House prices come with a lot of digits, but that shouldn’t scare you away from buying a home. A mortgage”as opposed to rent”allows you to slowly purchase your home over time. So, instead of paying rent and helping somebody else pay their mortgage, why not invest in your own property? According to the InCharge Institute

Some mortgage lenders allow homebuyers to put down less than 20 percent of a houses purchase price, but those loans are riskier from a lenders perspective. A lender generally requires a buyer who puts down less than 20 percent to purchase private mortgage insurance (PMI) to protect the lender in case the borrower defaults or

If you want to buy a home, youll probably need to make a substantial down payment. Putting down 20 percent can help you avoid paying hundreds of dollars each month for private mortgage insurance. You may be thinking about using all the money in your savings account for a down payment, but that could be

The Department of Veterans Affairs (VA) assists active-duty military members, veterans and surviving spouses who wish to buy a house. The VA offers loans with fewer fees and competitive interest rates that can help military families afford to buy homes in a variety of financial circumstances. EligibilityActive-duty military members, reservists, National Guard and veterans are

One of the most important steps in buying a house is saving enough money for a down payment. Depending on the type of mortgage you obtain, you could have to put down as much as 20 percent, or significantly less. Even if your lender only requires you to put a small percentage of the purchase

The mortgage process can be complicated if you jump in without any prior knowledge on home-buying and lending. The best tool you can arm yourself with is an understanding of how your mortgage interest rate is calculated. Credit Can Make or Break You Your credit score will determine how reliable you are in the lending

If youre searching for a new home, you might want to consider looking in a subdivision. You could find a house with amenities that homes in other neighborhoods lack, but there are some downsides to consider. What Are Houses Like in a Subdivision?Houses in a subdivision were most likely built by the same construction company.

When a potential homebuyer comes by to look at your home, they will most likely park their car and walk to the front door via the driveway. And that means one of the earliest impressions they will have of your home in-person is of the driveway itself. While we tend not to think much about

Mortgage brokers and other real estate experts can often help homebuyers find the best interest rate on a mortgage that fits their needs, but that doesnt mean borrowers shouldnt shop around so that they’re well informed before talking to an expert. Here are a few things consumers can do to get the best interest rate

If you’ve owned a home for several years and made responsible financial decisions, you may have built a significant amount of equity. Home equity is the difference between the current market value of your house and the amount you still owe on the mortgage. If the value is greater than the debt, you have positive

For many families, having enough storage space is essential. To avoid clutter, consider these factors before buying a home: Are the closets big enough to fit all your clothes or kids toys? Does the bathroom allow enough dedicated space for cosmetics and toiletries? Would a lack of food storage cut into space for cookware in

Mortgage lenders typically want borrowers to put down 20 percent of the purchase price toward a home. For borrowers who do not have a lot of money for a down payment, it can be difficult to qualify for a mortgage. Some lenders approve mortgages with less money down, but those borrowers are considered a higher

Most people who want to purchase a house cant afford to pay cash and therefore need to take out a mortgage. The type of loan you choose will depend on your financial circumstances and plans and can have a significant impact on your monthly costs, so its essential to understand all your options. Government or

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Buying title insurance is a pretty straightforward process. A title company will walk you through the process and will do almost all of the work itself. Still, there are some things to know about how to find a good title insurance company and how much the service costs. When buying title insurance, look to your

Closing costs are 2-5 percent of the purchase price of a home, resulting in an average of $3,700 in fees for paperwork required to buy a house. Thats a lot of money to come up with when you may have already put everything toward a down payment. Some fees from mortgage lenders are required by

Homes cost a lot of money to maintain. But are you spending extra money unnecessarily on upkeep? Here are seven of the most expensive mistakes you could be making in your home: 1. Using Traditional Light Bulbs.If you still have incandescent light bulbs in your home, you could be throwing a lot of money away

Many renters, especially young couples planning to settle down and start a family, debate whether to keep renting an apartment or buy a home. Depending on your financial situation and long-term goals, though, one option may be better than the other. To determine if its the right time for you to start searching for a

What is a comfort letter, and why might you need to submit one? The mortgage process when purchasing a home can be tricky. There’s a ton of paperwork to read through and sign”so much that your hand might cramp up from the vast amounts of signatures required. But don’t worry if your mortgage lender requests

Many homebuyers choose to a purchase a house on a cul-de-sac just to avoid a busy street. However, there are pros and cons you should be aware of up front. Traffic Since there’s only one way in and out, a cul-de-sac has less traffic than a typical street. Parking Depending on the size and layout