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 is mortgage insurance premium (MIP)?

Mortgage insurance premium (MIP) is charged to people who have taken out an FHA loan. It is charged both as an upfront fee at closing of 1.75 percent of the ...
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Photo - Woman writing in a notebook

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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What is the Home Mortgage Disclosure Act?

The federal Home Mortgage Disclosure Act (HMDA) requires mortgage lenders to report information regarding their mortgage activity. Report data to the HMDA Any financial institution that originated a minimum of ...
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Buying Process / Process of buying a house and mortgage terms

How do I make an offer on a house?

Once you determine the amount your offer will be, you need to put your offer in writing for the seller to look over. Exactly how to write that offer depends ...
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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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What is per diem interest?

Per diem means per day. When you're talking about interest, it means daily interest. Per diem interest is used to calculate how much interest you owe the mortgage company when ...
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Selling / Related to selling your home

What is a bridge mortgage loan?

Bridge loans fill the gap when you are buying a new home while still carrying a mortgage on the house you are selling. They are temporary loans, paid off when ...
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Photo - Woman thinking about selling her home

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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What is a mortgage short sale?

A mortgage short sale occurs when the homeowner sells the dwelling for less than the remaining mortgage balance. It’s also known as a pre-foreclosure sale and it’s a foreclosure alternative ...
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Renting / Roommates, managing rentals, and understand rental terms

Who is responsible for damages if it’s the tenants fault?

If a tenant breaks something, it's generally the tenant's responsibility to pay for it. It's the same as when a consumer enters a retail store. You know the motto, "You ...
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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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5 Pros And Cons of Living With a Roommate

Have you ever thought of sharing your home with another person? Whatever stage you’re at in your life, at some point you might consider finding a roommate to split expenses ...
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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 is a mortgage balloon loan?

A balloon loan mortgage has a fixed rate, but unlike conventional 30 year mortgages, a balloon mortgage usually lasts just five to seven years. When the loan term expires, 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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What is the best time of the year to buy a home?

Fall might be famous for jack-o-lanterns and crisp mornings, but there’s another reason why this time of year is something to look forward to. Fall is the best and cheapest ...
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Women reading about owing a home

What do I need to know about homeowners insurance?

You aren't required to have homeowners insurance on your house or condo as you're required to have auto insurance to drive a car. If you have a mortgage, however, your ...
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How can I protect my investment if a tenant will cause a lot of damage to the home?

Start out with a good lease agreement that covers all bases, and get a two-month security deposit. The lease agreement should clearly state when you can enter the property and ...
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