Mortgages
Key takeaways The full mortgage application takes place after you’ve had an offer on a home accepted. Your lender will investigate your financials and the property you’re purchasing to complete the application. Be forthright about all of your finances. Any discrepancies can disrupt the process or result in your mortgage…
MICHELANGELOBOY/Getty Images Understanding home insurance replacement cost coverage is crucial for homeowners seeking to protect their financial investment in their homes. Replacement cost homeowners insurance provides the ability to rebuild or repair your home and replace personal belongings without deducting for depreciation. This type of coverage, which is included in…
DenisTangneyJr/Getty Images Planning to sell your house in the Garden State? You could stand to make some serious cash on the sale: Median home prices here have risen by more than 12 percent since last year, according to April data from Redfin. However, selling a house isn’t free. You…
Key takeaways If you aren’t able to qualify for a conventional mortgage, there are other methods of financing to consider. Some, like government loan programs and down payment assistance grants, are relatively low risk. But other methods, like borrowing from a retirement account, should be approached with extreme caution. Today’s…
Key takeaways Generally, you shouldn’t use a home equity loan or HELOC to buy a car. Although they may offer longer terms and lower monthly payments, home equity loans currently carry higher interest rates than auto loans. Because cars lose value over time, they’re not worth the risk of diluting…
Our writers and editors used an in-house natural language generation platform to assist with portions of this article, allowing them to focus on adding information that is uniquely helpful. The article was reviewed, fact-checked and edited by our editorial staff prior to publication. Key takeaways A counter-offer is a form…
Regardless of its age or location, no home is immune to water damage. From frozen pipes to leaky appliances to faulty sprinkler systems and more, water can be destructive, and repairs are often costly. According to the Insurance Information Institute (Triple-I), the cost of water damage to homeowners between 2017…
Key takeaways FHA loans and conventional loans are both issued by private lenders, but FHA loans are insured by the federal government, and conventional loans are not. Due to their federal backing, FHA loans have more lenient criteria, making them better suited for borrowers with lower credit scores or who…
Key takeaways States do not legally require homeowners to have home insurance, but it is usually required by your lender if you currently have a mortgage on your home. Home insurance provides financial protection from unexpected losses due to physical perils like fire and wind damage, as well as potential…
Millennials are defying homeownership norms and finding creative ways to become homeowners. While purchasing a home with a domestic partner or spouse is the most common way to buy a home across all generations, a higher percentage of millennials (ages 28-43) have bought homes in other ways, such as alone,…
