For years, Quicken Loans has prided itself on being the best online mortgage broker in town. Its simple application process has helped it grow into one of the largest mortgage companies in the business, accounting for 6% of the mortgages in the United States. That puts them right behind banking giants like Wells Fargo and…
I recently took a new job in another state, which caused me to sell my home and find a place to rent. I’ve now been renting for over a year and must say that I love it. I like not having to worry about repairs or paying property taxes. But one of the things I…
Ah, 2007. In that year, we were introduced to the original iPhone, the Dow Jones closed above 14,000 for the very first time in history, and the Spurs beat the Cavaliers for an NBA Championship. Unfortunately, it’s also the year that the housing market imploded, leaving millions upside down in their mortgages and hundreds of…
You may have heard about the home equity line of credit (HELOC) strategy to pay off your mortgage early. This unconventional idea has become more popular in some personal finance circles over the years. While the idea is simple enough, in theory, there’s plenty you must know about the strategy before you commit to this…
Mortgage rates are rising again. But they’re still pretty low historically. And rates on a 15-year mortgage are even lower than rates on a 30-year mortgage. Freddie Mac’s average 30-year mortgage rate for October 2017 was 3.90%. But you could get a 15-year mortgage for 3.20% or even less (see current interest rates here). The…
My family is on a long journey toward homeownership. Despite plenty of questions about when our little family of three will move out of our tiny apartment and into a home, we know we’re just not ready to buy a home yet. The main reason? We know how much money we’ll have to save before…
Are you preparing to buy a home or sell the one you’re in? If so, the home appraisal process will be incredibly important. If you’re selling your home, a professional appraisal can help you set a fair, realistic listing price. If you’re buying a home, your lender will require a professional appraisal to ensure it…
When it comes to buying a home, you may think that your only option is a 30-year, fixed-rate mortgage. But there are plenty of options out there. Here’s a basic overview of 16 types of mortgages, some common and some less so. Fixed-Rate Mortgage Fixed-rate mortgages are the most popular option. Set interest rates mean…
There are various ways how to get rid of PMI, a.k.a., private mortgage insurance. A reader posted this question on Facebook: The writer of the Facebook question is pointing toward one of several possibilities for getting rid of PMI. But before we get into that, what is PMI? What is PMI and How Does it…