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Posts about Mortgage (2)

7 Ways to Make Homebuying Easier

By: American Heritage 02.01.24 3 minute read Mortgage

Without the right support and preparation, buying a home can feel a lot like putting together a puzzle with only half of the pieces: time-consuming and frustrating. From house-hunting to closing, the homebuying process takes 4 to 6 months on average and involves multiple moving parts, so it’s no surprise that many homebuyers find it overwhelming. If you want to simplify and streamline your experience, you can take steps to better prepare and set yourself up for a smooth road to homeownership.

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How Much Should You Spend on Rent?

By: American Heritage 09.14.23 3 minute read Mortgage

If you’ve checked out rental listings lately, you know that rents are going up, up, up. Demand for apartments has surged, making many markets super competitive. Finding a place to call home at a reasonable price can be challenging. The burning question is: how much of your income should go toward a rent budget? In this article, we'll explore some practical guidelines and steps to help you figure out how much rent you can afford without busting your budget.

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Our Top Tips for New Homeowners in the First 24 Hours

By: Holly Love 08.24.23 3 minute read Mortgage

You just purchased your new home—now what? Before you make the big move, there are important safety, maintenance, and convenience steps to take leading up to and right after making yourself at home. Let’s learn how to make the most of your first 24 hours in your new place.

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What Happens If I Miss a Loan Payment?

By: Holly Love 07.20.23 3 minute read Mortgage Credit

Life is unpredictable. An emergency, unexpected illness, or a bout of forgetfulness can all end in a missed loan payment. While missing a single payment may come with unwanted consequences like fees or penalties, it will not result in financial ruin. Stay calm and keep reading to learn what happens if you miss a loan payment.

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Smiling mother and daughter surrounded by moving boxes, with the child playing inside one, suggesting a recent home move or new beginning.

Flexible Financing: Exploring the World of Adjustable-Rate Mortgages

By: American Heritage 06.29.23 3 minute read Mortgage

Buying a home is an exciting step that requires making many decisions, like picking the right mortgage to fit your financial goals and current situation. One option to think about is an adjustable-rate mortgage (ARM). ARMs have their advantages and disadvantages, so think carefully before deciding on a home loan.

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A key sits on top of a mortgage application.

What Do the New Loan-Level Pricing Adjustments (LLPAs) Mean for Mortgage Rates?

By: Holly Love 05.04.23 3 minute read Mortgage Policy & Economy

You may have seen in the news that there is a “new” tax for mortgage borrowers with higher credit scores. Bold headlines are claiming that those with a higher credit score will be paying more to subsidize those with lower credit scores, sometimes going as far as to wrongly suggest that you should deliberately lower your credit score to pay less. This has been misconstrued.

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Man reviewing financial documents at home with a tablet in hand, surrounded by paperwork and a coffee mug on the table.

What is PMI?

By: American Heritage 03.25.23 3 minute read Mortgage

Private mortgage insurance (PMI) is an often-overlooked cost that homeowners may need to pay when buying a home with a conventional mortgage or refinancing that loan. Understanding PMI can help you to avoid paying it or saving money in the long term. Here’s what you need to know:

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couple-in-front-of-their-new-purchases-home

How to Buy a Home in a Hot Real Estate Market

By: American Heritage 05.05.22 3 minute read Mortgage

A hot real estate market can pose a real challenge for hopeful buyers – especially for those looking to buy their first home. But that doesn’t mean you can’t find a place you love and get your offer accepted. It just takes a combination of patience and fortitude, plus a little homebuying know-how. Not sure where to start? Read on for some smart steps to follow.

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Can I Get Approved for a Mortgage with Student Loan Debt?

By: Holly Love 04.01.22 4 minute read Mortgage Education

Getting approved for a mortgage when you have college debt can be complicated – but having student loans does not mean an automatic denial. Nearly 46 million Americans have student loan debt as of 2022, and many of those holding loans are looking to be homeowners soon.

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Buying a Home with an FHA Loan

By: American Heritage 02.03.22 3 minute read Mortgage

If you have limited savings or less-than-perfect credit, the dream of owning your own home may feel out of reach. You’re not alone, but don’t think you’re out of luck either. FHA loans are designed to help people with these challenges achieve the goal of homeownership by providing a mortgage that may work with their financial situation.

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