Jonathan Pressman, Author - MoneyTips https://moneytips.com/authors/jonathan-pressman/ Finally, money tips that make cents. Mon, 22 Jan 2024 20:22:58 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 Is a Home Equity Loan a Good Idea? https://moneytips.com/loans/is-a-home-equity-loan-a-good-idea/ Mon, 19 Dec 2022 19:01:08 +0000 https://moneytips.com/?p=17645 One of the benefits of homeownership is that you can access your home’s equity.  Home equity loans are one of the most popular ways to borrow money against the equity you’ve built in your home.  While home equity loans can be an excellent resource in certain situations, they do come with some risks for homeowners....

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Refinancing to a 15-Year Mortgage: What To Know https://moneytips.com/mortgages/refinancing/how-when-to-refinance/refinance-to-a-15-year-mortgage/ Mon, 19 Dec 2022 17:09:24 +0000 https://moneytips.com/?p=17613 If you own your home, there’s a good chance you bought it using a 30-year fixed-rate loan. But after a few years, your situation may have changed and you may have new financial goals – like paying off your mortgage sooner or saving on interest charges. Refinancing to a 15-year mortgage can help you build...

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FHA Flipping Rule: What Should Home Buyers Know? https://moneytips.com/mortgages/types-of-mortgages/fha-loans/fha-flipping-rule/ Mon, 19 Dec 2022 16:53:46 +0000 https://moneytips.com/?p=17610 When you’re searching for your next home, a fully renovated property can be pretty appealing. But if you want to use a Federal Housing Administration (FHA) loan to purchase a recently renovated property, you might run into some trouble getting your financing approved. Even if you have excellent credit and enough cash for a sizable...

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ARM vs. Fixed-Rate Mortgages: What’s the Difference https://moneytips.com/mortgages/types-of-mortgages/adjustable-rate-mortgage/arm-vs-fixed/ Fri, 16 Dec 2022 17:15:55 +0000 https://moneytips.com/?p=17509 If you’re exploring your options for financing a home purchase, you’ve probably encountered two of the most common types of home loans: fixed-rate mortgages and adjustable-rate mortgages (ARMs). ARMs have an introductory period with a low teaser rate, followed by periodic interest rate adjustments. Fixed-rate mortgages remain unchanging for the full loan term. Let’s compare...

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Do You Need a Home Appraisal for a HELOC or Home Equity Loan? https://moneytips.com/loans/home-improvement/home-equity-line-of-credit/home-equity-loan-appraisal/ Mon, 21 Nov 2022 17:18:58 +0000 https://moneytips.com/?p=16812 We’re not saying your home is a literal ATM, but if you take out a home equity loan or home equity line of credit (HELOC), you can withdraw from the equity locked inside your home to pay for home improvements, medical expenses or school expenses or to consolidate your debt.  Of course, the process isn’t...

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15-Year vs. 30-Year Mortgage: How To Choose https://moneytips.com/mortgages/15-vs-30-year-mortgage/ Fri, 18 Nov 2022 15:38:37 +0000 https://moneytips.com/?p=16738 Buying a home comes with a lot of decisions, from the property you choose to the type of mortgage. You also have choices about the length of the loan. While most loan terms are 30 years in length, 15-year mortgages are also available and offer some advantages for homeowners.  To help you make the best...

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VA Loans vs. Conventional Loans: What’s Different and How Do You Choose? https://moneytips.com/mortgages/types-of-mortgages/va-loans/conventional-vs-va-loans/ Mon, 14 Nov 2022 20:53:11 +0000 https://moneytips.com/?p=16575 When you’re house hunting, finding the right home is only part of the battle. You’ll also need to decide how to finance your home purchase. If you’re going to take out a loan, you need to know which type of mortgage to use. Conventional loans and U.S. Department of Veterans Affairs (VA) loans are among...

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What Are Real Estate Comps and How To Find Them https://moneytips.com/homes/what-are-comps-in-real-estate/ Wed, 09 Nov 2022 19:28:58 +0000 https://moneytips.com/?p=16281 Whether you’re buying or selling a home, comparables (aka comps) are one of the most important pieces of information you can use to gauge the value of a property. Before a house sells, you need to figure out how much it’s really worth. Comps help sellers set their asking price and help buyers determine how...

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5 Most Common Mortgage Scams & How To Avoid Them https://moneytips.com/mortgages/applying/how-mortgages-work/5-most-common-mortgage-scams-how-to-avoid-them/ Tue, 08 Nov 2022 17:45:35 +0000 https://moneytips.com/?p=16162 As a consumer in the real estate industry, an awareness of mortgage scams is crucial to protect yourself from falling victim to them.  A mortgage scam is when someone intentionally misrepresents information for their own profit or benefit. There are dozens of different mortgage scams, which can be perpetrated by mortgage lenders, real estate agents,...

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How to Insulate Your Walls https://moneytips.com/loans/home-improvement/home-improvement-loans/how-to-insulate-your-walls/ Fri, 04 Nov 2022 15:00:32 +0000 https://moneytips.com/?p=16111 An energy-efficient home can bring you comfort and cost savings. The first step to improving your home’s energy efficiency is insulating your walls and other areas prone to losing heat. Today, new-construction homes have plenty of insulation and other energy-efficient features. But this wasn’t always the case. Older homes may have little or no insulation,...

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What Is a Fixed Rate HELOC and How Does It Work? https://moneytips.com/loans/home-improvement/home-equity-line-of-credit/fixed-rate-heloc/ Thu, 03 Nov 2022 17:15:49 +0000 https://moneytips.com/?p=16101 There are many reasons to explore applying for a home equity line of credit (HELOC). Maybe you want to consolidate your debt, pay tuition or finance home improvement projects. No matter how you spend the money when you use a HELOC, you’re taking advantage of a more flexible, less expensive way to borrow a large...

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The Secondary Mortgage Market and How It Affects You https://moneytips.com/mortgages/applying/how-mortgages-work/secondary-mortgage-market/ Mon, 31 Oct 2022 17:12:34 +0000 https://moneytips.com/?p=15999 If you take out a mortgage on a home, you might be surprised to receive your first bill from a bank you’ve never worked with before. You can thank the secondary mortgage market for that. When you take out a home loan, your lender can sell the loan – and the rights to collect payments...

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