30-Year vs. 15-Year Mortgage: An Overview A bewildering variety of mortgages may be available, but for most homebuyers, in practice, there is only one. The 30-year fixed-rate mortgage is practically an American archetype, the apple pie of financial instruments. It is the path that generations of Americans have taken to first-time [...]

Table of Contents Expand What Is a Home Appraisal? How Today’s Home Appraisals Work Home Appraisal Fees Help for a High-End Appraisal Before the Appraiser Comes If You Secure a Good Appraisal  Getting a Second Opinion When the Appraisal Is Low Home Appraisals: The Bottom Line When you refinance your [...]

Quicken Loans vs. Your Local Bank for Mortgage Loans: An Overview Since the dot-com boom of the late 1990s, online mortgage companies have become an increasingly significant force in the home loan industry. Leading the charge is Quicken Loans, now the largest retail mortgage lender in the country.  Does the [...]

Jumbo vs. Conventional Mortgages: An Overview You might need a jumbo mortgage to finance it if the next home you plan to purchase comes with a particularly steep price tag. These loans are often run into the millions of dollars. They finance luxury properties, as well as homes in highly [...]

Table of Contents Expand What Is Escrow? Open an Escrow Account Await the Bank’s Appraisal Secure Financing Approve the Seller’s Disclosures Obtain the Necessary Inspections Hazard Insurance Title Report and Title Insurance The Final Walk-Through HUD-1 Form Close Escrow The Bottom Line Buying a house can be a complicated process [...]

For some consumers, meeting with a mortgage lender face-to-face provides a certain peace of mind. But the popularity of online mortgage companies like Quicken Loans, the largest of the internet-based firms, shows that plenty of folks are perfectly comfortable applying for a loan outside of an office. If you’re shopping [...]

Ethical violations and criminal activities in various industries have affected our economy over the past few decades, particularly in the banking, financial and housing sectors. Let's examine the complex ethical and criminal issues surrounding mortgage fraud. What is Mortgage Fraud?  Fraud in its simplest form is deliberate misrepresentation and deception: [...]

Buying a home can be a very exciting step, especially if you're a first-time homebuyer. There's so much to think about, from getting everything on your must-haves list to finding the right location. Not to mention the excitement of decorating and furnishing your new home after you've received the keys. [...]

Real Estate Agent vs. Mortgage Broker: An Overview Real estate agents and mortgage brokers share similar job attributes, as both help their clients obtain residential or commercial properties. A real estate agent helps buyers and sellers find or sell a physical property, and a mortgage broker helps their clients purchase [...]

The tax law for Canada's homeowners is very different from the system in the U.S. Notably, the interest on a mortgage for a principal private residence is not tax deductible. However, all capital gains upon selling the home are tax exempt. But there is a way Canadians can effectively deduct [...]