How to Determine the Right Mortgage for You: The Pros and Cons of Each Type

Finding the right mortgage can be a struggle. There's a wide array of mortgage products on the market, and you don't always need to get a mortgage through your bank - and with so many options, it's hard to know which one is your best bet. Your ideal mortgage will depend on your own individual financial situation, but when you understand how different kinds of mortgages work, it's easier to choose the right one. Here's what you need to know about mortgage types.

Key Questions to Ask Yourself Before Deciding to Refinance Your Mortgage

If you're looking to reduce your interest payments or get more favorable loan terms, there are lots of ways you can change your mortgage. But one of the most effective ways to take advantage of low interest rates is with a mortgage refinance. That said, refinancing typically comes with a variety of costs and may not be a good solution or all homeowners. So how can you tell whether it's a good idea to refinance your home? Here are three questions you need to ask yourself if you want to find out.

Budgeting for a New Home?: 3 Unlikely Costs to Consider in Your Overall Budget

If you're planning to buy a new home in the near future, you're probably working hard to prepare a budget and determine how much you can afford before you start viewing homes. While it's good to have an idea of what you can pay for a new house, many buyers routinely miss several key home buying costs that can later cause a variety of problems. Before you start looking for your new home, make sure you add these three commonly forgotten costs to your budget.

Rookie Mistakes: Don’t Make These 4 First-Time Homebuyer Mistakes

Buying your first home is exciting. Many young people view homeownership as the definitive mark of adulthood, the final milestone on a decades-long journey. And while becoming a homeowner is cause for celebration, you'll want to ensure you keep your enthusiasm in check just a little while longer. Keep a level head and you'll easily avoid these common mistakes first-time buyers make.

How the Truth in Lending Act Protects You When You Take Out a Mortgage

If you're planning to get a mortgage, it's critical that you know your rights under the law. The Truth in Lending Act (TILA) is a piece of federal legislation that governs how mortgage lenders can and cannot operate their businesses. So how does the Truth in Lending Act protect you, and what are your rights under this legislation? Here's what you need to know.

5 Steps Towards a Better Credit Score You Can Take Today

When it comes to finding the best mortgage, your credit score is a major determinant as to the kinds of rates and conditions you can get. Lenders quite understandably want to manage their risk. But for a number of potential homeowners, these practices and policies can be a barrier to home ownership. The good news? If your credit score isn't great, you can easily improve it and get better lending terms. Here are five steps you can take right now to give your credit a boost.

3 Tips and Tricks to Make Mortgage Pre-Qualification Easy

If you're planning to buy a home, you should know that the mortgage pre-qualification process is the first in a series of steps that eventually lead to home ownership. A pre-qualification is different from a pre-approval - the pre-qualification meeting is simply you and your lender hashing out how much you can afford to spend on a property. But once you've been pre-qualified, it makes the mortgage process easier. So how can you make the pre-qualification quick and painless so you can get on with your house hunt? Here's what you need to know.

It Isn’t Always a Clear Road after Pre-approval: 4 Reasons Why Your Mortgage May Be Denied

So you've been pre-approved for a mortgage - great! You've taken the first step toward becoming a homeowner. But before you start picking out china patterns, you'll want to keep in mind that a pre-approval isn't the same thing as a mortgage agreement. There's still no guarantee that you'll actually get a mortgage. But why would a lender deny a mortgage after pre-approving a borrower? Here's what you need to know.

Video: What Is “Prime”?

What Is Prime? The Prime Lending Rate - sometimes just called "Prime" - is the interest rate that banks charge each other for overnight loans. Some consumer rates - like ARMs - are set in relation to Prime.

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