How to Budget for Home Maintenance Costs as a New OwnerBuying a home changes the way you manage your monthly budget. A mortgage payment may be the largest expense, but it is only one part of the cost of owning…What Is an Assumable Mortgage and Can You Get One?An assumable mortgage allows a homebuyer to take over the seller’s existing home loan instead of financing the purchase with a brand-new mortgage. The buyer…How to Handle a Short Sale on Your Credit ReportA short sale occurs when a mortgage lender agrees to accept less than the remaining loan balance because the home’s sale proceeds will not cover the debt. The…No-Doc Mortgages: What Borrowers Need to KnowMortgage lending has changed significantly since the housing crisis, but advertisements for no-document and low-document home loans still attract borrowers who…How to Choose the Right Mortgage LenderChoosing a mortgage lender affects much more than the interest rate printed on a loan estimate. The lender you select can influence your closing costs,…What Is a Conditional Approval in Mortgage LendingA conditional approval means a mortgage underwriter is willing to approve your loan if you satisfy specific outstanding requirements. It is a significant step…How to use a gift letter for your down paymentA down payment gift can help turn a home purchase from a distant goal into a workable plan. Parents, relatives, domestic partners, employers, and other…What Are Mortgage Points and When Should You Buy Them?Mortgage points are upfront fees paid to a lender in exchange for a lower interest rate. They can reduce your monthly principal-and-interest payment, but they…How to Qualify for a Jumbo Loan in a High-Cost AreaBuying a home in an expensive metropolitan area often means borrowing more than the limit for a conforming mortgage. A jumbo loan can provide the financing…Fixed And Variable Closing Costs ExplainedClosing costs are the expenses required to complete a home purchase or refinance beyond the down payment. They can include lender charges, title services,…