Consider personal liability insurance to protect your assets should a third party file a claim against you. It's often part
Mortgage Repayment: Questions About Weird Tricks For Paying Down the Balance Faster (Fourth of a Series)
A: Yes, this trick works by generating a larger payment than the one needed to amortize the balance over the term. For example
Now of course there several downsides with getting an unsecured loan. The biggest downside is the interest rate it carries
Homeowners sell their homes and buy other homes for a variety of reasons including a need to live closer to a place of employment, to be closer to family, to enjoy a better climate, or simply to upgrade. This article is about finding the best sequence of steps in the process.
No, shopping for a HELOC is very different from shopping for a standard mortgage. If you know the information you need, shopping is easier, but if you don't know what you need and don't ask the right questions, you are highly vulnerable to an overcharge.
For retirees, the well-known phrase, "cash is king," takes on a special meaning. Without a regular paycheck, creating your own cash flow is up to you. And how well you handle that cash can mean the difference between a financially comfortable or stressful retirement.
In some respects, conditions are more favorable now for HELOC borrowers who meet the standards, which are tougher than they were before the crisis. Lenders now generally want borrowers to have equity of 20% after drawing the maximum amount under the line.
Your loans were made at the height of the housing bubble, and looked like a great deal at the time. By using a HELOC as a "piggyback" second mortgage, you were not required to make a down payment or to purchase mortgage insurance.
For those considering a reverse mortgage, there's a lot going on in the industry right now that could affect whether many older Americans consider one or even be able to take one out.
Whatever the reasons for the move, many face the same challenge: how to use the equity in their existing house to purchase the new one before completing the sale of the old one. Selling the old one first avoids this problem but requires two moves, which is a major expense and a hassle.