Friday, November 22

Tag: Loans Advice

Can You Buy a Second Home With a VA Loan? | Mortgages and Advice
5Jul By adminNo Comments
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Can You Buy a Second Home With a VA Loan? | Mortgages and Advice

The U.S. Department of Veterans Affairs offers veterans and active-duty military members a number of benefits, including VA home loans. When you use this benefit, the home must be your primary residence, which means VA loans are generally not available for second homes unless you're moving. Can you buy a vacation or investment home with a VA loan? The short answer is no. When you buy a home with a VA loan, you're usually expected to move in shortly after closing – within 60 days in most cases. That means an investment home you rent out entirely or a vacation home you visit regularly but don't actually live in won't qualify for a VA loan. But there are some situations that allow you to use your VA entitlement to buy an investment or vacation home. Read on to find out some of the ways in wh...
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Can You Switch Mortgage Lenders Before Closing? | Mortgages and Advice
5Jul By adminNo Comments
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Can You Switch Mortgage Lenders Before Closing? | Mortgages and Advice

If you're having a bad experience with a mortgage lender, you may be tempted to switch to a different one before you close on the loan. While it's possible to switch, it's important to keep the potential consequences in mind, including higher costs, delayed closing and another credit check.Depending on the situation, though, getting out of a bad experience can be worth it, and the drawbacks may be manageable. If you're thinking about switching mortgage lenders before closing, here's what you need to know.Can You Switch Mortgage Companies?As the borrower, you have the right to switch mortgage lenders at any time before you sign the loan contract. Still, it's best to do your due diligence upfront, before you begin the closing process."Homebuyers should arm themselves with as much informatio...
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Can You Get a Loan for a Mobile Home? | Mortgages and Advice
4Jul By adminNo Comments
Money

Can You Get a Loan for a Mobile Home? | Mortgages and Advice

Mobile homes can provide the stability and comfort of a traditional home but at a much lower price. The catch? Financing a mobile home can be more difficult than taking out a regular mortgage. Here's what you need to know if you want a mobile home loan. What Are Mobile Home Loan Requirements?If you want a mortgage for a mobile home, it must qualify as real property and not personal property. Real property refers to land and permanent structures, while personal property pertains to movable items. "When approaching the purchase of a mobile home, you first need to determine whether it's on a permanent foundation," says Matthew Yu, senior vice president of loans and investments at real estate lending and investment firm Socotra Capital. The traditional loan programs have options as long as th...
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Who Is My Student Loan Servicer? | Student Loans and Advice
4Jul By adminNo Comments
Money

Who Is My Student Loan Servicer? | Student Loans and Advice

According to first quarter 2023 data from the Federal Reserve Bank of New York, borrowers in the U.S. owe more than $1.6 trillion in student loan debt.That mountain of debt is handled by student loan servicers – companies that manage billing and other administrative tasks necessary to maintain these loans.While borrowers don't have to pay extra for what student loan servicers provide, it helps to know which company services your loan and the different ways they can assist you throughout the life of your loan. Having this information can help you get the most out of your loan-servicer relationship.Find the Best Student Loans for You Lender Learn More Fixed APR Variable APR Loan Term Lender Learn More Fixed APR Variable APR Loan Term Lender Learn More Fixed APR Variable APR Loan TermWhat Do...
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Mortgage Rates (and Home Prices) Rebound Higher | Mortgages and Advice
3Jul By adminNo Comments
Money

Mortgage Rates (and Home Prices) Rebound Higher | Mortgages and Advice

Mortgage rates jumped higher this week, with the 30-year rate increasing seven basis points to 7.15%. Fixed rates increased across the board, while adjustable mortgage rates decreased or stayed about the same.Here are the current mortgage rates, without discount points unless otherwise noted, as of June 29: 30-year fixed: 7.15% (up from 7.08% a week ago). 20-year fixed: 7.24% (up from 7.08% a week ago). 15-year fixed: 6.58% (up from 6.52% a week ago). 10-year fixed: 6.74% (up from 6.61% a week ago). 5/1 ARM: 6.1% (down from 6.12% a week ago). 7/1 ARM: 6.23% (up from 6.22% a week ago). 10/1 ARM: 6.43% (down from 6.45% a week ago). 30-year jumbo loans: 7.22% (up from 7.15% a week ago). 30-year FHA loans: 6.27% with 0.05 point (up from 6.19% a week ago). VA purchase loans: 6.53% wi...
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What Are Your Rights as a Co-Signer? | Personal Loans and Advice
24Jun By adminNo Comments
Money

What Are Your Rights as a Co-Signer? | Personal Loans and Advice

If someone you're close to needs to borrow money to buy a home or start a business, you might want to help them out by co-signing. Co-signing a loan can help the person you care about get ahead financially, but it's a significant commitment that you should enter into with your eyes wide open.You need to be aware that a co-signer's rights are limited. Co-signing means promising to pay back a borrower's loan if the borrower fails to pay. You have the responsibility of repaying the debt, but you don't have any right to use the loan proceeds.What Is a Co-Signer?A co-signer is someone who agrees to be responsible for repaying another person's loan. If a lender isn't confident that a loan applicant will pay a loan back, it might insist on a co-signer.How Is a Co-Signer Different From a Co-Borro...
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How to Lower Your Student Loan Payments | Student Loans and Advice
20Jun By adminNo Comments
Money

How to Lower Your Student Loan Payments | Student Loans and Advice

Student loan payments can drain your monthly budget and make it more difficult to reach other financial goals, like saving money for retirement or buying a home. Thankfully, there are ways to lower your student loan payments, whether you have federal loans, private loans or a mix of both. Here are five strategies for reducing student loan payments:Find the Best Student Loan Refinance Lenders Lender Learn More Fixed APR Variable APR Loan Term Lender Learn More Fixed APR Variable APR Loan Term Lender Learn More Fixed APR Variable APR Loan TermChange Your Student Loan Repayment PlanFederal student loan borrowers typically start out under the standard 10-year repayment plan, but the Department of Education offers several alternative repayment plans that can result in lower monthly payments. Y...
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7 Loan Apps That Let You Borrow Money Fast | Personal Loans and Advice
19Jun By adminNo Comments
Money

7 Loan Apps That Let You Borrow Money Fast | Personal Loans and Advice

If you ever find yourself in a financial bind and need instant access to cash to cover an unexpected expense, there's an app for that. Whether you call them loan apps, borrow-money apps, cash advance apps or payday advance apps, these online lenders can provide financial lifelines to people in a penny pinch.They're not ideal. There's always a cost to borrowing money – even if that cost is just in the form of continuing bad financial habits – but loan apps might be useful in an emergency. Learn more about how loan apps work, the pros and cons, and our top picks for when you find yourself coming up short.Are There Really Apps That Let You Borrow Money?Different from online personal loans, loan apps are meant to offer a short-term solution for those in need of a quick money fix – and there a...
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