Second Mortgage vs. Home Equity Loan: Understanding the Differences
A home equity loan is a type of second mortgage, which is a loan that's secured by the underlying property.
January 13, 2025 11 MIN
A home equity loan is a type of second mortgage, which is a loan that's secured by the underlying property.
A mortgage escrow is an account set up by your lender to collect certain required homeownership expenses, such as property taxes and insurance premiums, to make sure they get paid and to simplify payment for the homeowner.
Homes in the United States have historically appreciated over time. This appreciation can help new homeowners build equity faster.
If you plan to put less than 20% down when you buy a home, the lender will probably require private mortgage insurance, or PMI. But what does it do and how much does it cost?
Maybe, in the excitement of closing on your new home, the numbers dissolved into a...
The average down payment isn't 20%. In fact, it's just 9% for first-time buyers. Here's how to reduce your down payment requirement when buying a home.
FHA loans don't have income limits but you should know current income qualification rules for this popular program.
Thought you needed 20% down to buy a home? Or even 5%? How about 0%. Yes, these mortgages exist today.
Updated 2025 conventional loan requirements and guidelines.
USDA loans offer a variety of attractive features, such as zero required down payment and...
Appraisals are usually an unavoidable cost when buying a home. Here's how much they typically cost.
A balloon mortgage is a medium-term real estate loan that allows borrowers to make low...
Buying a home for the first time is an exciting milestone, but it can feel...
USDA loans require zero down payment, but closing costs are still required. Here's how much you might pay, and what the costs are for.
How much down payment do you need to buy a house? Learn tips to save smarter, explore low and zero-down options, and take steps toward homeownership today!
Finding the perfect home can be challenging. Sometimes, the best way to get into your...
The FHA flip rule is designed to protect buyers from predatory flipping. But, it can also prevent you from buying certain homes.
If you have a low to moderate household income and want to purchase a home,...
