Whenever you make a large purchase, such as a house or a car, you will likely need to make a down payment. How much down payment do you need? It depends on the purchase and who is giving you the loan. What happens if you change your mind on your purchase? Will you lose your down payment? Learn the ins and outs of down payments here.
Co-Signing Mortgage Loan Means You’re Responsible
What should you do if a friend wants you to co-sign a loan? Is there a way to co-sign a mortgage loan and not be financially responsible if your friend can't make the mortgage payments? There's no way for you to co-sign a loan for your friend and not be fully responsible if the debt goes bad.
Bank Underwriting Commitment Needed For New Home
A home buyer is having trouble securing financing for a mortgage and hopes a bank underwriting commitment may help. His home purchase contract has a no-financing contingency. There are several options for getting a loan but also warns against signing a purchase offer without a financing contingency.
Research Financing Options When Buying A Home
Is borrowing from your 401(k) plan a good option for making a down payment on a home? It depends on the rules of your 401(k) plan. Start by talking with the plan administrator but also consider a 100 percent financing deal may be a better option.
Bill Proposes Automatic Cancellation Of PMI
Private mortgage insurance (PMI) is one of those necessary expenses if you plan to buy a home with less than 20 percent down in cash. But recent action by Congress may end the practice of letting PMI go on indefinitely, even after the equity on the loan has grown to more than 20 percent, unless the borrower takes steps to cancel the policy.