Mortgage - Houseopedia, LLC

Creative Mortgages in Times of High Interest Rates

Today’s higher interest rates are squeezing would-be home buyers. Less than three years ago, rates were below 4 percent. Now...

Federal Government Extending Certain Mortgages to 40 Years

If you are a homeowner behind on your mortgage payments, you may be able to extend the term of your...

A Good Credit Score Helps Combat Higher Interest Rates

In its battle to tamp down inflation, the Federal Reserve has increased the interest rates banks charge each other, which...

How Inflation and Rising Interest Rates Affect the Housing Market

Inflation has risen to levels not seen in the U.S. since the early 1980s. Interest rates are rising, too, and...

Should You Purchase Mortgage Protection Insurance?

Several types of insurance can come into play if you own a home. One of them is mortgage protection insurance....

The Truth About Consumer Credit

There’s a lot of misinformation out there about consumer credit. Many commonly accepted notions are simply wrong. Here’s what will...

What is a Broker Price Opinion?

If you’re trying to get a mortgage, you may hear the lender refer to a broker price opinion. Is that...

Hope for Homeownership After Bankruptcy

Significant financial misfortune may lead you to do the unthinkable: file for bankruptcy. You may fear that this means the...

Understanding the Uniform Residential Loan Application

When you apply for a mortgage, your lender will have you complete the Uniform Residential Loan Application (URLA). This form,...

What’s the Difference Between a Conforming and a Conventional Mortgage?

When you are shopping for mortgages, you may come across the term “conforming loan.” Is that something different than a...

Steps to Avoid Foreclosure

Foreclosure was likely the farthest thing from your mind the day you closed on your home. But sometimes, life circumstances...

Mortgage Loan Contingency: Seller and Buyer Protections

Buyers generally must get a mortgage loan to buy a house. Wise buyers include a mortgage loan contingency clause in...

Mortgage Options for Teachers and Educators

Special financial assistance is available for teachers seeking to buy a first home, refinance a home, or even repair an...

Enjoy Space, Style and Savings With Barn Living

Barns are no longer just spaces for livestock and farm equipment. Today, living in converted barns or brand-new, barn-like homes...

What is the Role of the Mortgage Underwriter?

The loan processor you work with when you apply for a mortgage isn’t the person who decides whether you qualify...

Qualifying for a Mortgage When You’re Self-Employed

The mortgage approval process can be stressful for anyone, but self-employed people encounter an extra measure of scrutiny. You may...

Protect Yourself From Property Title Theft

Most consumers know about identity theft and have adopted safe practices for dealing with their personal information. But did you...

Bank Statement Loans for Self-Employed Homebuyers

Whether you are self-employed, a freelancer or have a variable income stream, you’ll face special challenges getting a typical mortgage...

Don’t Let The COVID-19 Crisis Infect Your Credit

The COVID-19 pandemic has touched almost every aspect of our lives. Our personal finances are no exception. If you’ve lost...

The CARES Act: Financial Relief for Homeowners and Renters During the Coronavirus Pandemic

Illness, job loss and other problems related to the current coronavirus pandemic have left many homeowners and renters unable to...

Mortgage Forbearance During Financial Crises

In times of financial distress, some homeowners can seek relief from monthly payments through mortgage forbearance programs. These programs can...

FAQs on Financing Your First Home

Getting your first home mortgage can be intimidating. Let’s eliminate fear of the unknown by answering some common questions. Q:...

Mortgage Prepayment and Late Payment Penalties

Homeowners face stiff penalties both for paying off their mortgages early and for making their monthly payments late. Here’s how...

How Getting a Mortgage Affects Your Credit Score

Experts stress the importance of maintaining good credit before you apply for a mortgage. But after you get that mortgage...

Should You Pay Mortgage Points?

One strategy for lowering your mortgage interest rate and the overall cost of your loan is to pay mortgage points...

What to Provide for Mortgage Pre Approval

If you’re in the market for a home, particularly your first one, it’s advisable to meet with a mortgage lender...

What To Do About a Mortgage Application Denial

It’s a shock when your application for a mortgage is declined. You are excited about owning a home, but the...

How to Build a Strong Credit History in Four Steps

Securing a good interest rate and qualifying for a home require a good credit report. That’s easier said than done,...

Are Biweekly Mortgage Payments Worthwhile?

If you make only the monthly payments set by your mortgage company, in the end, you will pay a significant...

Mortgage Rates Are Still At Historic Lows

It’s true. Mortgage rates had risen slightly over the past several months, but is that reason enough to halt your...

Home Buying Help for Military and First Responders

If you -- or a member of your immediate family -- are an emergency first responder or a member of...

Down Payment Assistance Programs

When thinking of buying a house, a first question is often How much do I need for a down payment?...

How to Purchase a Home With No Down Payment

The trend in home buying has moved away from large down payments. In fact, today’s average down payment is just...

How the New Tax Law Affects Homeowners

Congress and the president passed the most sweeping tax law overhaul in a generation at the end of 2017. Let’s...

How to Score (and Keep) Good Credit

When shopping for a mortgage, one number, in particular, plays a major role -- a good credit score. A higher...

It’s Getting Easier to Obtain a Mortgage

The housing crash of 2008 led to a tightening of mortgage lending standards. Now rules are loosening again. What can...

Growing and Using Your Home Equity

The housing market continues to improve nationally through the current crisis. Industry forecasters expect pent up demand and low supply...

If You’re a First-Time Home Buyer, Don’t Panic, Get Help!

Buying a first home is a rite of passage. After crunching the numbers, receiving preapproval for a mortgage and finding...

Should You — or Shouldn’t You — Refinance the Mortgage?

Are you in the market to refinance your home? Before signing any paperwork, it’s best to do your homework. Work...

How to Accommodate FHA Home Buyers

Nearly 30 percent of home buyers today are using loans secured by the Federal Housing Administration or FHA -- reason...

When to Lock In — Or Float — a Mortgage Rate

When applying for a mortgage, one of the first decisions a buyer must make is whether to lock in an...

What are Green Mortgages and How Can They Benefit You?

If sustainable living is an important part of your lifestyle, you might be a candidate for a “green mortgage” when...

Tap Into Little Known Sources for Down Payment Help

Accumulating down payment money for a house is important, but can be challenging, especially for millennials bogged down in massive...

10 Ways to Help Repair Your Credit History

Do you have bad credit? While legitimate credit repair services can help improve your credit scores, you can do the...

Qualifying for a Mortgage with Student Loan Debt

If you’re worried your student loans will prevent you from buying your first home, don’t fret. Here’s what you need...

What is a Jumbo Loan and Do I Need One?

If you’re in the market for a home with a hefty price tag -- we’re talking a half-million dollars or...

How to Protest Your Property Tax Appraisal

If you received an unusually high property tax bill, don’t be afraid to fight back. Here’s how to effectively question...

Home Equity Loan or Line of Credit: What is the Difference?

The equity in your home is an untapped resource for financing such things as remodeling projects or a child’s college...

When to Keep, When to Toss Those Important Documents

Ever wonder how long you should keep important documents such as old tax returns, mortgage documents, and home appliance receipts?...

Financial Tips For Buying A Fixer-Upper

If your dream home is a fixer-upper, but cash is tight, a 203 (k) program offered by the Federal Housing...

Tax Benefits of Homeownership

For most people, their home is their biggest investment -- and their biggest tax benefits. As always, it’s best to...

What You Need to Know About Points and Origination Fees

When buying your first house, the terms and conditions of the mortgage process can be confusing. Here’s a primer on...

Primary and Secondary Mortgage Markets: What’s the Difference?

When you buy a home, your mortgage is sold to you by a banker or broker on the primary mortgage...

An Inside Look at Your Monthly Mortgage Payment

Each month you send off a hefty chunk of money to your mortgage company. If you’re like most people, it...

Path to Homeownership: What is the Equal Credit Opportunity Act

Homeownership is the dream of millions of Americans, and should never be denied because of an applicant’s race, color, national...

What Exactly is the Dodd-Frank Act and How Does It Help Consumers?

The financial crisis of 2008 started with shoddy mortgage-lending practices. Congress answered this problem with the 2010 Dodd-Frank Act, which...

Simplified Loan Statements Make Choices More Clear

If you haven’t bought a home in recent years, the paperwork you’ll be confronted with will look a little different...

Free Help for Consumers: ‘Know Before You Owe’

In the often-confusing world of finance, the Consumer Financial Protection Bureau (CFPB) is a valuable source of free information for...

Choosing the Best Mortgage for You

Shopping for a home also means shopping for a mortgage. If this is all new to you, the multitude of...

My Mortgage Was Sold — Now What?

It seemed like the ink was barely dry on your closing papers when you received notice that your mortgage had...

Don’t Be Surprised By Private Mortgage Insurance

Buyers who put less than 20 percent down on a home might find themselves with a higher-than-expected monthly payment. The...

Do Online Mortgage Lenders Offer the Best Deals?

Mortgage lending is yet another industry that has undergone massive change by the internet. Online lenders advertise fast and easy...

Smart Homebuyers Keep Tabs On the Federal Reserve

The financial world hangs on the mere hint of a possible interest rate increase by the Federal Reserve. But what...

Find Out If You Qualify for Government Help with a Mortgage

When searching out home-financing opportunities, it’s worthwhile to see if you qualify for government programs that offer attractive terms. The...

Two Big Money Moments for Homebuyers

Homebuyers must make two large payments when purchasing a house. One is the earnest money paid upon execution of the...

Appraisers a Key Player in Home Sales

How much is a home worth? That’s the crucial question asked by home buyers and their lenders in a sales...

Construction Loans: The Difference is In the Closing

When planning to build a custom home, buyers have their choice of two types of construction loans. The traditional type...

Before the House Hunt Begins, Fix Your Credit

When buying a home and applying for a mortgage, a good credit score is critical. A home can be purchased...

Home Mortgage Process: Do This, Not That

The mortgage approval process is rigorous. Since the housing bubble burst in 2008, federal regulators have ratcheted up their standards....

Buyer Beware: Protect Yourself From Predatory Lenders

Despite the mortgage-lending reforms that followed the 2008 economic crash, it’s your job as a consumer to be on guard...

What Every Homeowner Needs to Know About Property Tax Assessments

If you own your own home, your property tax assessment is responsible for one of the biggest ticket items in...

How to Shop Around for the Best Mortgage

It’s important to shop for the perfect place to call home, but don’t forget to shop around for the best...

Should You Pay Off Your Mortgage Before Retirement?

The Baby Boom generation is carrying more mortgage debt into retirement than any generation before it, bucking conventional wisdom that...

Prequalified or Preapproved: What’s the Difference?

One of the most important steps in the home-shopping process is for buyers to have an initial assessment of their...