Mortgages - MoneyTips https://moneytips.com/mortgages/ Finally, money tips that make cents. Mon, 18 Mar 2024 14:24:00 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 How To Shop for a Mortgage: A Step-by-Step Guide https://moneytips.com/mortgages/applying/mortgage-lenders/how-to-shop-for-a-mortgage/ Fri, 27 Oct 2023 13:58:02 +0000 https://moneytips.com/?p=21349 Unless you have the cash to buy a house outright, you’ll probably need to shop for a mortgage. But what’s the best way to go about doing that? While the overall process can seem daunting at first, we’ve broken it down into seven straightforward steps. We’ve also included some tips at the end of the...

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]]> Advantages of Getting a Verified Approval Letter https://moneytips.com/mortgages/applying/mortgage-qualification-approval/verified-approval-letter/ Fri, 13 Oct 2023 17:33:00 +0000 https://moneytips.com/?p=21265 If you’re trying to buy a house in a competitive market, you’d be wise to look for any advantage you can find to set your offer apart from the competition. A verified approval letter could be that competitive edge. We’ll explain what they are, how they can benefit you, why they’re appealing to sellers and...

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]]> Qualifying for a Mortgage: A Beginner’s Guide https://moneytips.com/mortgages/applying/mortgage-qualification-approval/qualifying-for-a-mortgage/ Tue, 22 Aug 2023 15:17:43 +0000 https://moneytips.com/?p=20737 Most people don’t have the cash to purchase a home outright. They need to take out a loan to do it. That’s where mortgages come in. Mortgages, also known as home loans, are different from other loan types because of the risk involved. These loans are typically worth hundreds of thousands of dollars, so lenders...

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]]> 40-Year Mortgage: Everything You Need To Know https://moneytips.com/mortgages/types-of-mortgages/40-year-mortgage/ Mon, 07 Aug 2023 18:48:06 +0000 https://moneytips.com/?p=20662 Traditionally, most mortgages are either 15-year or 30-year loans. And because purchasing a home can get expensive, many aspiring home buyers wonder if it’s possible to get a longer mortgage. Typically, the longer a loan’s repayment term, the lower your monthly payments. Enter the 40-year mortgage.  Before applying for this type of loan, it’s important...

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]]> Home Buying, Simplified: 5 Steps with Helpful Resources https://moneytips.com/mortgages/home-buying-simplified/ Tue, 01 Aug 2023 13:51:31 +0000 https://moneytips.com/?p=19684 Buying a home can be overwhelming, especially for first-time buyers. That’s where we come in. We’ve broken down the process into five straightforward steps, including resources to help you complete each one.  As the adage goes, “How do you climb Mt. Everest? One step at a time.” 1. Organize Your Finances Your first order of...

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]]> What Is the Minimum Credit Score for a VA Loan? https://moneytips.com/mortgages/types-of-mortgages/va-loans/minimum-credit-score-for-a-va-loan/ Tue, 09 May 2023 19:25:19 +0000 https://moneytips.com/?p=19661 The U.S. Department of Veterans Affairs (VA) reported that in 2022, nearly 750,000 VA home loans were issued, and the average loan amount was $343,895. For veterans and service members (and their families), a VA loan remains one of the most viable paths to homeownership.  Those interested in the program typically have questions about the...

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]]> What To Know About Buying a House With a Friend https://moneytips.com/mortgages/applying/mortgage-affordabilty/buying-a-house-with-a-friend/ Tue, 09 May 2023 15:43:23 +0000 https://moneytips.com/?p=19634 Saving enough money to buy a house is a challenge. But there’s strength in numbers, and if you’ve found yourself wondering if you can buy a house with a friend, you certainly aren’t alone. The short answer is yes, you can buy a house with a friend. In fact, more and more Americans are doing...

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]]> Joint VA Loans: Everything You Need To Know https://moneytips.com/mortgages/types-of-mortgages/va-loans/joint-va-loans-everything-you-need-to-know/ Mon, 01 May 2023 21:01:52 +0000 https://moneytips.com/?p=19579 With perks like no required down payment and free mortgage loan counseling, it’s no wonder U.S. Department of Veterans Affairs (VA) loans are a popular option for the military community. The catch is you must meet minimum service requirements to apply for a VA loan. However, with joint VA loans, non-military borrowers also have an...

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]]> Closing Costs: Breaking Down Who Pays for What https://moneytips.com/mortgages/applying/how-mortgages-work/who-pays-closing-costs/ Thu, 20 Apr 2023 13:10:40 +0000 https://moneytips.com/?p=19490 Purchasing a home can be an intense process, and one of the biggest hurdles comes at the end: closing on the home. From title searches to inspections and appraisals, a lot needs to happen before you get the keys. But who pays for closing costs, the buyer or seller? The short answer is it’s negotiable,...

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]]> Is Fannie Mae’s HomeStyle® Loan Right for You? https://moneytips.com/mortgages/types-of-mortgages/fannie-mae-homestyle-loan/ Fri, 17 Mar 2023 14:03:32 +0000 https://moneytips.com/?p=18993 Not every homeowner starts with their dream home. Many Americans begin building equity with fixer-uppers. Other times, savvy investors might see the potential in a property after upgrades are made. If you’re interested in financing upgrades to a property, a Fannie Mae HomeStyle® loan might be right for you. We’ll explain how the program works,...

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]]> Freddie Mac’s Home Possible® Program: Explained https://moneytips.com/mortgages/types-of-mortgages/freddie-mac-home-possible/ Fri, 17 Mar 2023 13:25:33 +0000 https://moneytips.com/?p=18963 Founded by Congress in 1970, Freddie Mac exists to provide liquidity and stability to the U.S. mortgage market.Their core mission is to ensure a reliable and affordable supply of mortgage funds. In theory, this helps keep interest rates lower and makes mortgages affordable for more Americans. Designed to help very low- to low-income borrowers become...

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]]> What Is an Energy-Efficient Mortgage? https://moneytips.com/mortgages/types-of-mortgages/energy-efficient-mortgage/ Tue, 07 Mar 2023 20:38:58 +0000 https://moneytips.com/?p=18833 Whether you’re worried about your carbon footprint or trying to save on utility bills, there are many benefits to considering an energy-efficient mortgage (EEM). EEMs, also known as green mortgages, are loans that can be used to finance energy-efficient improvements to an existing home or purchase a home that’s already energy efficient. We’ll cover EEM...

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