3 Mortgage Forbearance Payment Options for Struggling Homeowners

Starting to miss a mortgage payment is stressful. Mortgage servicers or lenders provide several options for homeowners, depending on their situation, who are struggling to pay their monthly mortgage. Mortgage forbearance is one of the few options mortgage servicers may offer to give distressed homeowners temporary relief with their mortgage obligations.

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Typical Fees Associated in Refinancing a Mortgage

Many homeowners have been refinancing their mortgage to take advantage of the historically low interest rates. Aside from getting a low-interest rate, it makes sense to refinance your mortgage if you want to adjust the length of your mortgage term, change from an adjustable-rate mortgage to a fixed-rate mortgage, or if you want to cash out your home equity. However, if this is your first time to do refinancing, you need to be aware of the typical fees associated with it. Refinancing fees could go between 3 to 6 percent of your outstanding principal in addition to any prepayment penalties or other costs for paying off any mortgages you might have.

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Informative Government Sites for First-time Homebuyers

A recent report revealed that most first-time homebuyers are not fully knowledgeable of the homebuying process. When you take out a mortgage as a first-time homebuyer, you have to deal with tons of confusing industry-related terminologies, and it is critical that you fully understand them simply because you’re making a large investment. Fortunately, there are several government agencies that provide helpful and reliable information to guide you in achieving your American dream of homeownership.

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Smart Moves First-time Homebuyers Should Do When Buying a Flipped Home

Many first-time homebuyers could be out in the market struggling to find the home that ticks all the boxes. But for those who are willing to shell out a few thousand bucks more for a property that they can call home, they need to know if they are about to buy a flipped home. As someone buying a home for the first time, you don’t want to pay for a property with serious defects like what actress Rachel Bloom and husband, Daniel Gregor found out from the flipped home they bought in 2015.

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Intent to Proceed: More Than Just Moving Forward with a Loan Application

Expressing an “intent to proceed” is another critical step in the home buying process that you need to decide after shopping and getting pre-approved by a few mortgage lenders. In simple terms, intending to proceed means that you’ve finally chosen a lender who you think offers you the most competitive rates. As a first-time homebuyer, there are things that you need to understand if you plan to proceed with your application with a particular lender because this will be the first time a lender will start charging you fees, other than a credit report fee.

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Simple Ways to Safely Prepare a Turkey on Thanksgiving

Nothing’s more disastrous than improperly prepared dishes on Thanksgiving. Holiday poultry staples like turkey and chicken can cause serious foodborne diseases when not properly handled. In fact, a recent survey revealed that Thanksgiving dinner hosts find it difficult to properly cook the turkey. If this is your first time to host a Thanksgiving dinner, now is the perfect time to have a turkey handling safety refresher so you can have an enjoyable holiday with the whole family.

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5 Solar Options Homeowners May Consider

As a homeowner, you probably have heard that going solar may help you reduce electricity costs and it significantly reduces the ill effects of climate change by curbing carbon footprints. You’ll never go wrong as you realize the notable benefits of going solar. Although photovoltaic or PV systems have become more affordable through the years, you may still find it costly to go solar if you’re earning an average income.

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8 Scam Signs Every Troubled Homeowner Must Avoid

Becoming a homeowner is probably one of the most fulfilling experiences anyone can have. At last, you now own a piece of the American dream. However, you’ll realize, unfortunate events could happen along the way as you work to pay off your mortgage. If such unfortunate events start to affect your ability to settle your monthly mortgage payments it’s normal to seek help, especially if you think that you might head to foreclosure. During this difficult time, you might be vulnerable to scams that could drain your funds.

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HomeReady® Mortgage: An Affordable Option for Serious Gen Z Homebuyers

Generation Z is, no doubt, the next bloodline that will keep the housing market alive. Recent surveys have suggested that there’s an increasing number of credit-eligible individuals from this generation taking out mortgages compared with other forms of debt. For someone who’s young and planning to buy his or her first home, taking a HomeReady® mortgage can be an affordable option.

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Everything You Need to Know About Renting a Home

Personal preferences and finances are some of the factors why renting a home might make more sense for some people. You may consider renting a home if you want to live an independent life that’s close to your workplace. Renting is also a viable option for young families who are still saving for a down payment for their dream home. As someone looking to rent a single-family home, it’s important that you understand how the process works especially if this is your first time.

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