23 Oct 2024
By Mark Feder

Can I Buy a Duplex with an FHA Loan?

Home Mortgages
If you're in the market to buy a duplex or similar multi-unit property, you may be wondering whether you can use an FHA loan to finance your purchase. FHA loans are well-known for helping first-time homebuyers, but they can also be used to purchase duplexes. Here's everything you need to know about FHA loans, how they work, and whether they're a good fit for your homebuying plans. What is an FHA Loan?An FHA loan is a mortgage insured by the Federal Housing Administration, designed to make homeownership more accessible. These loans come with lower down payment requirements, making them ideal…
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11 Sep 2024
By Mark Feder

How to Handle Mortgage Payment Hardships

Home Mortgages
Life can be unpredictable, and financial difficulties can arise when least expected. Whether due to job loss, medical expenses, or unforeseen circumstances, falling behind on mortgage payments can be a stressful experience for homeowners. This guide will help you understand the steps to take if you’re struggling to keep up with your mortgage payments. 1. Communicate With Your Lender Early The first and most important step when facing mortgage payment difficulties is to reach out to your lender as soon as possible. Many borrowers delay contacting their lender, hoping their financial situation will improve. However, the sooner you inform your…
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24 May 2024
By Mark Feder

Understanding the Differences Between Construction Loans and Mortgages

Home Mortgages
Construction loans and mortgages are two important tools in the world of real estate financing. They each have specific purposes and come with their own set of rules and requirements. These differences cater to various needs when it comes to buying or building properties. Construction Loan: A construction loan is specifically designed to finance the construction of a new property or significant renovations to an existing property. These loans typically have short terms and are used to cover the costs of labor, materials, and other expenses associated with building or renovating a property. Mortgage: A mortgage, on the other hand,…
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08 May 2024
By Mark Feder

APR vs. Interest Rates

Home Mortgages
If you're gearing up to dive into the world of real estate, there are a few key terms you'll want to wrap your head around before taking the plunge. Today, we're demystifying APR and interest rate, two crucial concepts that can impact your home-buying journey. Don't worry, I'll break it down in simple terms so you can confidently navigate the process like a pro. Interest Rate: Let's start with the basics. The interest rate is the percentage charged by a lender for borrowing money to buy your home. It's essentially the cost of borrowing the principal amount. When you're comparing…
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