The Motley Fool

APRIL 21, 2024

Image source: Getty Images If you're signing a conventional mortgage , it's a great thing to be able to make a 20% down payment on your home, even though many lenders will accept less. But what if you have a pile of cash to put into your home down payment, so much so that you're able to pay for 50% of your home upfront?

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The Motley Fool

SEPTEMBER 17, 2023

Image source: Getty Images Many people sign a mortgage feeling confident in their ability to pay it back when they're supposed to. If you've reached the point where you're struggling to keep up with your monthly mortgage payments, you're probably aware that falling behind is not a good solution. But sometimes, life happens.

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The Motley Fool

JULY 17, 2023

Image source: Getty Images To take out a conventional mortgage loan , you generally need to make some sort of down payment. Usually, the minimum down payment conventional mortgage lenders will accept is 3%, and some lenders might ask for more, depending on the circumstances at hand.

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The Motley Fool

FEBRUARY 14, 2024

Image source: Getty Images In December, existing home sale prices were up 4.4% If you've been on the fence about selling your home, you may decide to do so now, while prices are still high and inventory is generally low. But until you make a firm decision, it could pay to sit tight and hang onto your current home.

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The Motley Fool

AUGUST 7, 2023

Image source: Getty Images A home purchase is likely to be the biggest expense you'll ever have, and as such, it's worth taking the time to truly reckon with the costs you'll take on when you do. It's a common misconception that you're required to save up 20% of a home's purchase price for a down payment. for an FHA loan.

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The Motley Fool

SEPTEMBER 25, 2023

For some people, a reverse mortgage looks like an attractive option. But what is a reverse mortgage, and are they worth considering? What is a reverse mortgage? You're probably familiar with the concept of a mortgage loan. And this is where some people run into trouble.

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The Motley Fool

MAY 1, 2024

Even though I've done so in the past (spoiler alert: it didn't end well ), I still qualify as a "first-time home buyer" on this go-round, at least for mortgage purposes. FHA loans are backed by the federal government (specifically, the Federal Housing Administration, hence their name), and administered by standard mortgage lenders.

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The Motley Fool

APRIL 16, 2024

Owning a vacation rental can be a great way to maximize the income potential of real estate, and it could be a great way to own property in an area you've always wanted to have a home in without having to bear the full cost on your own. What kind of mortgage can you use to buy an Airbnb? Just be aware of these potential drawbacks.

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The Motley Fool

APRIL 24, 2024

Image source: The Motley Fool/Unsplash In February, the median existing home sale price was $384,500, according to the National Association of Realtors. Now most conventional mortgage lenders require at least a 5% down payment at closing. But for a home costing $384,500, that means having to come up with $19,225.

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The Motley Fool

JULY 16, 2023

Image source: Getty Images If you're in the market for a new mortgage loan so you can buy a house, you have options. If it's your first time buying and your credit score isn't stellar, you might consider an FHA loan. If you're a retired or active-duty military service member, you likely have access to a VA mortgage loan.

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The Motley Fool

JULY 23, 2023

Image source: Getty Images Since 2018, first-time home buyers have typically made a down payment of about 6% to 7%, according to the National Association of Realtors. With a down payment costing so much, you may be wondering if it's possible to borrow for one using a personal loan, so you can get into a house sooner.

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The Motley Fool

DECEMBER 10, 2023

Image source: Getty Images If you've been looking to buy a home , you're probably aware that it's hardly an inexpensive prospect these days. Not only are mortgages more expensive to sign, but a persistent lack of real estate inventory has driven U.S. home prices up in a very big way. to 1% of your mortgage amount.

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The Motley Fool

JANUARY 5, 2024

Image source: Getty Images If you're in the process of looking for a home, you may have certain parameters in mind. First, you may be working with a specific price range based on the amount of money a mortgage lender has pre-approved you to borrow. That said, owning a home in an HOA isn't all bad.

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The Motley Fool

NOVEMBER 23, 2023

Image source: Getty Images If you managed to secure a mortgage loan in the salad days of 3% rates in 2020 and 2021, you might feel very lucky indeed. Here are a few perks to refinancing your mortgage , even when rates are up. Here are a few perks to refinancing your mortgage , even when rates are up.

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The Motley Fool

JANUARY 18, 2024

Not only are home prices high, but a lack of inventory is making it harder for buyers to find suitable homes without having to make compromises. And then there's the cost of signing a mortgage loan to think about. Mortgage rates have been elevated for well over a year now.

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The Motley Fool

OCTOBER 24, 2023

Image source: Getty Images If you owe the IRS more money than you can pay right away, you have a few options, including a personal loan. Many people don't realize that a personal loan can be used for more than debt consolidation and home renovations. Can you use a personal loan to pay your taxes?

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The Motley Fool

APRIL 25, 2024

Image source: Upsplash/The Motley Fool Some homeowners pay for private mortgage insurance (PMI), an additional expense added to their monthly mortgage bills. This insurance coverage protects lenders when homeowners default on their home loans. I only made a 5% down payment when I bought my home.

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The Motley Fool

SEPTEMBER 2, 2023

Image source: Getty Images There may come a point when you decide you're ready to buy a new home. Maybe you purchased a starter home initially and are now looking to upsize. If you have equity in your current home, you may be relying on it to come up with a down payment on a new home.

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The Motley Fool

JANUARY 4, 2024

Image source: Getty Images A personal loan and a home equity loan have some important qualities in common. With both types of financing, you can often borrow a large amount of money so you can use the loan to pay for very expensive purchases, to consolidate debt, or to improve your home.

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The Motley Fool

MARCH 3, 2024

Image source: Getty Images Some homeowners pay for private mortgage insurance (PMI) for a period of time when they buy their home. PMI is required when you take out a conventional home loan and don't make at least a 20% down payment. When my husband and I purchased our first home, we only put 5% down.

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The Motley Fool

MAY 29, 2024

My friends Erin and Steve didn't buy their first home until they were in their mid-40s -- even though they got married in their late 20s. But waiting turned out to be the best decision they could've made. When there's not enough money to afford homeownership Erin and Steve thought about buying a home shortly after they got married.

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The Motley Fool

MAY 29, 2024

My friends Erin and Steve didn't buy their first home until they were in their mid-40s -- even though they got married in their late 20s. But waiting turned out to be the best decision they could've made. When there's not enough money to afford homeownership Erin and Steve thought about buying a home shortly after they got married.

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The Motley Fool

APRIL 24, 2024

Image source: Upsplash/The Motley Fool There are plenty of benefits to owning a home rather than renting one. Instead of paying your landlord money each month, you're putting that money toward a mortgage that helps you eventually own a valuable asset outright. Now it may be possible to sign a conventional loan with 3% down.

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The Motley Fool

MAY 25, 2024

Image source: Upsplash/The Motley Fool There's a reason so many buyers are struggling to purchase a home today. Not only are property values way up on a national scale due in part to a lack of inventory, but mortgages have been expensive to sign since rates started rising in 2022. Even higher home prices than what we're seeing today.

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The Motley Fool

APRIL 25, 2024

If you're one of them, you may be inclined to try to pay off your mortgage as quickly as possible. The upside of paying off your mortgage ahead of schedule is pretty obvious. So the peace of mind alone may be a factor that motivates you to put extra money into your mortgage. Let's say you borrowed $200,000 for a home at 6.82%.

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The Motley Fool

MARCH 26, 2024

Image source: Upsplash/The Motley Fool When I bought a house recently, I had to take out a loan in order to afford it -- just like most people do. Unfortunately, my mortgage has a higher rate than I would have preferred. That's because, sadly, rates just happened to be pretty high at the time when I needed to close on the loan.

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The Motley Fool

MAY 19, 2024

Image source: Getty Images Owning a home can be an expensive prospect. You have to pay a mortgage , cover the cost of a property tax bill, and deal with issues like maintenance and repairs. But one of the benefits of owning a home is that it can potentially serve as a cash source for you. That's an increase of 2.7%

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The Motley Fool

JULY 26, 2023

Since I have no debt other than my mortgage, I've been working hard to set aside extra money in my high-yield savings account and make additional payments toward my home loan balance. There are benefits to paying off your mortgage sooner, if it's feasible, like saving on interest costs.

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The Motley Fool

JUNE 17, 2023

Image source: Getty Images The home my husband and I own today is by no means a mansion. It's a modest but comfortable home with a nice-sized basement. But the first home we owned was a true starter home. My husband and I knew that building equity in our starter home would give us more options for upsizing down the line.

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The Motley Fool

NOVEMBER 3, 2023

A personal loan could be one option. If you are a homeowner, a home equity loan could be another. Featured offers: compare interest rates for the best personal loan options here What do you need the money for? If you're borrowing for some other reason, you can typically still use a home equity loan.

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The Motley Fool

NOVEMBER 30, 2023

Image source: Getty Images If you're making upgrades to your home, you may not have the cash to pay outright to do it. A personal loan is one of those options. A home equity loan is another. A home equity loan allows you to tap into the equity in your home -- or the portion of your home that you own outright.

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The Motley Fool

MARCH 11, 2024

Most people don't have the cash to purchase a property outright so they need to get a mortgage to buy the property. Regardless of whether you have a home loan or not, you'll still have some costs to incur for things like taxes and insurance. It goes to the lender to pay it for giving you the money.

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The Motley Fool

FEBRUARY 5, 2024

Clearly, these folks have realized the benefits of renting and recognize that taking out a mortgage loan you then pay off over time isn't the only way to find happiness and financial security. For one thing, it's a lot cheaper than owning a home. It's far easier and cheaper to break a lease than to sell a home.

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The Motley Fool

MARCH 10, 2024

The interest rate on your mortgage is a huge influence on how much you'll end up paying. No one is doing 3% mortgages anymore -- as of this writing, the average rate on a 30-year fixed-rate mortgage is 6.9%, according to Freddie Mac. Here are a few ways to get the lowest possible rate, even in a less-than-ideal mortgage market.

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The Motley Fool

FEBRUARY 25, 2024

Image source: Getty Images These days, it's hard to buy a new home without breaking the bank. Mortgage rates are up and home prices are high. So a better bet may be to simply work on renovating your current home to make it more comfortable. homeowner had about $200,000 of equity to work with, according to Black Knight.

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The Motley Fool

OCTOBER 22, 2023

Image source: Getty Images It's hardly a secret that when mortgage rates fell to record lows in 2020 and 2021, buyers were eager to take advantage. Back then, many mortgage lenders found themselves inundated with applications. These days, there's less demand for mortgages because rates are a lot higher.

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The Motley Fool

JULY 2, 2023

Use a hard-money lender A hard-money lender is an individual or a group of individuals who provide loans to investors. These types of loans are typically short-term (one to two years) and come with higher interest rates than a traditional bank loan (typically above 10%). Here are a few of them to consider.

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