What Does Being “House Poor” Mean and What To Do About It
Home equity in a primary residence is the largest source of wealth for families across the nation, according to the National Association of Home Builders. As a result, many people see homeownership as...
View ArticleShould I Pay Off My Mortgage or Invest?
Whether it’s a financial windfall, accumulated savings, an annual bonus or a pay increase, you may be wondering whether it’s better to invest your extra cash or pay off your mortgage early. Regardless...
View ArticleWhat Is Mortgage Delinquency?
Mortgage delinquency is a term used to describe the state of a mortgage when the borrower falls behind on their payments. This can happen for a variety of reasons, and it can lead to plenty of...
View ArticleWhat Are Underwater Mortgages?
When it comes to owning a home, some surprises aren’t as welcome as others. If you just found out that your outstanding mortgage balance is more than your home is worth, you have what’s known as an...
View ArticleDeficiency Judgment: What Is It and How Does It Work?
As a homeowner, you don’t plan on having to deal with foreclosure – and hopefully, you won’t ever have to. You can help prevent foreclosure by making your payments on time and communicating with your...
View ArticleLien vs. Encumbrance: What’s the Difference?
Oddly enough, owning a home does not give you complete control over it. There may be a variety of limits or claims on your property rights, including liens and encumbrances. Liens and encumbrances are...
View ArticleMortgage Subordination, Explained
If tapping into your home’s equity is in your future, so is a whole lot of paperwork. And whether you’re taking out a home equity loan or a home equity line of credit (HELOC) (both are types of second...
View ArticleWhat Is Loss Mitigation and How Does It Work?
Sometimes, life brings unexpected surprises that make it difficult or impossible to keep up with your mortgage payments. If that happens, a lender can foreclose on your property. Foreclosures are...
View ArticleGood Debt vs. Bad Debt: Know the Difference
Ahh debt! It’s something we all try to avoid and end up with anyway. But did you know there’s such a thing as bad debt and good debt? Taking on good debt could help you build generational wealth. While...
View ArticleThe Debt Avalanche Method: A Guide and When To Use It
Being in over your head in debt is stressful (to say the least). It can be a hurdle that keeps you from reaching financial goals or achieving certain milestones (think: homeownership, marriage, school...
View ArticleWhat Is Negative Equity on Your Mortgage?
Equity represents how much you own of an asset. So home equity is the percentage of your home that you own. If you paid off your mortgage (or purchased the house with cash), you have 100% equity in...
View ArticleWhat Is Debt Consolidation and How Does it Work?
Are you struggling to keep track of multiple debt payments? Managing the balances, due dates and required minimum payments for multiple credit cards, auto loans, personal loans or any other kind of...
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