New Mortgage Simulator could improve your score before applying


You can now preview what small changes to your credit could affect your score so you can qualify for a better mortgage.

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What and Why Contingencies Matter

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When a home goes under contract, many assume it's a done deal, but in reality, most real estate contracts include contingencies , or conditions that must be met for the sale to proceed. These clauses are designed to protect both buyers and sellers and offer a legal way to exit the agreement if something doesn't go as planned. One of the most common contingencies is the home inspection contingency . This allows the buyer to have the property professionally inspected after the offer is accepted. If the inspection uncovers serious issues, such as foundation problems, roof damage, or plumbing concerns, the buyer has the right to negotiate repairs, ask for a price reduction, or even walk away from the deal without losing their earnest money. Another widely used contingency is the financing contingency , also known as a mortgage contingency. This protects the buyer in case their loan application is denied or the terms change in a way that makes financing impossible. For ...
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Missed Opportunities Are Far More Likely

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If you've been sitting on the sidelines, waiting for mortgage rates to drop back below 4% before making a move, it's time for a reality check. While we all loved the historically low rates of 2020 and 2021, those numbers were driven by extraordinary global circumstances, not typical market trends. And expecting them to return any time soon could lead to missed opportunities that may cost you far more in the long run. During the height of the pandemic, global economic uncertainty prompted aggressive action from the Federal Reserve, which helped drive mortgage rates to record lows. In January 2021, the 30-year fixed rate bottomed out at 2.65%, the lowest in Freddie Mac's recorded history, which dates back to 1971. But that wasn't a normal market. It was a response to an emergency. Looking at the big picture, the average 30-year mortgage rate over the last 60+ years has hovered around 7.74%. Even today's rates, currently in the mid 6% range, are below that ...
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Delay Gratification Now for greater Rewards Later

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There's a classic example used in behavioral psychology: the marshmallow test. In this experiment, children were given a choice: eat one marshmallow now, or wait a little while and get two. The lesson? Those who could delay gratification tended to experience greater success later in life. That same principle applies beautifully to homeownership. If your ultimate goal is to one day have your home completely paid off, the question becomes: are you willing to make small sacrifices now so you can reap bigger rewards later? Or will you choose comfort and consumption today and carry the financial burden of a mortgage into your retirement years? Making regular additional principal payments on your mortgage is one of the smartest forms of delayed gratification. It's not glamorous. It means driving the same car a little longer, skipping that expensive vacation, or resisting the urge to upgrade your lifestyle with every raise. But those steady, disciplined extra payments�...
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