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Think You’re Playing Mortgage Rate Roulette? Here’s Why

Viktor Senkov/iStock/Thinkstock If you’re shopping for a home, you’ve probably already met with a lender and obtained a pre-approval letter based on your credit history, income and assets. Hopefully, your lender also explained to you that mortgage rates fluctuate daily and from one loan program to another. If not, make sure you ask for an …

The Worst Mortgage Advice Home Buyers Actually Believe

Sam Edwards/Getty Images Getting a mortgage is a daunting prospect, which explains why so many people seem eager to pat your hand and say, “Let me give you a little advice.” Sure, those pearls of wisdom may come from an ocean of good intentions, but the suggestions might not necessarily be right for you. In fact, they could …

4 Ways Mortgage Lenders Can Help You Buy a Home

KittisakJirasittichai/iStock In the long home-buying journey, lenders are often pegged as the bad guy—the villain who holds the purse strings and decides whether (or not) to loosen ’em up and grant you a mortgage. OK. Let’s take a step back. This bad rep is mostly a bad rap. Because the reality is that lenders make homeownership possible for the majority …

How to Assume a Mortgage So a Seller Can Move On

If you offer to assume a mortgage, you could be making life easier for the seller and make them more motivated to accept your purchase offer. Of course, assuming a mortgage is not be the traditional means of buying a home. In most instances, you apply for a mortgage through a lender, find a home for sale, and use …

What Is a Jumbo Loan? It’s Not as Huge as You Might Think

BrianAJackson/iStock; realtor.com At first glance, a jumbo loan seems self-explanatory: It’s a great, big loan, right? Essentially, that’s true. Obtaining a jumbo loan allows you to borrow a higher loan amount than the maximum value of a conforming loan. A conforming loan essentially “conforms” to guidelines set by Fannie Mae and Freddie Mac. A nonconforming loan does not—in this …

Considering a Reverse Mortgage? The Rules Have Changed

blueflames/iStock New regulations that went into effect last month aim to make sure that seniors don’t get themselves into financial trouble if they take out a reverse mortgage. Seniors may wish to use a reverse mortgage to access their home equity, but consumer advocates have been wary of the option, especially if it leaves homeowners …