With the world having turned upside down over the past year, you may be taking stock of your life and considering major life choices. Should I change my job? Should we have another kid? Should I sell my house and move to another town? Any large life event is one that should be carefully considered. […]
The post Should I Sell My House? Reasons to Sell (or Wait) in 2021 appeared first on SoFi.
There are a number of factors that affect house prices, from the age, condition, location and size of your home, to broader factors like the economy and current interest rates. If youâre thinking about putting your house on the market, itâs important to know what determines property value so you can ensure you get the […]
The post 7 Important Factors That Affect Property Value appeared first on SoFi.
When it comes to what hurts a home appraisal, some of the main factors include updates that were needed but weren’t made, comparable properties, your home’s location and whether you hired an inspector to flag any issues or necessary repairs. By getting out ahead of the factors within your control before an appraisal, you may […]
The post What Hurts a Home Appraisal? appeared first on SoFi.
If youâre applying for a mortgage, you probably expect the lender to take a look at your income, debt, credit history, employment, and assets. Thereâs another loan element the lender will consider that may be less familiar: an objective property valuation. What Is a Property Valuation? Sellers may use a property valuation to determine how […]
The post Understanding Property Valuations appeared first on SoFi.
Qualifying for a loan is sometimes easier said than done. Just because you need a mortgage to buy your first home, or a personal loan to consolidate and pay off credit card debt, doesnât mean a lender is going to magically understand and give you the exact loan and interest rate you want. Thankfully, if […]
The post Using a Coborrower on Your Loan appeared first on SoFi.
A reverse mortgage is a loan that allows homeowners to turn part of their home equity into cash. Available to people 62 and older, a reverse mortgage can be set up and paid out as a lump sum, a monthly payment or a line of credit, which can then be used to fund home renovations, […]
The post What Is a Reverse Mortgage? appeared first on SoFi.
If youâre a homeowner, your house is not only the place you call home but also an asset. In fact, itâs the largest asset of most Americans, according to the most recent Federal Reserve Survey of Consumer Finances. That asset can be even more valuable, because it can sometimes be used as collateral for a […]
The post What Is a Second Mortgage? appeared first on SoFi.
PMI or MIP may be the ticket to homeownership if you have a down payment of less than 20%, but mortgage insurance adds up over the years and is something to pay attention to. Private mortgage insurance may be required for conventional home loans, those not backed by the government. Mortgage insurance premium is always […]
The post Private Mortgage Insurance (PMI) vs. Mortgage Insurance Premium (MIP) appeared first on SoFi.
At its simplest, a piggyback mortgage can be defined as a second mortgage, typically a home equity loan or home equity line of credit (HELOC). Piggyback mortgage loans might be a smart option for homebuyers looking to finance a home without a large down payment. They are taken out at the same time as main […]
The post What Is a Piggyback Mortgage Loan? appeared first on SoFi.
Your APR, or Annual Percentage Rate, is an important term for any potential homebuyer to know. Distinct from your interest rate, your mortgage APR tells you the overall cost of your mortgage loan, taking into account both your interest rate as well as any additional costs. Understanding what an APR is and how it can […]
The post Understanding Your Mortgage APR appeared first on SoFi.