Want to be 100% responsible for someone else’s obligation? Cosign their mortgage, and you’ll be just as responsible for repaying the loan as they are! That’s true even if you’re cosigning simply to help them qualify for the loan. Before you take the plunge on cosigning for a house, make sure you know exactly what... Read More

When you buy a house, a big part of a lender’s decision whether to approve your mortgage rests on whether or not you can afford it.If you have a lot of debt, the monthly payments on those obligations chip away at the total amount you can pay each month on a mortgage. But that doesn’t... Read More

You don’t have a separate rating called a mortgage credit score, but lenders do look at your score, credit history and several other factors when deciding whether to approve you for a home loan. Contrary to what some people think, though, you don’t necessarily need an excellent or good credit score to get a home loan. How high your score... Read More

Javier Gonzales is legally a homeowner, but he says his first instinct is to say “no” if someone asks. This is because he hasn’t made the mortgage on the townhome he bought in years, and he doesn’t live there anymore. Gonzales says he owes $476,000 on the townhome, which is only worth around $263,000. “I don’t care... Read More

Borrowers who come to the table with lower credit scores can find that their mortgage loan costs more because of their bad credit scores.  This is true for first-time buyers as well as people buying second or third homes. A loan costs someone with a bad credit score more because of higher interest rates and... Read More

Is a 15-year fixed mortgage worth it? The answer, absolutely. A shorter term mortgage—15 years versus 30 years—is one of the best ways to reduce mortgage debt and can save you thousands of dollars in interest payments. For instance, consider the staggering difference between a 30-year mortgage and 15-year mortgage, both for $400,000. At 4%... Read More