Refinancing allows borrowers to reduce their monthly mortgage rates and payments, shorten loan terms and convert home equity to cash. But refinancing can be complicated — even responsible borrowers with relatively high credit scores and a history of timely payments can be denied. What are the most common reasons why a refinance application may be rejected? Let’s explore four factors that play a large role in determining whether your application may be accepted. 1) Employment History If your application shows less than two years of steady employment (preferably in the same field and/or position ..read more

Many retirees dream of trading the responsibilities of homeownership for the carefree lifestyle of assisted living. Others would rather grow old at home near friends and family, where they can enjoy the fruits of their labor. But not every home is ideal for “aging in place.” Most require modifications to ensure occupants can live independently, safely and comfortably. If you’re thinking about aging in place, here are some recommended home upgrades to look into. Barrier-Free Entry As mobility decreases, something as simple as stepping over the front door sill can become difficult. Installing th ..read more

Spring cleaning is more than an annual tradition. It’s the necessary response to a long winter of tightly sealed homes and trapped indoor allergens. Wiping the slate clean of accumulated dust and dander provides a fresh start prior to peak allergy season. To ensure your household can breathe easier in the coming months, add these three oft-forgotten tasks to your spring-cleaning regimen. Dust Off Your Books You probably wipe down your bookshelves, but what about the books themselves? Left unchecked, accumulated dust and dander can damage book covers and turn pages yellow over time. You can saf ..read more

Positioned at the intersection of two adjoining streets, the corner lot is a polarizing topic in real estate circles. For some, it’s a premium plot of land; for others, it’s an area to be avoided. Truth be told, the upsides and downsides of corner lots can vary greatly from one location to the next. To understand what makes this topic so divisive, let’s explore some common pros and cons of these properties. Pros Corner lots tend to be larger than neighboring properties. There’s more room for entertaining, and children and pets have more room to roam and play. Plus, there’s ample space for ..read more

As you may know, saving for a competitive down payment was one of the primary obstacles homebuyers faced in 2023. With high prices and rising mortgage rates, many buyers have turned to down payment assistance (DPA) for relief. But while DPA can reduce upfront costs and make homeownership more accessible, it’s not necessarily for everyone. Let’s weigh the pros and cons of DPA so you can make an informed decision. Types of Down Payment Assistance DPA comes in a variety of forms, including: Grants, which require no repayment. Forgivable loans that require no repayment provided certain terms are ..read more

Finding the lowest available mortgage rate can significantly reduce the lifetime costs of your loan. In fact, reducing your rate by even a few percentage points could save you thousands of dollars long-term. But with rates constantly fluctuating and often increasing, what can you do to ensure you get the lowest rate possible? One method could be locking in your mortgage rate. What is a mortgage rate lock? As the market fluctuates, so do mortgage rates, and even the slightest increase can prove costly. For example, a 1-point rate increase on a $400,000 mortgage could add $4,000 to the costs ..read more

Traditionally, wintertime is a downtime for the real estate market. The weather is colder, wetter and often messy, which can be a little off-putting for potential homebuyers and sellers. But despite these seasonal challenges, winter can actually be advantageous for anyone interested in buying or selling a home. In fact, winter can offer buyers and sellers many benefits that other seasons cannot. For Buyers There’s less competition. Holiday gatherings and inclement weather tend to narrow the field. As a result, bitter bidding wars and last-minute losses to all-cash investors become far le ..read more

When applying for a mortgage, it’s important to understand the difference between conforming and nonconforming loans. Conforming loans offer more protections and could save you money long-term. Nonconforming loans are more accessible, offer larger loan amounts and carry a wider variety of features. Which is right for you depends on a combination of factors. Here are a few key considerations. Conforming Loans Conforming loans are designed to streamline the purchase of loans by government-sponsored entities (GSEs) Fannie Mae and Freddie Mac. To be considered conforming, loans must adhere to Fede ..read more

Along with the holidays come social gatherings, home cooking and elaborate decorative displays. But the season also comes with an uptick in house fires and other fire-related safety incidents. While cooking is the leading cause of house fires, holiday decorations cause countless fires each year as well. How can you avoid fire hazards this holiday season? 1. Cook responsibly. Cooking is responsible for 49% of house fires this time of year. Keep flammable items (e.g., grocery bags) clear of stoves, ovens and fryers, and never leave cooking unattended. Fully thaw frozen turkey before pl ..read more

In today’s competitive seller’s market where housing options are limited, you’ve taken the proactive step of securing a mortgage preapproval as you embark on your journey to purchase a new home. However, there’s something important to keep in mind: Your mortgage preapproval comes with an expiration date. So what’s your strategy if it expires before you finalize the deal? Let’s dive into your available options. Don’t panic — but do take immediate action. There’s no penalty for expired preapproval. Simply contact your lender to determine what steps are necessary. Most of your information will al ..read more