Mortgage

May 30, 2024It’s often said that buying a house is one of the best investments you can make. And, just like any investment, it comes with tax issues.  With an investment like stocks or bonds, the profit you make when you sell your holdings – minus the initial investment and any expenses that comprise your tax basis … read more…

May 24, 2024Facing financial hardship and the possibility of losing your home can be an overwhelming and stressful experience. When homeowners are unable to keep up with their mortgage payments, they may be forced to consider options such as foreclosure or a deed in lieu of foreclosure. While both options can have significant consequences, a deed in… read more…

April 25, 2024Veterans Affairs (VA) loans provide a pathway for veterans, active-duty service members and reservists to achieve homeownership with favorable terms. VA loans are known for their no down payment requirement and no private mortgage insurance, making them an attractive option for those who have served or continue to serve in the military. However, prospective applicants… read more…

April 25, 2024The Veterans Affairs loan program, established to honor American service members and veterans, provides a range of mortgage options designed to make this cornerstone of the American dream more attainable. Whether it’s buying a new home, refinancing an existing mortgage or making home improvements, the VA loan program offers current and former members of the… read more…

April 25, 2024VA loan limits have changed over time. The 2024 updates reflect the current economic climate and housing market trends, which aim to ensure that the program remains relevant and beneficial. Whether you’re a veteran considering a home in a standard-cost area or a high-cost county, the VA loan limits could influence your borrowing capacity and… read more…

April 12, 2024Typically, removing a name from a mortgage could require you to pay off the loan in full or refinance it with a new loan. But, there are alternatives where you can take over the loan without paying off it off or refinancing. These could include mortgage assumption, loan modification and bankruptcy. Here’s what you need… read more…

April 5, 2024Divorce is a challenging and emotional time for anyone, and the process often involves making significant decisions about personal and shared assets. Selling a home during a divorce can be a practical option for many couples, allowing them to liquidate their most significant joint asset and move forward separately. However, the process will require you… read more…

April 5, 2024Navigating the financial and emotional complexities of a divorce can be daunting, especially when it comes to deciding the fate of a shared home. A divorce house buyout is an arrangement where one spouse pays the other for their share of the home’s equity. For divorcing spouses, it’s important to understand how this process works,… read more…

March 25, 2024The Real Estate Settlement Procedures Act (RESPA) regulates the real estate settlement process by requiring lenders to provide certain disclosures to borrowers and prohibiting certain practices such as kickbacks and referral fees. Here’s a breakdown of what the act aims to protect, the requirements it imposes on industry professionals and the penalties for those who… read more…

March 1, 2024When buying a home, the success of a negotiation will depend on your understanding of the market value, your current financial circumstances and any influence that a property inspection or other supporting documentation could have, among other factors. A successful negotiation could mean saving tens of thousands of dollars in the long term. Here’s a… read more…

February 26, 2024Should you prioritize debt or savings? This is one of the most common questions in household finance, and it comes up particularly in the field of retirement savings. For this example, let’s say you have a $650,000 IRA and a $120,000 mortgage. As you approach retirement, should you leave that money invested or pay off… read more…

February 23, 2024A gift letter for a mortgage is a document that confirms that a financial gift has been given to a homebuyer by a donor, and it is typically required by mortgage lenders to ensure transparency and compliance with lending regulations. The gift letter serves as a written statement from the donor, verifying that the funds… read more…

February 22, 2024Securing a lower mortgage rate will depend on different factors, including your credit score, the size of your down payment, employment history and debt-to-income ratio. Understanding these factors and taking practical steps to improve them can effectively position you to qualify for more favorable rates. Here are four ways to help you qualify for a… read more…

February 16, 2024The path to homeownership can be daunting, particularly for first-time buyers. If you’re able, you may consider helping your children buy their first homes. From gifting money for a down payment to buying a home and acting as a lender to your child, there are many strategies that parents can consider. Each method carries its… read more…

December 15, 2023Net Operating Income (NOI) is a key financial metric that is used in real estate to evaluate the profitability of an income-generating property. NOI helps real estate investors make informed decisions that could maximize their potential returns and minimize their investment risk. If you’re investing in real estate a financial advisor can help you create… read more…

November 22, 2023‘Lis Pendens’ is a Latin term that translates to “pending litigation.” And in real estate, it refers to a notice that a legal dispute involving a property has been filed. Essentially, this alerts buyers or lenders to a legal dispute over the property, which can indicate a potential risk for property ownership or transfer. If… read more…

October 18, 2023Investing in real estate has historically been viewed as a safe and profitable venture. However, the shifting dynamics of the market have spurred the emergence of unconventional opportunities. Among the most intriguing of these is the tiny home investment trend. A burgeoning wave characterized by compact size and affordability, tiny home investments have piqued worldwide… read more…

October 6, 2023Real estate investment companies have traditionally provided a gateway to profits that have increased around 5.4% annually over the last 60 years. This investment is a key economic facilitator of property development, urban regeneration and market liquidity. However, it’s not easy to set up a real estate investment company if you’re not experienced. Obtaining financial… read more…

September 21, 2023Whether you’re a savvy real estate investor or a homeowner selling the house you raised your children in, you’re likely counting on the impending sale to generate ample profits. However, although you might have 100% equity or put in the blood, sweat and tears for the necessary renovations, your net gain might be lower than… read more…

August 25, 2023Adverse possession is a legal concept that occurs when a trespasser, someone with no legal title, can gain legal ownership over a piece of property if the actual owner does not challenge it within a certain period. To avoid such scenarios, it is of utmost importance that property owners familiarize themselves with the conditions and… read more…

August 17, 2023Navigating financial hardships can indeed be like walking a tightrope. But here’s the good news: understanding tools like forbearance can provide you a safety net. Forbearance acts like a pause button that allows you to momentarily stop or reduce certain debt payments until you get back on your feet. If you’re contemplating forbearance, consider speaking… read more…

August 17, 2023Mortgage curtailment is the act of paying off a mortgage ahead of schedule by making additional payments. This accelerates the repayment process and shortens the loan term, helping homeowners potentially save thousands in interest payments. Here’s a closer look at mortgage curtailment, how it works and some of the primary benefits of this repayment strategy.… read more…

August 4, 2023A wraparound mortgage is a unique financing option that allows a homebuyer to assume the seller’s existing mortgage while obtaining additional financing to cover the remaining purchase price. This alternative form of lending can help buyers with less-than-perfect credit or those seeking to avoid conventional lenders. However, it requires a clear understanding of its mechanics… read more…

August 4, 2023When you take out a mortgage to buy a home, you will have to pay back both the balance that you borrowed (referred to as the principal) and the interest that pays for the cost of the loan. How much you will pay in interest depends on the size and type of mortgage, your down… read more…

August 4, 2023Buying a home is a major milestone. Therefore, deciding on how you should pay for it will also have important long-term consequences. If you can buy your home in cash, you could avoid unnecessary debt. But, taking out a mortgage can also free up your cash to invest in other things. Let’s take a look… read more…