Refinancing from an FHA to a conventional loan may be beneficial if current refinance rates are lower than when you first took out the loan, potentially saving you thousands of dollars. While conventional loan interest rates are typically a bit higher than FHA rates, you could still secure a lower interest rate through refinancing. Refinancing…
Yes, you can write off student loan payments if you paid interest on a qualified student loan in the tax year and meet IRS requirements. The student loan interest deduction allows you to reduce your taxable income. If you meet the criteria, you can benefit from this tax break. Paying off student loans can be…
HMDA data is crucial for assessing housing needs, guiding policy decisions, and uncovering potential discriminatory lending practices. The public data is modified to protect privacy. The Home Mortgage Disclosure Act (HMDA) serves as a vital tool for evaluating and addressing housing needs, informing policy decisions, and exposing potential lending discrimination. By providing transparency and insights…
To find your loan servicer, check your account dashboard for the “My Loan Servicers” section. Additionally, you can call your mortgage servicer or review your credit report for mortgage or other loan details. If you have federal student loans, log in to your Federal Student Aid account dashboard to view your loan servicer information. Are…
VA loans do not require a home inspection, but it’s a good idea for added protection. While the Department of Veterans Affairs (VA) doesn’t mandate a home inspection for VA loans, it’s advisable to have one done to assess the property’s overall condition. A thorough home inspection can reveal potential issues that may not be…
The purpose of the lender’s appraisal is to determine the market value of the property being used as collateral for a loan, ensuring the lender’s investment is protected. This assessment helps the lender evaluate the risk associated with the loan and make informed decisions about approval and terms. Additionally, it identifies potential issues with the…
Closing escrow means that all parties have satisfied the terms of the deal and the transaction can be completed. The escrow account holds funds until they can be released at the close of escrow. In real estate, “closing escrow” signifies the finalization of a property sale. It is the point in the transaction when all…
Yes, refinancing does reset your loan term. When you refinance, you’re essentially starting over with a new loan. Refinancing your loan means replacing your current loan with a new one. This could result in a shorter or longer repayment period, impacting your overall loan term. However, the decision to refinance is often driven by the…
An Ibr, or income-based repayment, is a plan that calculates your monthly loan payment based on your income and family size. It adjusts as your income changes, providing relief for borrowers facing financial difficulty. The Ibr plan is part of the income-driven repayment (IDR) options available to student loan borrowers, offering a feasible solution for…
Purchasing commercial property with no money is possible through creative financing options such as permanent loans, SBA loans, bridge loans, and hard money loans. These options can provide the necessary funds for the acquisition without a substantial upfront investment. Additionally, strategies like subject-to deals, traditional consumer loans, and leveraging collateral can also be employed to…
You can get a loan without a cosigner by applying for a personal loan from certain lenders or by building a strong credit history. It’s possible to secure a loan without a cosigner by demonstrating a stable income and a good credit score. When applying for a loan without a cosigner, it’s important to research…
A Credit Underwriter is responsible for assessing and analyzing corporate credit risks with a certain level of authority and limited direct supervision. They play a critical role in determining the creditworthiness of loan applicants and ensuring favorable portfolio quality through effective risk management. Credit underwriting is a pivotal function in the financial industry, involving the…
A 620 credit score is considered fair and may indicate past credit difficulties or a lack of credit history. This score is generally considered subprime, making it more challenging to qualify for loans and credit cards with favorable terms. Having a 620 credit score can significantly impact your financial opportunities. Lenders may view you as…
No, a deed of trust does not show ownership of a property. It is a legal document used to secure a loan for the property. A deed of trust is an agreement between a home buyer and a lender, stating that the buyer will repay the loan and the lender will hold the property’s legal…
Shared ownership, also known as co-ownership or equity sharing, involves multiple owners sharing ownership of a property. This arrangement allows individuals to purchase a share of a property, usually through a housing association, and pay a mortgage on the owned percentage while also paying below-market-value rent on the remaining share. It provides an opportunity for…