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 …

4 Times Home Equity Loans Can Help You Out

Weekend Images/iStock Home equity loans can help you get out of debt, pay for home improvements and other big expenses, and put you well into the black, financially speaking. Home equity money is yours to use as you wish, but most home owners focus on multiple economic priorities. Here are four ways to use a …