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 […]

Pests, carbon monoxide and mold”oh my! These hazards can be hiding in a home and, if left unchecked, could cause serious health issues or become costly. Thankfully, these and many other issues are easily manageable. If you want to ensure your home isnt at risk, HomeAdvisor suggests starting with these six possible household problems: 1. […]

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 […]

There are a multitude of things house hunters need to consider before choosing a home, such as price, location, schools, distance to work”the list goes on and on. Most homebuyers may not think about the costs and rules associated with buying a house thats part of a homeowners association; however, it is an issue they […]

Shopping for a mortgage can be overwhelming. Even if youve owned a few homes and have had a few home loans, chances are there are some mortgage options you dont know about. Here are four to ask a mortgage expert about: A 20 percent down payment isnt a must. The long-held view that at least […]

If you’ve found the house of your dreams but are having trouble qualifying for a mortgage, you could ask another person to co-sign your mortgage. Here are some things to consider. Reasons to Have a Co-Signer Buying your first house, high credit card balances or a poor credit history are all valid reasons for having […]

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 […]

Looking at homes for sale can be the fun part of buying a house. The real work comes when youre picking a mortgage lender that can give you the best loan for your circumstances. After detailing your income, expenses, down payment and a monthly mortgage you can afford, a lender will run a credit check […]

When you apply for a mortgage, a lender will decide how much money its willing to give you to put toward the purchase of a house. That doesnt necessarily mean that you should take out a loan for the full amount. In some cases, borrowing the maximum a lender will allow could leave you overwhelmed […]

Coming up with the down payment on a home can be hard enough, and one way to make a home more affordable is to spread out the mortgage payments over 30 years. But 30 years can be daunting, and that time can be cut down with a 15-year mortgage. Its a lot more expensive in […]

Plan on applying for a home mortgage, car loan or new credit card? Lenders will be looking at your credit score to determine if youre a responsible borrower. The higher your credit score, the more likely a lender will qualify you and offer the best terms. Although boosting your score requires time and discipline, here […]

Here are four reasons you need an air purifier. Air Pollution Air purifiers can significantly reduce airborne pollutants that find their way into your living space and are unsafe to breathe in. Pets We love our furry friends, but their fur and dander can cause allergies and odor. Air purifiers remove these and keep the […]

Shopping for a home loan? It’s best to do it within 30 days of a credit pull so your score doesnt drop. When you apply for credit, such as a car or home loan, you authorize lenders to inquire for a copy of your credit report from a credit bureau. Too many inquiries could lower […]

If you’re a first-time homeowner, you likely have a list of renovations. Address these three areas in your first year: Your appliancesInsulation, andLandscaping Appliances with the Energy-Star rating can save you on your utilities. According to one study, one energy-efficient machine can save you $50 a year. Check your insulation. If you have an attic, […]

For generations, most home purchases were made by married couples. With many people postponing marriage to pursue an education and a career, more and more single adults are overcoming challenges to become homeowners. Meet Income RequirementsIf you want to buy a house by yourself, the lender will make its decision based solely on your income. […]

A house with a master suite is a dream for many. A large bedroom, private bathroom and other amenities can be an oasis for stressed-out homeowners to escape and relax. However, a master suite can also be expensive”and may or may not attract buyers in the future. Features of a Master SuiteThe term master suite […]

Many people dream of owning a home, but it can be difficult to save enough money for a down payment and closing costs. Fortunately, federal, state and local governments offer a variety of programs to help people purchase their first home. Federal ProgramsThe Federal Housing Administration (FHA) offers insured loans, which means that the lender […]

There’s a memorable phrase in the real estate profession of “Disclose, disclose, disclose. Those who don’t, don’t close, don’t close, don’t close.” Its a smart rule to follow, and not just to make a sale. The National Association of Realtors Code of Ethics goes into some detail about what agents should disclose to clients, though […]

Now that the dust has settled and your belongings are put away, its time to get a lay of the land. Whether you moved a few houses down the street or across state lines, settling into a new location can be a fun adventureso long as youre ready to put in the work it takes […]

If you’re between jobs or retired”or not working and considering retirement”you can still buy a home and get a mortgage that will require you to make monthly payments. While you don’t need a job to get a mortgage, what you do need is income. And there are many types of income that lenders will accept […]

Many individuals are beginning to identify with minimalism, as rising costs in real estate have generated a need for creativityat least when it comes to living space. According to U.S. Bureau of Labor Statistics estimates, it costs 32 cents per month to maintain any given square foot. That means that an additional 54% of your […]

If you need financing to buy a house, one option you might consider is a balloon mortgage. It offers lower interest rates and monthly payments than some other types of loans, but it’s important to understand the terms and consider your future plans to decide if it makes sense for you. How It Works With […]

If youre buying a home, you’ll more than likely be obtaining a mortgage, which you may not know much about. In fact, unless youve been involved in a home sale before, there are many things you will be learning about for the first time. Here is a handy list of some of the key terms […]

If you’re thinking of becoming a homeowner, you’ve likely spent time budgeting for additional expenses – property taxes, lawn care, a big-screen TV to fill up that extra space…you get the idea. But have you factored in protection for your new home? While you’re crunching numbers, remember to include homeowners insurance. A standard policy will […]

Buying a home on two incomes can be difficult enough, but it can be even more demanding if one spouse has poor credit. A poor credit score can make it difficult to qualify for a mortgage, leading to a higher interest rate on a home loan. A spouse with poor credit could be left off […]

If youre thinking about purchasing an expensive home, its important to understand how jumbo and conforming loans differ, and the pros and cons of each. Choosing carefully could help you save a lot of money over the term of your mortgage. Key DifferencesA conforming loan can only be used to borrow up to $453,100. For […]

If you’re shopping for a home, you most likely want a house with a garage. During your search, you’ll come across houses with attached or detached garages. You’ll need to decide which is the right choice based on your familys needs and preferences. Pros and Cons of an Attached GarageThe most common reason why people […]

Affordability is a big issue for renters looking toward homeownership. Beyond the purchase price, putting together a 20 percent down payment is a big roadblock for many people. It doesnt have to be, however. While 80 percent of millennial renters say they cant afford to buy a house, according to an Apartment List survey, there […]

Many lenders pre-qualify or pre-approve mortgage applicants, which can help considerably in the buying process. While the terms are often used interchangeably, there are some important differences to note. In general, pre-qualification is considered an initial step in which the applicant provides information on income, assets and debts. The lender may or may not require […]

How many times have you heard the story about people who move into their dream home only to find out that theres a huge plumbing issue or noisy neighbors next door? Learn from their mistakes, and reconsider certain factors before signing on the dotted line. Heres a comprehensive checklist for homebuyers when it comes to […]

A backyard pool can look like a lot of fun when youre house-hunting. Summer days full of swimming and splashing around your pool can be great fun, but sooner or later youre going to have to face the costs that come with a pool. Here are some of the costs of pool ownership: MaintenanceBefore buying […]

Title insurance can be one of those things that someone says you need when you buy a home, but you dont understand why. Without it, you could be left with a nagging question in the back of your mind: “Does the seller really own the property?” If the answer is no, it could be bad […]

If youre buying a house with cash only, you may have gotten a lower price for it and you certainly wont have to deal with a bank to get a mortgage loan. Another advantage is that you dont have to buy title insurance to protect your lender. Mortgage lenders usually require buyers to purchase a […]

Having good credit wont get you a mortgage by itself, but it definitely helps. A good credit score can result in a lower interest rate and better loan terms, while poor credit can lead to a higher interest rate for a mortgage. But its not impossible to obtain a home loan if you have poor […]

Before choosing a real estate agent, take these characteristics into consideration… Track Record Your agent should have a proven record that meets your needs. Digital Presence Agents must show their online strategy for reaching targeted buyers so that sellers gets results. Network A successful agent is plugged into the market on local and global levels. […]

Owning a home is probably on everybodys success checklist. Yet, it is a box that often goes unchecked for many years for those first starting out in the workforce. We all know it takes more than just the desire to buy a home in this day and age”if you have not been working toward it […]

You look at the palm of your hand and you can almost see it, the glistening, sense-of-security-giving key to your new home. Youve planned out your budget, youre on track for mortgage loan approval, youve thought of neighborhoods, youve called the agent, you are pretty much set. But then you figure, wow, what kind of […]

For the self-employed, applying for a mortgage can seem like an even more daunting task, especially if you can’t predict your monthly income. But although there may be a few additional hurdles to clear, the self-employed can certainly qualify for a mortgage, and the best way to do this is to be ultra-prepared. Although requirement […]

Knowing that you’re ready to buy a home can be an exhilarating feeling, except it’s often followed by panic. While experience is the best teacher, there are some things you can do to regain control of the home-buying experience. One of them is getting accustomed to the terminology, especially when it comes to the various […]

Financially, theres more to buying a home than the purchase price”sometimes much more. After the down payment, and once your closing costs and monthly mortgage payments are added up, it can be easy to forget some of the costly and hidden costs of owning a home. Take these added charges into consideration: Property TaxesProperty taxes […]

Here are the most exclusive home features that high-end homebuyers are looking for in the city. Doorman It will put you at ease to know your building has an extra layer of security and convenience. Private Parking A designated parking space, especially in a garage, is an absolute must-have. Outdoor Living Whether its a terrace […]

Choosing a city to live in can be easy, but it can be a little more difficult to narrow it down to a neighborhood. Without leaving your couch, however, you can explore a neighborhood through these three social media sites on a computer or with smartphone apps: FacebookFacebook’s City Guides are a hidden feature that […]