Dear Experian, Is it better to pay off the entire balance on a credit card each month, or to leave a small balance to carry over? – OHR Dear OHR, Paying your credit card balance in full each month can help your credit scores. There is a common myth that carrying a balance on your…
Competitive rates could save homeowners thousands, experts say For many middle-aged and older homeowners with several years of equity on their homes, 2021 could be a prime time to refinance from a 30-year fixed-rate mortgage into a 15-year mortgage. The three primary reasons homeowners refinance to shorter-term loans are to save money on interest, to pay…
First-time homebuyers with an above-average tolerance for risk (and the wherewithal to do some fixing up) may be able to nab a major bargain by buying a foreclosed home. Foreclosures typically sell below market value, but there are complications to consider. How Does Buying a Foreclosed Home Work? Foreclosure occurs when a mortgage borrower fails to…
For many, the homeownership journey logically begins by trying to figure out how much house you can afford. But there’s an even better question you should ask yourself first. Instead, start by answering the question, “What do I need from my future home and why?” It’s your answer to that question that really dictates why…
Here’s exactly how much money you need for a down payment There’s a common misconception that you need a 20% down payment to purchase a home. But the truth is, your down payment depends on your lender, credit score and the type of mortgage you qualify for. For example, some loans require as little as 3%…
Mortgage applications to purchase a home fell 5% for the week but were 26% higher than the same week one year ago. Low rates continue to fuel refinance volume, which rose 4% for the week and was a stunning 124% higher than a year ago. What was expected to be a mundane year in the…