Home Equity and Investment Properties One of the benefits of owning a home is building equity in that property over time. Equity is the difference between what your home is currently worth and how much you owe on your...
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Protect Yourself with a Home Inventory Taking a home inventory means that you are documenting the valuables in your residence, usually by taking photos of them and saving any receipts that prove how much you spent on them. The...
Do You Need an Owner’s Title Insurance Policy? When you take out a mortgage, your lender will order a title search. During this search, a title insurance company will review your home’s history to make sure there aren’t liens...
Best Strategy for an ARM (Adjustable Rate Mortgage) The key to earning the most savings from an Adjustable Rate Mortgage is to turn this mortgage into a shorter-term loan. That’s because ARMs come with an adjustable period during which...
Prepayment Penalties: Still an Issue? A prepayment penalty is a fee that mortgage lenders charge if you pay off your mortgage loan too early. You might incur this fee if you refinance your mortgage or sell your home too...
How to Save by ‘Overpaying’ Your Mortgage When you make your monthly mortgage payment, whether you pay with a recurring withdrawal from your checking or savings account or send a check to your lender, you’ll have the option to...
The Augusta Rule: A Special Tax Break Originally created to protect the residents in Augusta, Georgia, who rented out their homes to attendees of the annual Masters Tournament, the Augusta Rule dates back to the 1970s. At that time,...
What Is the 28/36 Rule? The 28/36 rule is a helpful budgeting strategy. It states that you should spend no more than 28% of your gross monthly household income — your income before taxes are taken out — on...
How Much Money Do You Need to Buy a House? When it comes to preparing for a home purchase, different sources offer varying guidance on how much you should save. Most recommend setting aside between 5% and 25% of...
What Should You Pay on a Personal Loan? A personal loan is a type of installment loan, meaning you repay it in fixed monthly payments over a set term with interest. How much you’ll pay each month depends on...