Getting an FHA loan is one of the most popular ways for homebuyers to purchase a home with a low down payment in California. FHA loans are insured by the Federal Housing Administration and feature flexible credit and underwriting requirements. However you still need to meet certain criteria to qualify for FHA financing in California. … Read more
If you’re a veteran who already used your VA home loan benefit to purchase your first home, you may be wondering if you can qualify for a second VA mortgage The good news is that in many cases, yes, you can get approved for another VA loan even if you still have an existing one … Read more
Much like you do not buy the first home that comes your way, it’s important to select a mortgage provider after comparing your top alternatives. An easy way to do this is to ask loan officers that represent the lenders you shortlist a few questions. It’s also crucial to share all the information that a … Read more
When you cosign a loan for a friend or family member, you put your finances and creditworthiness on the line. Here’s what you need to know before you cosign a loan. A cosigner is not the main borrower. When you cosign a loan, you agree to be responsible for someone else’s debt. If the main … Read more
Closing costs are the fees charged by lenders and third parties to finalize and fund a new mortgage loan. These costs are typically due at closing and can range from 2% to 5% of the total loan amount. For homebuyers, coming up with thousands of dollars in cash for closing costs can be a challenge. … Read more
Theres no question that the home buying landscape is tough right now. Not only are mortgage rates at 23-year highs, but other issues, like widespread inventory shortages and high home prices in most markets, are making it tough for buyers to afford a home. But while these types of issues are making it less than … Read more
Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners. Deciding between a VA loan or … Read more
Amortized loans are a common type of loan in which the loan amount is paid off over time through regular fixed monthly payments. Each monthly payment is made up of both interest and principal allowing the loan to be fully paid by its maturity date. When loans are amortized the monthly payments are structured to … Read more
A 40-year mortgage is like a traditional 15- or 30-year mortgage, but it offers an extended repayment term. Having ten more years to pay off a loan can give you lower monthly payments, but in the long term you’ll pay far more interest. 40-year mortgages can be a more affordable way to purchase a home … Read more
If you already have a personal loan, can you get another one? The short answer is yes. There’s no limit to the number of personal loans you’re allowed to have. However, the amount of debt you can take on is limited to how much a lender is willing to let you borrow. Taking out multiple … Read more