How a Mortgage Escrow Account Works
Escrow is when a third party holds and then disburses funds on your behalf. It’s typically used when buying a home, for money that will change hands at the closing.…
Kate Wood
Kate Wood is a writer for NerdWallet, focusing on mortgages, homebuying and homeownership. She previously wrote about home renovation, maintenance and remodeling for This Old House magazine. Kate has an educational background in sociology, and issues like reducing housing inequality are close to her heart. Email: [email protected]
Posts by Kate Wood:
What Is a Second Mortgage?
Second mortgages, or junior liens, are a way to turn your home equity into readily available funds without selling your house. A second mortgage increases your overall debt and can…
Looking to Fund a Remodel? Consider a Renovation Refinance
Is using your kitchen table as an office-slash-kids’-classroom making you long to upgrade your home? You’re not alone. Sixty-one percent of American homeowners have taken on home improvement projects since…
What Is a Co-op? A Different Kind of Homeownership
A co-op is a home you don’t exactly buy. Instead, you’re buying shares in a corporation that allow you to live in that home. This can make financing a co-op…
For Lower-Credit Homeowners, Refinancing Is Harder, but Not Hopeless
With mortgage interest rates hitting record lows, many homeowners have already refinanced — but others are having trouble finding a lender that will approve a new loan. According to a…
Understanding the USDA Streamlined Assist Refinance
The USDA streamlined assist refinance program lets eligible homeowners refinance their existing USDA loans without undergoing a credit check or having their debt-to-income and loan-to-value ratios calculated. The program is…
Teacher Next Door and Other Home Buyer Assistance for Educators
Trying to buy a home on a teacher’s salary can be difficult, but there are national, state, local and lender-specific programs that can provide some relief. Doing your homework —…
Homes for Heroes: Assistance for Home Buyers and Sellers
Homes for Heroes connects first responders, teachers, health care workers, members of the military and veterans with local real estate and lending professionals. You’ll receive a discount — which varies,…
What to Know About Buying a Townhouse
On the spectrum of home types, townhouses fall in between detached single-family homes and condos. Have your heart set on a location, but priced out of its single-family homes? A…
What to Know About Buying a Condo
For some prospective home buyers, a condo can be a springboard to homeownership. A condominium can be an affordable alternative to a detached single-family home, giving you ownership of an…
