Do I have to pay mortgage insurance if I put down less than 20%? In most cases, mortgage insurance is a requirement when a homebuyer’s down payment is less than 20 percent. Some loans don’t require it, and some down payment assistance programs can also contribute enough to cover the balance. You may even be [...]

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How do I buy a second home? If you want to get a second home, expect the financing to be different from your primary residence. Buying a second home may require you to provide more down payment, possess a higher credit score and declare whether you’ll be using it for vacation or an investment. Depending [...]

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What are the pros and cons of a reverse mortgage? Home Equity Conversion Mortgages (HECMs) are reverse mortgages that help homeowners who are 62 and up* use equity in their homes—without mandatory monthly mortgage payments**. Some of the pros for a reverse mortgage include easy and flexible access to home equity, and zero or deferred [...]

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Does a pool add value to your home? Adding an in-ground pool can boost your home’s value, but it isn’t a one-size-fits all solution, and can easily turn into an expensive, time- (and space)-consuming nuisance. A pool can add value if you live in a warmer state, your neighbors have them and you can afford [...]

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How can I use my home's equity? Home equity is the actual financial amount of the home you own, so it can be used like the returns on any other investment. Because it’s not as accessible as your checking account and you worked hard accruing it, it’s best to limit its use to home improvements, [...]

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What are the advantages of buying vs. renting? There are big benefits to homeownership that renting doesn’t provide you with. The top reasons for buying instead of renting a home include building equity, better psychological outcomes, design and lifestyle freedom, payment predictability and tax benefits. If you’re able to afford either option, owning a home [...]

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What’s needed for a pre-approval application? When you want to make an offer on a home, a pre-approval letter backed by a lender like Guild gives sellers confidence that you’ll be able to follow through on the purchase. Pre-approvals evaluate your current and even past financial standing so you can get solid direction to how [...]

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