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Freddie Mac’s Home Possible® mortgage is designed to help low- and moderate-income households, as well as first-time home buyers, repeat buyers, and those looking to refinance, achieve the dream of homeownership. This mortgage program requires a down payment of only 3%, making it an affordable option for many people. In addition to offering lower mortgage … Read more

Improving your credit score is a relatively simple process, but it may take some time and effort. The most effective way to improve your credit score is to pay down your balances and make all your payments on time each month. If you need to increase your credit score quickly in order to buy a … Read more

Breaking a lease to buy a house in 2023 may seem like a daunting task, but with careful planning and determination, it is definitely achievable. If you have your heart set on purchasing a new home and are currently renting, you may need to consider breaking your lease in order to make your dreams a … Read more

Are you tired of feeling like you’ll never be able to afford your own home? It’s time to break free from that feeling and discover the numerous options available to help you achieve your homeownership goals. Gone are the days when you needed a hefty down payment to buy a home. In fact, there are … Read more

If you’re on the hunt for the most affordable state to buy a house in 2023, you may have a lot of factors to consider. From property prices to local taxes and utilities, the cost of living can vary significantly from one place to the next. But don’t worry, we’ve done the research for you! … Read more

Refinancing a home can be a smart financial move if it helps you save money or makes your monthly expenses more manageable. While some experts recommend refinancing only if you can get a lower interest rate, shorten your loan term, or achieve both, there are other potential benefits to consider as well. For instance, refinancing … Read more

Mortgage forbearance is typically offered as a temporary solution for homeowners who are experiencing financial hardship due to circumstances beyond their control, such as a job loss, medical emergency, or natural disaster. It is not a permanent solution and is typically offered for a limited time period. To qualify for mortgage forbearance, homeowners must usually … Read more

Deciding whether to prepay your mortgage or wait until the due date can be a difficult choice. Some things to consider before making a decision include the terms of your mortgage, including any prepayment penalties or fees, and your overall financial situation. It is important to carefully weigh the pros and cons and consider all … Read more

A conventional loan is a mortgage that is not insured or guaranteed by a government agency. Such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Conventional loans are the most common type of mortgage, accounting for 78.5% of new home sales in the first quarter of 2022 according to the … Read more

Jumbo loans are mortgage loans that exceed the maximum amount allowed by government-backed agencies Fannie Mae and Freddie Mac. These loans, which are used to finance expensive homes, often come with higher interest rates and stricter qualifying requirements due to the increased risk for lenders, who may have to hold onto the loans for longer … Read more

The process of purchasing a home is a major milestone in life that can bring a mix of emotions, including excitement and a bit of fear. However, there is no need to be anxious. One way to ease your mind and help you feel more confident about your home-buying journey is by using a home … Read more

Purchasing a home is a significant financial investment, and the down payment is often one of the largest upfront expenses. It’s important to note that the down payment is separate from closing costs, which are additional fees that are paid at the time of closing the home purchase. The down payment represents the portion of … Read more

When creating a plan for purchasing a home, it’s important to consider all the costs associated with the process, not just the price of the property. One major factor that can significantly impact your monthly mortgage payments is the interest rate. These rates can make a big difference in how affordable a home is, so … Read more

It is important to carefully select a mortgage lender when buying or refinancing a home, as this decision can have a significant financial impact for many years. To ensure that you find a trustworthy and competent lender, consider the following tips: Research different lenders: Look for lenders with a good reputation and compare their rates … Read more

Having good credit is a crucial aspect of financial power. It allows you to obtain loans and credit cards based on your ability to pay in the future. Building and maintaining a strong credit score can help you qualify for loans when necessary, such as for purchasing a car. However, not everyone has impeccable credit, … Read more

A home equity loan is a type of loan that allows you to borrow against the equity you have built up in your home. This type of loan is secured by the equity in your home and is typically offered at a lower interest rate than an unsecured personal loan. With a home equity loan, … Read more