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

What are mortgage points?

Points are money you pay a mortgage lender at closing, and there are actually two kinds of points: discount points and origination fees. Discount points Sometimes offered if you want ...
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3 reasons you should wait to buy a house

© DragonImages/Fotolia It’s super exciting to buy a home. You don’t need to ask permission to paint the walls, have a vegetable garden, or adopt a pet (or two). You ...
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Do my taxes decrease if my property value decreases?

Your property taxes, in theory, should decrease if the value of your property decreases. Typically, jurisdictions assess taxes annually. That means your property taxes should fluctuate from year to year ...
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Buying Process / Process of buying a house and mortgage terms

Why should I buy instead of rent? Who really stays in a house for 30+ years?

As long as you want to stay put for at least 5 years, it might make better sense for you to buy instead of rent. Having a 30-year mortgage doesn't ...
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Can a Home Be a Bad Financial Decision?

© william87/Fotolia For a long time, no one even questioned whether a home was good financial decision. It was a known fact that it was. But then the mortgage crisis ...
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Buying a home after bankruptcy

The desired result from a bankruptcy proceeding is to have all or at least some of your personal debt forgiven which is formally known as discharged. Chapter 7 allows discharge ...
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Selling / Related to selling your home

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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How much would I have to pay in taxes if I sell my home for a profit?

If you’ve lived in the house as your primary residence for at least two of the past five years, you won’t owe taxes on the sale. The federal government allows ...
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Should I be worried if I have not sold my home in a year?

© pauchi/Fotolia The short answer is “yes.” If the market is exceptionally slow, it can take as much as a year for houses to sell, but in a normal market ...
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Renting / Roommates, managing rentals, and understand rental terms

How to prepare to rent out a room for extra income?

You should first prepare your house by putting locks on all bedroom doors, keeping your valuables in a safe, and fixing pesky appliances. Then, look at Craigslist or other ads ...
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What are some things I need to consider before I rent out my house?

Before renting out your house, research the rental rates in your area to make sure renting your house is worth the effort. You’ll need to purchase rental insurance, and require ...
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Why should I buy instead of rent? Who really stays in a house for 30+ years?

As long as you want to stay put for at least 5 years, it might make better sense for you to buy instead of rent. Having a 30-year mortgage doesn't ...
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Refinancing / Related to refinancing a mortgage

What is a second mortgage?

A second mortgage is just that – another mortgage taken out on a property which already has a mortgage. With a second mortgage, you are borrowing on the equity in ...
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Woman thinking about refinancing

Can I refinance again after 3 months?

alenkasm/Bigstock.com It is possible to refinance most loans within three months, but in many cases it won’t make sense, even though you are paying a lower interest rate. That’s because ...
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What is the HARP program?

The federal Home Affordable Refinance Program was established in 2009 to help homeowners with “underwater” mortgages – a mortgage balance higher than the property’s value. It is designed to help ...
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Do I need long employment history to buy a house?

The good news is that your credit score is good and puts you in the second-best tier for getting a good interest rate. The bad news is that most lenders ...
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Difference between a realtor and real estate agent?

If you do a Google search for the phrase, "What is a realtor?," then you will likely first see Google's handy definition box that explains a realtor as "a person ...
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Things I should do before getting pre-approved for a mortgage loan

You must be able to show your income to be pre-approved for a mortgage. Ideally, you would be on the same job for the past two years. Be prepared to ...
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