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AssumptionAn assumable mortgage will let a borrower transfer the mortgage to someone else even if they haven't fully paid it off. Assumable mortgagesIf you have an adjustable-rate mortgage or a government-backed mortgage (including FHA, VA, and USDA mortgages), you might have an assumable mortgage. Finally, if you want to transfer a property into a trust, a mortgage transfer may be able to help, too. Mortgage transfer processIf you think a mortgage transfer is the right move for your needs, follow this step-by-step process. If the lender doesn't approve a mortgage transfer, you will need to explore other options, such as refinancing your mortgage or selling your house.

Persons: You'll, Molly Grace, Molly, Read, Aly J, Yale Aly J, Aly, She’s Organizations: Chevron, Business, Rocket Companies, Indiana University, Yale, Finance, Dallas Morning News, CBS, Forbes, Fortune, Money, Newsweek, US, Wall Street Journal, Yahoo Finance, Mortgage, National Association of Real, Insurance, Texas Christian University Locations: Chevron, Michigan

Can a non-U.S. citizen get a mortgage loan? Challenges non-U.S. citizens may faceThough it's possible to get a mortgage as a non-U.S. citizen, that doesn't mean it will be easy. Buying a home as a non-U.S. citizen FAQsCan non-U.S. citizens get a mortgage loan? Yes, non-U.S. citizens can get a mortgage loan if they meet the lender's eligibility requirements and they provide necessary documentation. Eligibility for non-U.S. citizen mortgage loans is usually based on legal residency status, credit history, income verification, and down payment.

Persons: homebuyers, Nora Aguirre, she's, they've, Aguirre, — Organizations: Migration Policy Institute, Taxation, National Association of Hispanic Real Estate Professionals, USDA, ., Internal Revenue Service, Social, Chevron Locations: U.S, Nevada, Chevron

Some of the most important factors to consider when buying a house are price, size, and location. Location and neighborhoodLocation is something you're stuck with until you move, so be sure you're choosing a city, school district, and neighborhood that suits your needs. If homes are flying off the shelves, you'll need to be prepared to make fast offers that get noticed right off the bat. If the appraisal comes in lower than what you offer, you'll have to make up the difference or renegotiate with the seller. Evaluating a house's resale potential is critical, as you want to be sure you're making a smart investment of your money.

Persons: Glen Pizzolorusso, Hope, that's, they're, it's, you've, they'll, you'll Organizations: Glen Christopher Luxury, Facebook, Energy Locations: Connecticut, Chevron

You can find foreclosed properties for sale on online listing sites or in your local newspaper. Often, you can browse foreclosed properties in your area using the same methods you would to buy a regular home, such as online listing sites like Zillow. Foreclosed properties owned by the government-sponsored enterprises Fannie Mae and Freddie Mac can also be found online. Fannie Mae's program for Fannie-owned foreclosed properties is called HomePath, while Freddie Mac's is called HomeSteps. Just be prepared for repair costs, as many foreclosed properties need significant updates before they're habitable.

Persons: they're, they'd, Fannie Mae, Freddie Mac, Fannie Mae's, Freddie Mac's, you'd, Kofi Nartey, it's Organizations: Fannie, HUD, REO Locations: Chevron

Social Security income is viewed the same as any other type of income, with one exception that can work in recipients' favor. Age and Social Security incomeYour age and how much Social Security income that allows you to take in will make a difference, too. To get this information to share with your lender, you can request a Social Security Benefit Verification letter from the Social Security Administration's website. Getting a mortgage on Social Security FAQsWhat types of home loans are available for seniors on social security? Lenders consider Social Security income as part of your total income, which can help qualify for various home loan options.

Persons: you'll, Shashank Shekhar, Shekhar Organizations: Social Security, Social, Department of Housing, Urban Development, Department of Veterans Affairs, DTI, Security, Chevron Locations: Chevron

Here's what you can expect to spend:It depends: Key factors affecting costHome building costs can vary widely from one buyer to the next. The exact cost you'll pay will depend on:Location and land costsThe location you choose to build in can have a huge impact on your total building costs. While it varies widely, here's the average cost to build a house per square foot (nationally):The cost to build a house, per square footAccording to HomeAdvisor, the average cost of building a new home is $50 to $400 per square foot. The cost to build a house vs. buying depends on your market and the size and type of home you're looking for. If you're wondering how to estimate the cost of building a house off-hand, you can use online cost calculators and estimators.

Persons: HomeAdvisor, it's, You'll, They'll Organizations: HomeAdvisor, Labor, Chevron Locations: California, In Texas, Chevron

Market trends and data analysisTo get a better idea of whether you should sell now, get familiar with your local housing market. The best time to sell a house depends on your local market, but generally speaking, you'll find the following are true. This would provide steady monthly income and allow you to wait to sell until market conditions improve. You should consider local market conditions, your financial and personal needs, and larger economic conditions before you sell your house. To determine the best time to sell your house, look at local market trends, economic forecasts, and seasonal patterns.

Persons: they're, you'll, it's, we'll Organizations: Data, National Association of Realtors, Chevron Locations: Chevron

Understanding the Federal Reserve's role in mortgage ratesThe Federal Reserve's actions are a big influencer in where mortgage rates head. In the time since the Fed began raising rates, mortgage rates have climbed steadily. The Fed's impact on mortgage rates FAQsHow does the Federal Reserve affect mortgage rates? The Federal Reserve influences mortgage rates by setting the federal funds rate, which impacts borrowing costs, investor activity, and market conditions. When the Fed raises interest rates, mortgage rates often increase as well, making borrowing more expensive.

Persons: Michael Gifford, Fannie Mae's Organizations: Federal, Federal Reserve, Fed, Treasury, it's, Mortgage Bankers Association, Reserve, Chevron Locations: lockstep

To show proof of disability income, you'll need to provide some verification that you're currently receiving benefits and that they aren't set to expire within the next three years. Benefits of home loans for disabled individualsMany loan programs allow you to use disability income to qualify. Disabled individuals can use FHA loans, VA loans, USDA loans, and special programs from Fannie Mae and Freddie Mac. Yes, disability income is considered as part of your total income, which can help qualify for various home loan options. What are the benefits of FHA loans for disabled individuals?

Persons: Fannie Mae HomeReady, Freddie Mac, Fannie Mae, you'll, Brian Quigley, Quigley, you've Organizations: Federal Housing Administration, US Department of Agriculture, Social Security Disability Insurance, Social Security Administration, SSI, SSA, Department of Veterans Affairs, Beacon Lending, USDA, Social Security, Chevron Locations: Chevron

Before saving for a down payment, calculate how much you'll need and set a deadline. Exploring down payment assistance programsDown payment assistance programs can help cover part or all of your down payment. Saving windfalls and bonusesWindfalls — or sudden influxes of cash — are a great way to pad your down payment savings. Not having a clear savings planDepositing a few bucks here and there isn't going to make much of an impact on your down payment savings. Yes, high-yield savings accounts, CDs, and investment accounts can be excellent tools for saving your down payment, especially if you have a longer time horizon.

Persons: You'll, you'll, windfalls, Windfalls Organizations: Netflix, Spotify, Federal Deposit Insurance Corp, PMI Locations: homebuyers, Chevron

Just as homeowners insurance protects you financially if your home is physically damaged or destroyed, title insurance protects you if someone makes a claim against your property's title. How title insurance worksHere's what the title search and insurance process looks like from start to finish:The process of obtaining title insuranceWhen you (or your lender) hire a title insurance company, they'll perform a title search on your home. Once the title has been cleared (or cured), the title company will issue a title insurance policy. Unlike many other types of insurance, title insurance isn't an ongoing cost. While lender's title insurance is usually mandatory, an owner's title insurance policy is optional.

Persons: they'll, aren't, I've Organizations: New York, Title Association, Chevron Locations: Chevron

Your mortgage interest rate is based in part on how risky lenders consider you to be as a borrower. Use these strategies for lowering mortgage interest rates. Improving your credit scoreRaising your credit score is one way to get a lower interest rate on your mortgage. The role of credit in mortgage ratesThe impact of credit scores on mortgage rates is significant. Locking in your rateA rate lock lets you cement your interest rate while you finalize your home purchase.

Persons: They'll, they'd, Freddie Mac, —, you'll Organizations: ICE Mortgage Technology, PenFed Credit Union, New, Mortgage, Survey Locations: Portland , Oregon, California

When you apply for a mortgage loan, lenders will review your finances and check to make sure you meet the requirements of the loan program. The exact requirements you'll need to meet vary by loan type, though. Additional factors affecting mortgage qualificationThe above are the major mortgage loan requirements, but sometimes, other factors can play in as well. Mortgage credit score requirement FAQsWhat is the minimum credit score needed for a mortgage? There's no set amount, but your income should be sufficient to cover your debt payments and the proposed mortgage payment comfortably.

Organizations: Chevron, USDA Locations: AnnualCreditReport.com

When you miss a mortgage payment, you incur late fees and hurt your credit score. But skipping mortgage payments comes with serious consequences that could include losing your house. Are you finding it hard to make your monthly mortgage payment? This allows you to pause your mortgage payments for a certain amount of time or, in some cases, make reduced payments instead. FAQsWhat should I do first if I realize I can't make my mortgage payment?

Persons: Craig Martin, Christian Mills, Freddie Mac, you've, you'll, it's, Aly J, Yale Aly J, Bob Organizations: Christian, US Department of Housing, Urban, Chevron, Yale, Forbes, Money Magazine, The Dallas Morning News, Bob Schieffer College of Communication, Twitter

Basics of how home equity loans workWith a home equity loan, you use your home as collateral for a loan. Home equity loan terms vary, but you usually have anywhere from five to 30 years to repay the loan. Differences between home equity loans and HELOCsHome equity lines of credit (HELOCs) are similar to home equity loans in that they let you borrow from your home's equity. What's the difference between a home equity loan and a home equity line of credit (HELOC)? She covers mortgage rates, refinance rates, mortgage lender reviews, and homebuying for Personal Finance Insider.

Persons: you've, whittle, Molly Grace, Molly, Read, Aly J, Yale Aly J, Bob Organizations: Homeowners, Chevron, Business, Finance, Insider, Rocket Companies, Twitter, Yale, Forbes, Money Magazine, The Dallas Morning News, Bob Schieffer College of Communication Locations: Chevron, mgrace@businessinsider.com

Cash-out refinancing and home equity loans are two of the most popular tools available to access your equity. A cash-out refinance works like this: You apply for a new mortgage loan that's larger than your current one. Interest rates and loan termsBoth cash-out refinances and home equity loans typically come with fixed interest rates, but home equity loan rates tend to be a few points higher. ConsiderationsBefore deciding to use a home equity loan or cash-out refinance, you'll need to take the following costs into account first. Choosing the right optionBoth home equity loans and cash-out refinancing can help you turn equity into cash.

Persons: Cash, You'd, it's, what's, Melissa Cohn, William Raveis, refinance, you'll, Nicole Straub, — Organizations: LTV, William Raveis Mortgage, Discover Locations: foreclosing, —

Setting a down payment goalBefore you can set a down payment goal, you first need to figure out how much you'll need for a lender to approve you for a mortgage. Determining the size of down payment neededThe minimum size of your down payment will depend on the loan program you use. Exploring down payment assistance programsDown payment assistance programs can help cover part or all of your down payment. But if you can save up a down payment of at least 20% of the home's purchase price, you'll avoid paying PMI (private mortgage insurance), which can reduce your monthly payment. To save for a down payment, create (and stick to) a budget, reduce unnecessary expenses, increase your income through side jobs, automate your savings, and explore down payment assistance programs.

Persons: You'll, you'll, windfalls, Windfalls Organizations: Netflix, Spotify, Federal Deposit Insurance Corp, PMI Locations: homebuyers, Chevron

☆ The 29 Best Holiday Gifts to Shop This Black Friday
▼ + stars: | 2023-11-24 | by ( Buy Side Staff | ) www.wsj.com time to read: +15 min

To help you shop for nice prices, we limited our list to our favorites that are on sale now for Black Friday. One thing I have my eye on is this Nyx Butter Gloss Holiday Gifts Set with 14 full-size lip glosses in a variety of colors. She loves color, but she also has a goth streak, so I wasn’t surprised she asked for black nail polish. It would make a great gift for a college student, new grad or really anyone who could use a travel gear upgrade. It’s a great set to update your kitchen or give as a gift this holiday season.” —Emily Welsh, VP and general manager

Persons: We’ve, I’ll, Harry Potter, ” — Aly J, Barbie Dreamhouse, I’d, Barbie, Don’t, Emily Welsh, ”, Emily Schwartzberg, Matte Black, Matte White, Madeline Diamond, Tween, Olive, Jessica Woodbury, cocotte, Staub, Astrid Stawiarz, Nick Guy, ” — Ian Salisbury, Cashmere, I’ve, PJs, ” — Emily Welsh, Charming, Mario, ‘, Cozy, it’s, Susan “, Susan, Anaya, There’s, ” — Leslie Yazel, we’ll, Philip Asquith, It’s, ” — Bellamy Richardson, I’m, Buddy, nutcrackers, Luxe, Augustinus Bader, Rich Cream, ” — Irma Sahinovic, they’re, Brittany Nguyen Organizations: Side, Black, Yale, Bluetooth, Apple, Mario Kart, PlayStation, Target, Saks, Olive Oil, Amazon, Chic Locations: Ulta, Pima, Los Angeles, Olive, Ojai , Calif, Europe, The

☆ The Holiday Gifts Buy Side Staffers Are Buying This Black Friday
▼ + stars: | 2023-11-20 | by ( Buy Side Staff | ) www.wsj.com time to read: +12 min

By Buy Side StaffThe Buy Side staff shops for a living, which also means we spend an inordinate amount of time scrutinizing gift options. To help you shop for nice prices, we limited our list to our favorites that are on sale now for Black Friday. She asked for compression socks, so I’m buying her these pretty ones in blue chevron to help her with recovery. It would make a great gift for a college student, new grad or really anyone who could use a travel gear upgrade. It’s a great set to update your kitchen or give as a gift this holiday season.” —Emily Welsh, VP and general manager

Persons: We’ve, cocotte, Staub, ”, Astrid Stawiarz, Nick Guy, ” — Ian Salisbury, Cashmere hoodie, I’ve, Jessica Woodbury, PJs, ” — Emily Welsh, Charming, Madeline Diamond, ‘ Broom ’, I’ll, Samantha Sharf, Mario, ‘, Cozy, she’s, ” — Leslie Yazel, it’s, Susan “, Susan, Anaya, There’s, we’ll, Philip Asquith, It’s, ” — Bellamy Richardson, Buddy, I’m, nutcrackers, ” — Aly J, they’re, Brittany Nguyen Organizations: Side, Black, Bluetooth, Apple, PlayStation, Mario Kart, New, Olive Oil, Amazon, Yale, Walmart Locations: Naadam, New York City, Los Angeles, Olive, Ojai , Calif, Europe, The

☆ How Buying a New Home Could Save You Money
▼ + stars: | 2023-11-19 | by ( Aly J. Yale | ) www.wsj.com time to read: +5 min

As the median payment on a new mortgage creeps toward $2,200, most buyers are desperate to save cash wherever they can. They’re offering lower mortgage ratesIf slashed prices aren’t enough to get a mortgage payment in your budget, builders have another offer: A lower mortgage rate. (Essentially, the builder prepays the lender the interest for the years the mortgage rate is reduced). NAHB’s data shows that 29% of builders offered mortgage rate buydowns in October. “Many builders are using sales incentives—including mortgage rate buydowns—as a method of addressing housing affordability headwinds,” says Robert Dietz, chief economist at NAHB.

Persons: Aly J, ”, Nick Bailey, Max, Robert Dietz, buydowns —, Lennar, what’s, Angel Conlin, Pat Howard Organizations: Yale, Builders, National Association of Home Builders, “, NAHB, Kin Insurance Locations: Denver, Chicago, “, Policygenius

☆ Home Insurance Premiums Are Way Up—Here’s How to Lower Yours
▼ + stars: | 2023-11-09 | by ( Aly J. Yale | ) www.wsj.com time to read: +5 min

The average home insurance premium increased 21% between May 2022 and May 2023, according to recent analysis by insurance marketplace Policygenius. “To help pay for these higher costs, insurers have increased policy premiums on homeowners in both high- and low-risk areas,” says Pat Howard, a home insurance expert at Policygenius. “Even homeowners in places that don’t experience a lot of extreme weather, like Vermont and New Hampshire, are facing relatively high increases.”Fortunately, if your home insurance premiums rise, you don’t have to take it lying down. How to reduce home insurance premiums at renewal timeMore than 9 out of 10 homeowners who renewed their policies this May saw an uptick in premiums, according to Policygenius. How to reduce home insurance premiums as a new homeownerIf you’re just now buying a home, the tips are much the same: Shop around, look for discounts and consider bundling your home insurance policy with other insurance policies you might need—such as life insurance or car insurance.

Persons: Aly J, Yale It’s, Pat Howard, you’ve, ” Howard, you’re, Florida’s, you’ll Organizations: Yale Locations: Vermont, New Hampshire, Gulf of Mexico, West Coast

☆ What Is a Soft Landing?
▼ + stars: | 2023-11-02 | by ( Aly J. Yale | ) www.wsj.com time to read: +4 min

But whether the central bank can meet its dual-objectives of slowing price growth and avoiding a recession—dubbed a “soft landing” by economists—remains to be seen. Threading that needle has proven to be quite elusive.”What is a soft landing? “The alternative to a soft landing is a hard landing,” Cirksena says. “How ‘soft’ that ‘soft landing’ is among citizens could vary widely,” he says. Will the Fed achieve a soft landing this time?

Persons: Aly J, —, ”, David Johnston, Bank of Japan —, Aaron Cirksena, you’ll, ” Cirksena, Peter C, Earle, Jerome Powell, “ Organizations: Yale, Federal Reserve, Wealth Management, European Central Bank, Bank of, MDRN, American Institute for Economic Research, Fed, Bank of America, Wall Street, National Bureau of Economic Research Locations: Flemington, N.J, U.S, Bank of Japan, Annapolis, Md

☆ Here Are the 401(k) and IRA Contribution Limits for 2024
▼ + stars: | 2023-11-01 | by ( Aly J. Yale | ) www.wsj.com time to read: +2 min

401(k) contribution limits 2024For employer sponsored plans including 401(k), 403(b) and 457 retirement plans—as well as Thrift Savings Plans, a type of account for federal employees and military members only—the 2024 contribution limits will jump to $23,000. 401(k) contribution limits 2023 & 2024 2023 limit 2024 limit Maximum employee contribution $22,500 $23,000 Catch-up contribution (for those 50 and older) $7,500 $7,500 IRSIRA contribution limits 2024For individual retirement accounts, or IRAs—both Roth and traditional types—2024 contributions will max out at $7,000, up from $6,500 in 2023. IRA contribution limits 2023 & 2024 2023 limit 2024 limit Maximum contribution $6,500 $7,000 Catch-up contribution (for those 50 and older) $1,000 $1,000 IRSThe income levels used to determine eligibility for IRA contribution deductions and for making contributions to Roth IRAs are also changing. For IRA contributions limits depend on whether you or a spouse have access to a workplace retirement savings account. Finally, for individuals with SIMPLE retirement accounts—a type of IRA sometimes used by small businesses—the 2024 contribution limits will jump from $15,000 to $16,000.

Persons: Aly J, —, Roth Organizations: Yale, Internal, IRS

☆ What is the Student Aid Report?
▼ + stars: | 2023-10-24 | by ( Aly J. Yale | Richard Richtmyer | ) www.businessinsider.com time to read: +14 min

The Student Aid Report summarizes the information on your Free Application for Federal Student Aid (FAFSA). See Insider's picks for the best private student loans >>What is the Student Aid Report (SAR)? The Student Aid Report is a document that, through the 2023-2024 school year, was used to summarize the data submitted on a Free Application for Federal Student Aid (FAFSA). Federal student aid eligibilityYour summary will also include your Student Aid Index — formerly called the Expected Family Contribution. Schools and aid offersThe schools you apply to don't actually receive your FAFSA Submission Summary (formerly Student Aid Report).

Persons: —, Shannon Vasconcelos, Robert Kersey, you'll, Kersey, Vasconcelos, Perkins, Pell Grant, Elaine Rubin, You'll Organizations: Federal Student Aid, Service, Bright Horizons, Grants, What's, College of Charleston, Education, Department, Department of Federal Student Aid, Internal Revenue Service, SAR Locations: FAFSA.gov

☆ How Much Social Security Will I Get?
▼ + stars: | 2023-10-20 | by ( Aly J. Yale | ) www.wsj.com time to read: +5 min

For these reasons, it is hard to know exactly what your Social Security checks will look like years in advance. Every year, the government adjusts Social Security payouts for inflation—these are called cost-of-living adjustments, or COLA—so averages change, too. However, you can start taking Social Security anytime between ages 62 and 70. Whether or not you’ll owe taxes on your Social Security check is complicated, but more than half of Social Security recipients currently pay taxes on theirs. You can use the Social Security Administration’s Quick Calculator to get a rough idea of your payouts, or if you sign up for a My Social Security account, you’ll get an official estimate straight from the source.

Persons: Aly J, you’ve, You’ll, ”, Krisstin Petersmarck, —, James Sahagian, you’re, you’ll Organizations: Yale, Social Security, Bridgeriver Advisors, Social, Social Security Administration, Ramapo Wealth Advisors Locations: U.S, Bloomfield Hills, Mich, Ramapo, Ramsey , N.J

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