Bella Mertz When you need cash for an unexpected expense but have less-than-perfect credit, a secured loan using your car or truck as collateral can provide funds fast. With a vehicle as security for the loan lenders take on less risk so can offer affordable rates and flexible terms even to borrowers with challenged credit. This guide … Read more
Buying a home is likely the biggest purchase you’ll ever make And when it comes time to get a mortgage, you’ll be working closely with a mortgage loan officer But have you ever wondered how these professionals get paid for their work? As a first-time homebuyer, I had no idea how loan officers were compensated. … Read more
Foreclosure is one of the most dreaded words for homeowners. The thought of losing your home to the bank can be terrifying. But what exactly happens when a property goes into foreclosure? Essentially, it is transferred from the homeowner to the mortgage lender – involuntarily. Let’s break this down and understand the key aspects of … Read more
Every year the number of cohabiting is increasing. According to the US Census Bureau, there were around 18 million unmarried couples living together in 2016 (a 29% jump from 14 million in 2007), and one can only assume that the count has been increasing steadily. It looks like more and more unmarried people prefer to … Read more
When it comes to financing a home purchase, there are various mortgage options available to homebuyers, each with its own unique features, requirements and advantages. When deciding if a USDA loan is right for you, it’s helpful to compare these loans to other loan types, such as FHA, VA and conventional loans, to help you … Read more
Looking to buy land and build your dream home from the ground up? A land loan can help make that possible. But land loans work a bit differently from traditional mortgages so it’s important to understand how land loan mortgage rates and terms differ. In this comprehensive guide, we’ll cover everything you need to know … Read more
Loan officers and underwriters are both essential to the mortgage industry and the home-buying process. But can a loan officer influence the underwriting process? An underwriter must maintain an unbiased opinion when it comes to evaluating the risk potential of a loan. For this reason, the interaction between a loan officer and an underwriter is … Read more
We’re here to help! First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. Read more We develop content that covers a variety of financial topics. Sometimes, that content may include information about products, features, or services that SoFi does not provide. We aim to break … Read more
When you make an offer on a home, there is always a risk that the appraised value will come in lower than the purchase price In that case, how much will lenders be willing to loan above the appraisal value? There are limits, but some flexibility exists depending on the type of loan Why Appraisals … Read more
For the past 52 years, Harold Averkamp (CPA, MBA) has worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com. When a loan is originated, there are often fees charged to the borrower. These fees can include origination fees, … Read more