Christmas is just around the corner, and if you're in a position to do it, paying off a family member's mortgage is one of the biggest gifts you could give this holiday season. A mortgage can be a heavy burden on a young homeowner, which is why paying it off is the ultimate act of charity. But when it comes to paying for someone else's mortgage, the process isn't entirely straightforward. So how do you pay off a family member's mortgage? Here's what you need to know. Be Wary Of The Gift Tax … [Read more...]
A Step-by-Step Guide to Refinancing a Traditional Mortgage to a FHA Mortgage
Refinancing a mortgage can provide a homeowner with many benefits, and many are interested in refinancing their traditional mortgage into an FHA mortgage to take advantage of low interest rates. Depending on the specific circumstances, this step may lower the monthly payment, reduce interest charges, adjust the loan term so that it is more beneficial for achieving financial goals and more. Those who are interested in refinancing in an FHA mortgage may consider these steps. Understand the Rules … [Read more...]
Refinancing Tips: 5 Questions to Ask Your Lender to Ensure You’ve Done Your Homework
If you're looking to refinance your home, you're likely going to benefit from lower mortgage payments. But lower mortgage payments aren't the whole story with a refinance. A refinance plan may change several key terms of your mortgage agreement – which may work for or against you. Before you refinance, you'll want to ask your lender these five key questions – it'll help you ensure you're getting a deal you can afford. How Long Does It Take To Close? Closing a refinance isn't always … [Read more...]
Understanding the Principal Limit on a Reverse Mortgage and What Happens if You Reach It
If you're considering applying for a reverse mortgage, you'll want to ensure you understand certain critical factors. One such factor is the principal limit. The principal limit will have a strong influence on your finances, which is why you'll need to ensure you know – before applying for your reverse mortgage – what your principal limit is. So how does a principal limit work, and how can you find out what yours is? Here's what you need to know. Principal Limit: The Maximum Amount … [Read more...]
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