its current market value. As a homeowner pays down…
Understanding bridge loans when buying before selling
Selling one home and purchasing another rarely happens on a perfectly synchronized schedule. A buyer may find the right property while their current home is…
How to Pay for a Home With Owner Financing and What to Watch For
Owner financing allows a home seller to act as the lender instead of requiring the buyer to obtain a traditional mortgage from a bank, credit union, or online…
Jumbo Loans: When a Standard Mortgage Is Not Enough
A jumbo loan is a mortgage that exceeds the conforming loan limit set by the Federal Housing Finance Agency (FHFA). Because it falls outside the size limits…
How VA loans help military homebuyers become homeowners
VA loans are government-backed mortgages designed for eligible service members, veterans, and certain surviving spouses. They are issued by private lenders,…
What to Know About USDA Home Loans and Where They Are Available
USDA home loans help eligible buyers purchase a primary residence with little upfront cash. The U.S. Department of Agriculture supports these mortgages through…