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5 min read

Should I Refinance My Mortgage to Pay Off Debt?

By Home.com on 2/6/23 10:00 AM

If you’re saddled with significant debt, you might wonder if refinancing your mortgage to pay off debt is a good idea.

Millions of Americans are dealing with consumer debt—estimated to have increased to $15.31 trillion in the third quarter (or Q3) of 2021, an increase of 5.4% or $772 billion.

And consumer debt is not the only kind they have to figure out how to repay. 

Topics: Planning in Advance Loan Financial Wellness Financial Literacy Debt
5 min read

When Will Interest Rates Go Down?

By Home.com on 1/13/23 10:00 AM

Mortgage rates have been consistently on the rise as the Fed struggles to battle inflation. 

With a recession looming in the distance, you might ask yourself: “Is now the right time to buy a house?” 

It’s an understandable question considering how inflation has soared, house prices are high, and mortgage rates keep rising in response. No one wants to make a wrong financial decision. 

But it might not be a bad financial decision to buy a house right now. Let’s talk through mortgage rates, how they work, and whether or not today is the right time to buy a home, given the state of the market.

Topics: Financial Planning Planning in Advance Loan Financial Literacy Budgeting
7 min read

Buyer's Guide to USDA Loan Credit Score Requirements

By Fairway Independent Mortgage Corp. on 1/9/23 10:00 AM

The USDA home loan credit score requirement is surprisingly reasonable, especially considering that it’s a 0% down mortgage.

Most lenders require a 620 minimum credit score, but if your score falls below that, you’re still in the game. The U.S. Department of Agriculture (USDA) doesn’t set a hard minimum, which means lenders can still approve you with a lower score.

Wondering how? We’ll break down the USDA credit score requirements and what you can do to increase your chances of qualifying for a mortgage.

Topics: Financial Planning Loan Financial Literacy
23 min read

Down Payment Assistance: 50-State Guide to Homebuying Programs

By Fairway Independent Mortgage Corp. on 1/6/23 10:00 AM

Short on cash for your mortgage down payment? You’re not alone.

A Realtor.com study revealed that 45% of first-time homebuyers cited a lack of down payment funds as their biggest barrier to buying. It was the most-cited homebuying barrier by a wide margin. 

After all, even a small down payment on a modest home requires thousands of dollars — a tough hurdle, especially as today’s rising rent prices make it even harder to set aside money.

But you may not need to save a huge down payment all by yourself. Many loan programs offer low and no down payment options, and you may also qualify for down payment assistance*.

Topics: Financial Planning Planning in Advance Loan Financial Literacy
4 min read

How Much Home Can I Afford?

By Home.com on 12/16/22 10:00 AM

Deciding to own a home is not only a major lifestyle change but also likely one of your biggest investments.

When searching for a home, you’ll want to consider your comfort on many levels – including what you can reasonably afford.

We’ve provided a guide to the basic factors that impact how much home you can afford, including details about your personal finances and the costs of a mortgage.

As you move toward buying a home, a loan officer can recommend the most affordable loan options and help you nail down more specific costs of owning a home.

Topics: Financial Planning Planning in Advance Loan Financial Literacy
6 min read

What Are Experts Predicting About Mortgage Rates?

By Home.com on 12/12/22 10:00 AM

If you’re considering purchasing a new home, you’ve likely been paying attention to mortgage rates. 

Unless a homebuyer can make a cash offer to buy a home, mortgage rates can make a big difference toward when they buy and what kind of home loan product they use.

The housing market has been quite volatile over the last couple of years. Mortgage rates had incredible lows at the beginning of the pandemic, but, as expected, rate increases came about this year.

Topics: Financial Planning Planning in Advance Loan Financial Literacy
7 min read

Choosing a Mortgage Lender: The Number One Question to Ask

By Fairway Independent Mortgage Corp. on 11/14/22 10:00 AM

You’ve got a lot of decisions to make when you buy a home: property type, city, neighborhood, square footage, amount of yard space.

But choosing a mortgage lender is almost as important as choosing your home, especially in today’s real estate market. The right lender can help you gain a competitive edge over other buyers and get into the home you want.

Topics: Reverse Mortgages Loan Financial Literacy
5 min read

Reverse Mortgages: No Longer Just a Loan of Last Resort

By Fairway Independent Mortgage Corp. on 6/24/22 10:00 AM

Many people have very strong opinions on reverse mortgage loans. Frequently, those opinions are based on misconceptions about what reverse mortgages are and how they work. One such fallacy that continues to live on is that reverse mortgages are just a loan of last resort—something that’s only for cash-strapped homeowners to utilize when all other viable solutions have been exhausted. 

In a recent New York Times article titled Reverse Mortgages Are No Longer Just for Homeowners Short on Cash, the author writes: “It was conventional wisdom that a reverse mortgage was a last-resort option for the oldest homeowners who desperately needed cash. But a growing number of researchers say these loans could be a good option for people earlier in their retirement […] who are not needy at all.”

Topics: Retirement Planning Financial Planning Planning in Advance Lifestyle Planning Reverse Mortgages Loan Financial Security
2 min read

Student Debt: Understanding Financial Aid Packages

By EveryIncome on 4/18/22 11:00 AM

Getting accepted to an academic program can be one of the most exciting events in a student’s academic career. However, this excitement is often followed by panic. Many students and their families become overwhelmed by applying for financial aid, taking out loans, and cutting costs to afford a college education. Student debt is something that can plague individuals and their families long after graduation, but doing extensive research before borrowing can help. Here are a few things that borrowers should know about student debt before they sign on the dotted line.

Topics: Financial Planning Loan Financial Literacy Debt