Articles & Books From Mortgages

Article / Updated 08-07-2023
Before you get a mortgage, be sure you understand your personal financial situation. The amount of money a banker is willing to lend you isn't necessarily the amount you can "afford" to borrow given your financial goals and current situation. Maximize your chances for getting the mortgage you want the first time you apply by understanding how lenders evaluate your creditworthiness.
Article / Updated 05-12-2022
If you talk with others or read articles or books about prepaying your mortgage, you’ll come across those who think that paying off your mortgage early is the world’s greatest money-saving device. You’ll also find that some people consider it the most colossal mistake a mortgage holder can make. The reality is often somewhere between these two extremes.
Cheat Sheet / Updated 04-18-2022
You've probably heard a lot about reverse mortgages, as they are a popular, safe, simple way to supplement seniors' retirement incomes. Before you get started, you need to understand the benefits and disadvantages of getting a reverse mortgage. If you decide a reverse mortgage may be the right answer for you, follow some planning tips to help make the loan process easier.
Cheat Sheet / Updated 02-15-2022
If you own or want to own real estate, you need to understand mortgages. Unfortunately, for most of us, the mortgage field is jammed with jargon and fraught with fiscal pitfalls. For typical homeowners, the monthly mortgage payment is either their largest or, after income taxes, second-largest expense item.When you’re shopping for a mortgage, you could easily waste many hours and suffer financial losses by not getting the best loan possible.
Article / Updated 05-08-2020
The FICO score evaluates five main categories of information. Some, as you’d expect, are more important than others. It’s important to note the following about your fico score: A score considers all these categories of information, not just one or two. The importance of any factor depends on the overall information in your credit report.
Article / Updated 04-04-2018
What is a reverse mortgage? A reverse mortgage is a loan against your home that you don’t have to repay as long as you live there. In a regular, or so-called forward mortgage, your monthly loan repayments make your debt go down over time until you’ve paid it all off. Meanwhile, your equity is rising as you repay your mortgage and as your property value appreciates.
Article / Updated 04-04-2018
What is a fixed mortgage? As you may have surmised from the name, fixed-rate mortgages have interest rates that are fixed (that is, the rate doesn’t change) for the entire life of the loan, which is typically 15 or 30 years. With a fixed-rate mortgage, the interest rate stays the same, and the amount of your monthly mortgage payment doesn’t change.
Article / Updated 04-04-2018
If you believe you want to choose mortgage payoff faster than is required, this information is for you. If you’re certain that you want to pay down your mortgage balance quicker, it can be as simple. Here’s a few tips that show how to pay off your mortgage faster: Making an extra mortgage payment: If the stars align or you find yourself with extra funds, you can make an extra mortgage payment.
Article / Updated 04-04-2018
Is mortgage insurance tax deductible? If you’re a high-income earner, are subject to the Federal Alternative Minimum Tax (AMT), or have low levels of itemized deductions, be warned that some of the itemized deductions from your mortgage interest may not effectively be tax deductible and may result in less tax savings than you think.
Article / Updated 04-04-2018
You’re probably not going to refinance the mortgage on your house because you suddenly developed an insatiable urge to generate enormous loan fees for your friendly neighborhood lending institution. Here are three far more sensible reasons to refinance your mortgage: To cut costs: “A penny saved is a penny earned,” is every bit as true today as it was in Ben Franklin’s time, but why stop with a few lousy pennies?