An open-ended mortgage basically means that you can request an increase in a loan amount from a lender. This type of loan is for people who might need more flexibility than usual. For example, if they are buying land and then plan to build later, or in a situation where they believe it’s possible they will have to finance more at some point.
The big advantage of an open-ended loan is that a borrower can request additional funds without having to go through the loan process again. This means considerable savings on fees, closing costs, etc. However, there are strict limitations. An open-ended mortgage is basically like a home equity loan. [...]
More and more Americans are living in multigenerational households. A multi-generational household is simply one that has more than one adult generation residing in it. In 2007 there were 46.6 million, and that rose to 56.8 million in 2012. This trend is continuing to rise and even contractors are embracing it by building houses with dual master bedrooms and/or first floor masters. Typically a multigenerational home buying situation is someone buying a home with their parents or in-laws. Here are a few things to keep in mind if you are considering buying a multigenerational home.
The first few questions that you might want to consider when you are shopping with parents or [...]