Financing a Home

More in Financing a Home

Do I Have to Pay Anything Up Front to Refinance My Mortgage?

Refinancing a mortgage is often as costly as taking out an initial mortgage loan. Closing costs alone can run 3 to 6 percent of the outstanding principal, says the U.S. Federal Reserve, and that doesn’t even include items such as prepaid interest, taxes or insurance that may ...

Is a Roth IRA for a Home Down Payment a Good Idea or a Bad Idea?

Using a Roth IRA for a down payment on a house may or may not be a good idea. Roth IRAs give you more flexibility for withdrawals without a penalty, because they're funded by post tax dollars. However, you can be assessed a penalty for early withdrawal on any interest you earned ...

How Much Will Homeowner's Insurance Cost on Top of a Mortgage?

Homeowner's insurance premiums increased by 4 percent in 2011 and were expected to increase by an additional 5 percent in 2012, bringing the annual average premium to just over $1,000 per year. If you finance your home, your mortgage company will require you to carry insurance ...

How do I Get Approved for a Mortgage for a Second Home?

Whether you want to split your residence between two separate homes, or you simply want a second home to use for family vacations, it may be a little more difficult to qualify for another mortgage. You'll need to prove you have the income and assets to make the payments on both ...

What Is a Fair Rate for Mortgage Insurance?

If you are buying a home with less than 20 percent down, or are refinancing less than 20 percent equity in your home, the amount your lender is quoting you for mortgage insurance can seem arbitrary. But by understanding how the insurance companies determine their rates, you can ...

How to Buy Real Estate With a 401(k)

Diversifying assets to include real estate can help you spread risk across a mix of investments. Whether buying property for direct use or for rental income, your 401(k) might be a funding source. The way you use a 401(k) for real estate investments determines any tax or penalty ...

Can You Apply for a Refinance & Home Equity Loan at the Same Time?

When it comes to home financing, traditional and quite stringent lending rules do not always apply. For instance, homeowners can use nontraditional types of income, like boarder rents, so long as other qualifications, like solid creditworthiness, are met. In addition, 100 ...

What Is a First Trust Deed?

A first trust deed is a document used by mortgage lenders to establish its priority lien on a property. If you default on your home loan, this deed protects the lender and ensures it has priority over junior liens when the property is foreclosed upon. First trust deeds are ...

What Automatically Denies a Mortgage?

Mortgage lenders reject about 30 percent of home loan applications and 50 percent of refinance applications, according to Bankrate.com. Mortgage lending guidelines have tightened in recent years, and it has become harder for many to qualifying for financing. If you're ...

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