Laurie Richards

1 month ago | bankrate.com | Laurie Richards |Suzanne De Vita

My husband and I have owned our first home for a full year. In that year, we sharpened our painting skills, became frequent shoppers at The Home Depot and discovered just how much goes into owning a home versus renting an apartment. One of our biggest takeaways: No matter what type of home you buy, it’s important to set aside funds for emergencies and unexpected expenses. This is even more important if you’re buying an older house, like we did, or waived the home inspection, which we also did.

1 month ago | bankrate.com | Andrew Dehan |Laurie Richards

When India Davis, editor at Bankrate, recently bought her first home, she was aware that her escrow payment would change, but the degree of which wasn’t clear. “My agent and mortgage company framed it as an increase of a couple of hundred dollars per year when the reality is much higher,” says Davis.

1 month ago | bankrate.com | Kacie Goff |Kenneth Chavis IV |Laurie Richards

Refinancing a mortgage temporarily lowers your credit score. Refinancing can affect your credit score for up to one year while remaining on your credit report for up to two years. To best protect your credit, continue to make timely payments on your accounts and comparison shop within a 45-day window to limit the number of hard credit checks on your credit report.

1 month ago | bankrate.com | Ruben Caginalp |Ruben Çağınalp |Laurie Richards

Buying your first home is a huge financial undertaking, and the down payment and closing costs can be major hurdles. The good news? If you’re on the hunt for a home in Wyoming, the Wyoming Community Development Authority can connect you with an affordable mortgage and down payment assistance to help make homeownership more accessible. You can also combine some of the agency’s first-time homebuyer loans and programs, which helps to lower the barrier even further.

2 months ago | bankrate.com | Jeff Ostrowski |Laurie Richards

Amid concerns about a potential recession, you may be drawn to paying off your mortgage early, but experts advise this usually isn’t the best idea. Paying off your mortgage gets rid of your monthly payment, but it also causes you to reduce your cash savings. For homeowners who owe a small amount on their mortgage, paying off the loan may make sense. As of early 2025, economic uncertainties have given way to rising concerns over a recession.