One of the biggest challenges facing first-time home buyers is coming up with that coveted down payment. Those fortunate enough to have parents willing and able to help out will have a big hand up. Tapping into the bank of mom and dad is an increasing popular idea. In fact, a survey conducted for Beverly Hills Real Estate and Loans by GFK Custom Research North America found that 17 percent of parents...

What if every dollar you spend on this summer’s vacation helped pay for your next big getaway? If you play your ‘cards’ right, there can be a net positive result with every time you sign on that dotted line. The first thing to understand, however, is that rewards cards aren’t free – they usually have higher interest rates and significant annual fees compared to standard or non-rewards cards....

If you’re getting ready to enter the housing market, there are many things to learn. However, there is always new information to absorb, even if you’re a veteran homeowner. After the reality many experienced in recent years, it’s good to have a primer on what happens if difficult times occur for you, a friend or loved one. In the spirit of broadening knowledge, here’s what every homeowner should...

Before approving a mortgage, lenders require documentation in order to verify your identity and creditworthiness. Lenders want to see proof of income and assets, for example, to ensure you qualify for a loan. Depending on the type of home loan, the process can take time. Being prepared can speed up several steps. It’s wise to gather all the necessary documentation prior to applying for your...

Simply put, a reverse mortgage is a loan that enables homeowners who are age 62 or older to convert a portion of their home’s equity to the lender in return for cash. When choosing a reverse mortgage, the borrower will be given the option to receive cash value of the equity in the form of a lump sum or in monthly distributions. The loan is then repaid to the lender when the borrower or their heirs sell...

High-interest debt is the worst and can add up fast. In fact, one in five Americans allocate anywhere from 50%-100% of their income towards debt repayment, according to Northwestern Mutual's 2018 Planning and Progress Study. For the millions of homeowners still paying off student loans, credit cards, auto loans and other non-cancelable debts, a cash-out refinance or home equity loan are both strong options...

Protect your investment from the effects of weather and time with a home equity loan Your home is one of your most important financial investments. While every day regular maintenance is key to keeping it looking its best—preventative maintenance will help it maintain its value over the long-haul, especially if you live in an area prone to extreme weather conditions. In recent years, extreme events...

An appraisal is an unbiased professional opinion of a home’s value conducted by a licensed appraiser that provides a detailed assessment of a property’s value.  When an appraisal is used to obtain what’s called an “opinion of value” of a property for loan purposes, federal regulations require the lender or its agent to adhere to certain requirements in connection with an appraisal order. The...

Buying your first home is a big financial step, but emotions play a part, too. You're choosing the place that you'll call home for years, and you want to love it. Knowing what to look for when buying a home can help keep you focused on what matters most, so you don't fall in love with a home you'll regret buying later. Consider Your Budget It's important to understand your finances and consider your...

You got the degree and the job. Now you're readying for the next phase in life: buying your first home. But earning that college degree left you with student loans, and you're concerned that your existing debt will complicate the homebuying process. There's good news. Buying a home with student loans is possible. Here's what you need to know if you want to buy a home but still have other types of...