7 Ways to Borrow When Retired
Many retirees believe that they can't obtain a loan (car, house, or emergency) because they no longer receive a salary. Although it may be challenging to borrow when retired, it's far from impossible. According to most experts, you should avoid borrowing from retirement plans such as 401(k), individual retirement accounts ...
Rate of Interest Reduction Refinance Mortgage Loan (IRRRL)
Rate of Interest Reduction Refinance Mortgage Loan (IRRRL) The rate of interest reduction refinance mortgage loan (IRRRL) is a home mortgage provided by the United States Department of Veterans Affairs (VA) to service professionals and military family members. The IRRRL, also referred to as VA Advanced Refinance Loan, helps debtors ...
Mortgage Preapproval Letter: How Long Does It Lasts
When the lender issues a mortgage preapproval letter, the document infers its validity for a specific period. Most creditors provide approvals in 90 days, but each financer establishes its deadlines and grants letters with 30 and 60-day time limits. The mortgage preapproval letter determines the amount of money you are ...
Down Payment Money: Where Should You Save It
Where Should You Save Your Down Payment Money? Saving for an initial deposit or down payment money on a house takes time. And while building your credit, you have many options to keep your down payment money safe—some methods can even be profitable over time. You may be excited to ...
Mortgage Refinancing Cost: How Much is it in Total?
Some homeowners refinance their mortgages when lenders' interest rates reach record lows; you might wonder if it’s worth it. Although refinancing would reduce expenses for the homeowner, the process also includes one-time fees (mortgage refinancing cost) known as closing costs. These costs are paid out of pocket at closing or ...
Top 5 Factors Mortgage Lenders Consider
The housing market has depreciated since the housing crisis, and lending institutions are scrutinizing mortgage applications. Lenders consider various credentials and factors before deciding whether to grant a loan to a potential candidate. Read more to learn these five factors that mortgage lenders consider. Factors that mortgage lenders consider 1. ...






