Today’s mortgage interest rates are a good bit higher than those of a few years ago, and that’s keeping many buyers on the sidelines, waiting for a better rate. Should you wait until interest rates drop to buy a house? Experts generally say no. Here’s what you need to consider. No crystal ball of interest… Read more »
Today’s higher interest rates are squeezing would-be home buyers. Less than three years ago, rates were below 4 percent. Now they are above seven, and monthly payments have soared. This has driven home sales down and generated fresh interest in creative financing programs. If you’re in the market for a home, consider these alternatives to… Read more »
Paying property taxes is an unavoidable part of homeownership. But why are you charged these taxes, and what determines how much you pay? Here’s a brief primer on property taxes. Where does all that money go? Property taxes are sources of revenue that state and local governments use to pay for necessities we often take… Read more »
The Federal Housing Administration’s accommodating lending standards help financially challenged Americans achieve the dream of homeownership. But buyers may be surprised to learn that FHA has minimum standards for the property condition that can potentially throw a monkey wrench into your purchase plans. What are these FHA requirements, and why does FHA require them? The… Read more »
Owning a home is an essential part of the American dream for most people. Did you know that federal and state governments, as well as mortgage lenders, offer homeownership incentive programs that can help you buy your first house? Read on to learn more about the opportunities available to you. More than just federal loan… Read more »
Significant financial misfortune may lead you to do the unthinkable: file for bankruptcy. You may fear that this means the American dream of homeownership is out of reach, but all is not lost. Homeownership after bankruptcy is possible. Types of bankruptcy Federal law allows individuals to file two types of bankruptcy: chapter 7 and chapter… Read more »
When a homeowner is forced to give up a home because of financial hardship, the house is referred to as distressed property. Buyers can often purchase distressed properties at a deep discount, but these transactions are not always easy. Here are three categories of distressed properties and how a buyer can purchase each of them…. Read more »
If you’ve recently graduated from college and are just getting established in your career, you may think you’re destined for many years of apartment dwelling. But think again! It’s possible to buy a home in your 20s. Here’s our guide for young home buyers pursuing that worthy financial goal. Benefits of home ownership Apartment dwelling… Read more »
Sometimes unmarried couples want to buy a house together. Homeownership is a great goal, but before you take the plunge with your significant other, you need to cover some important legal and financial ground. Here’s what you need to know. Open and transparent finances If you’re thinking of buying a home with your significant other,… Read more »
Women still face hurdles when it comes to equal pay and job opportunities. Even so, sales to single women home buyers outpace sales to single men. Here’s our guide to the implications of this growing trend. More single female home buyers than male Today, single women make up almost a fifth of home purchasers. Male… Read more »
The loan processor you work with when you apply for a mortgage isn’t the person who decides whether you qualify for a loan. That power lies with the mortgage underwriter. How do underwriters decide whether applicants will get a loan? The mortgage underwriter’s job The underwriter’s job is not to make you dance like a… Read more »
If you’ve wanted to buy real estate as an investment, you might consider buying a house at a foreclosed property auction. You can get a great value, but the process can be risky and you need to be well prepared. Here’s what you should know. Why property is sold at auction Homes are generally sold… Read more »
When buying a house you expect to spend money beyond the sales price for some repairs or remodeling. Buyers don’t expect to have to pay to clear a lien against the property for unpaid taxes, and the prospect is intimidating. What is a tax lien? If you love a house that has one, should you… Read more »
Whether you are self-employed, a freelancer or have a variable income stream, you’ll face special challenges getting a typical mortgage and may need to apply for a bank statement loan. What is a bank statement loan, and how do these loans work? What is a bank statement loan? A bank statement loan is a product… Read more »
One strategy for lowering your mortgage interest rate and the overall cost of your loan is to pay mortgage points up front. What are mortgage points, how can paying them save you money, and when is that the right choice for you? What are mortgage points? A point is simply one percent of the amount… Read more »
Building a new home is far different from purchasing an existing house. While you may be familiar with typical purchase contracts and mortgages, here are the basics when dealing with a builder and financing new home construction. The sales contract All purchase contracts spell out the purchase price, amount of earnest money, projected closing dates… Read more »
As a thank you for their service, veterans and active military are eligible for special benefits when purchasing a home. Reaching as far back as President Herbert Hoover, the programs have helped veterans and their families find and purchase affordable housing. As a veteran or active-duty service member, here’s what you need to know. How… Read more »
Saving enough money for a home down payment is a challenge for every generation, but millennials face extra hurdles. The good news? With determination, discipline and a plan, you can do it. Let’s make it happen. Millennials face unique challenges Career prospects for many millennials were handicapped by the great recession of 2008. Many millennials… Read more »
Securing a good interest rate and qualifying for a home require a good credit report. That’s easier said than done, especially for today’s millennials who are often weighed down by student loan debt. Here’s a four-step approach to building a strong credit history. Types of credit Debt falls into two categories: revolving and installment. Revolving… Read more »
When thinking of buying a house, a first question is often How much do I need for a down payment? Ideally, a down payment is 10 percent to 20 percent of the purchase price, which will reduce your mortgage and lower your monthly payments. But in reality, many buyers, especially first-timers, don’t have that kind… Read more »
