Recent Questions / Latest mortgage and renting questions

What is transfer value?

Transfer value refers to a property’s purchase price the last time it was sold. It’s a term often used in foreclosed properties or those in pre-foreclosure. For foreclosed properties owned ...
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Buying a short sale home

Purchasing a short sale home isn’t the same as buying a foreclosed property, since the owner is actually selling the home to avoid foreclosure. It takes longer than a conventional ...
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What to do if my mortgage application was denied?

While a denial of your mortgage application is disappointing, it’s not the end of the world. Find out why the application was denied and fix those issues. The lender must ...
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First-Time Home Buyer / Information that first-time home buyers need to know

Should I get a fixed rate or adjustable rate?

When you get a mortgage loan, you generally can choose between getting a fixed rate or an adjustable rate. Your interest rate with a fixed rate stays the same for ...
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Home Depot vs. Lowe’s: What’s The Difference?

Home Depot and Lowe's are both very similar in terms of product selection. However, you may find slight a difference in terms of brands and available inventory between the two ...
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What is the difference between a coop and condo?

Co-ops and condos might look the same, but there are differences. When you buy a condo, you own everything included within the walls of the unit, and a homeowners association ...
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Buying Process / Process of buying a house and mortgage terms

What is a VA loan?

A VA loan is a mortgage loan for people who have served or who are serving in the military. Although the VA doesn’t lend the money, it backs loans that ...
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Do I need a realtor to buy a house?

You don't need a realtor to by a house—you can do so on your own. However, a realtor helps streamline the process and has top negotiation skills to get you ...
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Overview of closing costs

There are many types of costs associated with buying a house. These costs are called closing costs, and they usually represent 2 percent of the price of the house, although ...
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Selling / Related to selling your home

Can I sell my home if I owe HOA fees?

If you owe Homeowner’s Association fees, the HOA can put a lien on your home, making it more difficult to sell. Any liens on the home must be cleared before ...
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Do I have to inform the mortgage lender if I want to sell my home?

You don’t have to tell your mortgage provider that you plan to sell, but you do have to settle your outstanding loan when the home is sold. You might want ...
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Buying a short sale home

Purchasing a short sale home isn’t the same as buying a foreclosed property, since the owner is actually selling the home to avoid foreclosure. It takes longer than a conventional ...
Read More
Renting / Roommates, managing rentals, and understand rental terms

Is first and last months’ rent too much for a deposit to move into a house?

Most landlords charge first month’s rent and a security deposit. Some landlords add last month’s rent as well. First month’s rent covers the first month the tenant will live in ...
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What is option money when renting a house?

When renting a house with an option to buy, also known as leasing with option to buy, you pay the landlord/seller a one-time, nonrefundable option fee. This money gives you ...
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How to handle tenants who pay rent late?

If your tenant does not pay the rent on time, there’s a legal process you must follow. This process varies from state to state. Do not allow the rent to ...
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Refinancing / Related to refinancing a mortgage

What is a reverse mortgage?

Instead of paying the bank a mortgage payment each month, with a reverse mortgage, the bank pays you. But there are some strings attached. You must be 62 or older ...
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What are the top 3 things I need to consider before refinancing?

All important issues concerning refinancing revolve around whether it makes financial sense. The number one issue involves addressing any fees or penalties you have to pay when refinancing. Crunch the ...
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How can I refinance my home?

When you refinance, you want to trade in your current mortgage for a cheaper one. The first thing to do is make sure you qualify for refinancing. You should also ...
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How much of my gross income should go to my mortgage payment?

Banks generally like to see no more than 28% of your gross income going toward your mortgage payment. This includes not just the mortgage payment, but also the interest on ...
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What is an interest-only mortgage loan?

Borrowers who take out an interest-only loan pay only interest on the mortgage for a specified time period, usually five to seven years. During that time, no part of their ...
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What does a good faith estimate mean?

A Good Faith Estimate is a mortgage form that was used until October 2015. It contained information about your mortgage loan. View mortgage rates in your city Same form with ...
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