Foreclosure is when the lender takes control and ownership your home and removes you from the property. This typically occurs 120 days after the borrower hasn’t made any monthly mortgage payments.

Many lenders offer a grace period so that you can make your payment without penalties or late fees. After 15 days, you’ll be charged a late fee, and your loan will go into default after 30 days. At that point, the lender will start to report your overdue payments.

Don’t worry — this is common because many people have to move or want to sell before their mortgage is paid off. When you sell your home, the goal, of course, is to sell it for more than you paid. You’ll use that money from the sale to pay off your mortgage. If you don’t […]

There are also small, strategic ways you can chip away at your loan, such as rounding up your payment each month or ditching those daily coffee runs and adding $25 or $50 to your monthly payments. You can also pay a lump sum or refinance the length of your mortgage terms. Conventional and government loans […]

Yes. This is probably the easiest option for your monthly payments. You can set up a recurring payment directly to your lender or through your bank.

The 1% rule states that you should aim for a 1% lower interest rate in order to ensure that the savings generated by your new loan will offset the cost of refinancing just to get a lower rate, provided you’ve lived in your home for two years and plan to stay for at least two […]