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Stories

The Closing Costs That Can Surprise Homebuyers
Buying a home requires more cash than the down payment alone. At settlement, you may owe lender charges, government fees, prepaid expenses, escrow deposits,…
How to Handle a Low Appraisal When Buying a Home
A home appraisal is an independent estimate of a property’s market value, usually ordered by the mortgage lender before final loan approval. The appraiser…
Piggyback Loans: Benefits, Costs, And Smart Borrowing Choices
A piggyback loan is a second mortgage taken at the same time as a primary home loan. Buyers commonly use this structure to cover part of the down payment,…
Understanding Adjustable-Rate Mortgages: Risks and Rewards
An adjustable-rate mortgage (ARM) is a home loan with an interest rate that can change after an initial fixed period. Unlike a fixed-rate mortgage, which…
How to Improve Your Credit Score by 50 Points in Six Months
A 50-point credit score increase can make a meaningful difference when you are preparing for a mortgage, refinancing an existing loan, or trying to qualify for…
Rate-and-Term Refinance vs Cash-Out Refinance Explained
Refinancing replaces an existing mortgage with a new home loan, usually to secure a better interest rate, change the repayment term, or access some of the…
How Second Mortgages And Home Equity Loans Work
A second mortgage lets a homeowner borrow against the equity built in a property while keeping the original mortgage in place. The phrase commonly refers to a…
Refinancing After Divorce: Protecting Your Home And Finances
Divorce can change who lives in a home, who pays the bills, and who has the financial ability to keep the property. A mortgage, however, does not automatically…
Choosing Between a 15-Year and 30-Year Mortgage
The mortgage term affects far more than the date your loan will be paid off. It shapes your monthly principal-and-interest payment, total interest cost,…
What Is an Escrow Account and How Does It Work?
An escrow account is a financial holding account used during and after a home purchase. In mortgage lending, it usually helps collect and pay property taxes…