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I am behind on my mortgage payments. Will my lender begin foreclosure proceedings?

When you buy a home using a mortgage loan, your home becomes collateral for the loan.

What is involved in buying a house that's for sale by owner?

When you buy a home directly from the owner, also known as for sale by owner (FSBO), no real estate agent or seller's agent is involved.

Should my partner and I buy a house together even though we're not married?

If you want to buy a home with your partner, go ahead. Together, you may be able to qualify for a larger mortgage than if one partner alone applied for the loan.

 

Do I need to let my homeowners insurance company know that I'm refinancing my mortgage?

Yes. Once you've received a commitment letter for your refinance, call your insurance company or agent.

What's the difference between a home equity line of credit and a second mortgage?

A home equity loan is a loan that is secured by your home. If you repay the loan as agreed, your lender will discharge the mortgage.

What's private mortgage insurance (PMI), and can my mortgage lender require me to have it?

Lenders generally require you to purchase PMI if you are borrowing more than 80 percent of the value of the home you are purchasing (i.e., your down payment is less than 20 percent).

I'm having a hard time selling my home. Should I take out a reverse mortgage?

A reverse mortgage is a loan secured by the equity in your home. With a reverse mortgage, you borrow against the equity you have built up in your home using a mortgage loan.

I'm a first-time homebuyer, without a lot of cash to put down. What type of mortgage would be best?

If you are a first-time homebuyer and don't have a lot of money for a down payment on a home, you may want to consider obtaining a mortgage through a government mortgage lending program such as tho

I'm retired now and own my home outright. How can I use it to raise money without selling it?

You may want to consider a reverse annuity mortgage, more commonly known as a reverse mortgage.