What’s the Difference Between a Short Sale and Foreclosure?

Jacob Kepler/Bloomberg via Getty Images Two options for homeowners who fall behind on mortgage payments are a short sale and foreclosure. While the prospect of losing a home is a hard reality that many people face, it’s important to understand the difference between these two processes. How long do short sales and foreclosures take? Which is […]

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What Are FHA-Approved Condos?

RJ Sangosti/The Denver Post via Getty Images Federal Housing Administration condominiums are properties that can be purchased using FHA loans—or loans that are insured by the FHA. What requirements must these condos meet to be approved by the FHA? And where should you go to search for available properties? The answers to these questions and more […]

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Buyer Blocks: 4 Factors Keeping Millennials From Owning a Home

mj0007/iStock Since the market crash, many prospective first-time home buyers have been fighting an uphill battle on their path to homeownership. Certainly it isn’t for lack of trying. While millennials might be the largest group of first-time buyers, according to the NAR, they face a whole slew of daunting challenges before they can sign on the dotted line. […]

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Can You Buy a House Without Your Spouse? The Pros and Cons

aslseeit/istock Can you buy a house without your spouse? That might seem like a weird and highly unromantic question, but there are plenty of reasons to ponder this possibility. Basically, this means that although you two might live in the home together, only you would technically “take title” to the property—a fancy way to say that you own […]

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Busted: 6 Common Refinancing Myths That Could Be Costing You Money

g-stockstudio/iStock; realtor.com Unless you live under a large rock on the Iron Islands, you’ve probably heard the news: Refinancing your mortgage can potentially save you thousands of dollars—especially if you refinance when rates are low. So, what’s holding you back? If you’re like many homeowners, it might be that you’ve been inundated by so many misconceptions about refinancing that […]

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Mortgages Are Bad for the Environment—Here’s What You Can Do About It

cnythzl/iStock It’s no secret that the mortgage process is paper intensive. But exactly how much paperwork Americans buying homes consume annually may come as a surprise. A report from the mortgage education website FreeandClear revealed that about 2.2 billion sheets of paper are used each year in this country for mortgages. That translates into 264,000 […]

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Mortgage Pre-Qualification vs. Pre-Approval: What’s the Difference?

AlexRaths/iStock; bortonia/iStock When buying a home, cash is king, but most folks don’t have hundreds of thousands of dollars lying in the bank. Of course, that’s why obtaining a mortgage is such a crucial part of the process. And securing mortgage pre-qualification and pre-approval are important steps, assuring lenders that you’ll be able to afford payments. However, […]

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HELOCs Are Resetting and Rates Are Rising: Here’s What Homeowners Should Do

gerenme/iStock; realtor.com “Your HELOC is resetting” is a phrase you might be hearing a lot these days, and it sounds like something that might send your spaceship off its trajectory. But, if you’re not careful, it’s actually something that could send your budget off course. The financial field is experiencing a perfect storm as multitudes […]

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What Is a Mortgage Broker? Welcome to Your Personal Home Loan Shopper

daizuoxin/iStock What is a mortgage broker? In a nutshell, this professional helps you find the best mortgage by shopping all the options at your disposal. This can be a huge plus if you’re feeling overwhelmed by the mortgage process and can’t tell which loan is right for you. However, mortgage brokers aren’t ideal for everyone, so it’s good to learn what these […]

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How Do Mortgages Work? What You Need to Know About the Home Loan Process

gerenme/iStock Mortgages might be one of the most essential and common parts of the home-buying experience, but they’re also one of the most misunderstood. Whether you’re on the search for your first home or just need some clarification, here’s how mortgages work—and what you need to know. What is a mortgage? In the simplest terms, a mortgage […]

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