Do you qualify for an FHA loan based on your credit score and credit history? And even if you do, is an FHA loan the right choice for you? If your credit score is under 620, you may not qualify for a conventional mortgage, but a Federal Housing Administration (FHA) loan could be the answer
Feeling cooped up in your metro area? You’re not alone. According to recent Census data, 86% of U.S. residents live in metro areas. That leaves 14% of the population spread out in the rural areas of the country – which spans 72% of the nation’s land area.[1] So, if you’re looking for more space, there
Helping out a friend or relative has got to be one of the best feelings in the world. Whether it’s referring them for a new job, facilitating a conversation between them and a person of interest at the bar, or handing them a stick of gum in their time of need — it all comes
Moving into a new home can be a big deal, even when you’re just moving to a new neighborhood or a nearby county. When the move crosses state lines, buying a home in the area can feel like exploring another planet, especially if it’s somewhere you haven’t lived before. The good news is that you’re
Let’s be real, past generations of home buyers had an easier time coming up with down payments and closing costs. And that was great for them, but times have changed. For most home buyers today – especially people trying to buy their first home – student loan debt, credit card debt and TWO recessions are
For many first-time home buyers, the home buying process can feel like a mysterious journey into murky, uncharted waters. REALTORS® and real estate agents can help home buyers keep their dreams of owning a home afloat. According to the 2020 Home Buyers and Sellers Generational Trends Report from the National Association of REALTORS® (NAR), 89%
Whether it’s a vacation home or a multiunit rental property with tenants, real estate investors can take pride in their financial savvy. With the right investment property, you’re not only earning income from your tenants, but you’re building equity. The other side of the proverbial coin is expenses. The biggest single expense for investment property
Although we set out looking for the perfect house to buy, we may come to realize that ours just isn’t out there – yet. That’s why, as a home buyer, it’s so important to make sure you work out a real estate purchase agreement that lands you the best deal you can swing with the
Fizzbo. 🤡 No, it’s not the name of a party clown. It’s how you pronounce “FSBO,” the acronym of “for sale by owner.” Maybe you’ve seen a FSBO home listed online and wondered how different the buying process is from buying a home that’s listed the standard way. Or maybe you’re about to put your
If you’re planning on becoming a homeowner right now, you may be feeling frustrated. Home prices are on the rise and available housing stock is getting snatched up every day. That may leave you wondering if you’ll end up paying more for a house that isn’t even the home of your dreams. What if –
Whether it’s a bad first date, an awkward family dinner or a client meeting that goes on forever, life is full of situations that may require a smart exit strategy. The best exit strategies are as drama-free as possible and can reduce or virtually eliminate any hard feelings. Home buying can be a lot like
Home buying can be a challenging experience for a variety of reasons. One of the biggest challenges for home buyers is saving up enough money to cover a down payment. Maybe that’s why a study from the National Association of REALTORS® (NAR) found that in 2019 more than 32% of first-time home buyers got a
Thinking of renovating or remodeling your home? You’re in good company. More people than ever are choosing to stay put, investing their time, money and effort into home improvements instead of selling. One of the biggest reasons is hypercompetitive housing markets, which are increasing property values across much of the country. And if you can
Getting preapproved for a mortgage is the first big step in the home buying process. It can help you get your purchase offer accepted because it signals to the seller that a lender is willing to loan you money to buy a house. A preapproval is a lot of things, but here’s something it isn’t:
Are you carrying a lot of credit card debt? Do you die a little on the inside every time one of your credit card payments is due? Are you tired of making payments and feeling like your balance hasn’t budged? You’re not alone. The typical American has about $5,315 in credit card debt, and the
There are few reasons why a rent-to-own option may be a good fit. Maybe you’re not financially ready to make a large down payment. Or maybe you aren’t ready to take out a mortgage. Rent-to-own agreements can help first-time home buyers, people getting their “financial act” together and anyone who is tired of the endless
Feels like we can’t escape financial pundits telling us to stop eating out and to streamline our streaming subscriptions, so we can save for a down payment. Good advice. But how many decades will that take? Between stagnant wages, student loan debt and everything from cereal to cars getting more expensive (according to the Bureau
It’s a seller’s market. And that means home buyers are up against stiff competition. Acting fast and coughing up as much cash as possible can be the difference between a successful purchase and losing out against other eager buyers. The types of homes you’re looking at might also give you a competitive edge in this
Let’s get into this. A jumbo loan is exactly what you think it is: a ginormous load of cash. We’re talking over $550,000 to buy a house. These loans are ideal for buyers who have strong financial profiles and need access to much higher loan amounts than they would get under a conforming loan’s limit
If you’re a homeowner, refinancing your mortgage can be a great way to: Get a lower interest rate (especially if interest rates are low) Reduce your monthly mortgage payments Shorten your repayment period Take advantage of your home equity But before you can enjoy those perks, you have to pay your closing costs. Remember the
Is it even daytime TV if you don’t catch an ad or two featuring charming, silver foxes like Tom Selleck, Henry “the Fonz” Winkler, or Joe Namath telling you about the benefits of a reverse mortgage? The spokesperson may change, but the message rarely does: “You’ve worked hard to pay down or even pay off
Buying a house can be challenging. But getting a mortgage preapproval before making an offer can make buying a house go a lot smoother and work out in your favor, especially in a hot housing market. Home shop smarter, not harder. A mortgage preapproval letter proves that you not only want the house – but
Imagine being this close to calling it quits on your house search – and then it happens. You find THE house AND it’s in your price range. Granted, it’s affordable because it needs some serious repairs, rehab and renovation, but you love it and you’re willing to do what it takes to transform your fixer-upper
For some first-time home buyers, it can be hard to put together a down payment for a home. Just consider the following: Taking all of this into account, it’s easy to understand why it’s harder for today’s potential homeowners to save up for a down payment, especially when compared to previous generations. But don’t despair.
Think of your down payment as the cover charge that gets you into the homeowners club. 🔥 A lot of home buyers might need to get creative to pull together the cash they need for this upfront cost, but once they’re over that hump and into their new home, they know it was worth it.
Wouldn’t it be awesome if we could give you a yes or no answer? Oh, if only things could be that easy. Deciding you’re ready to buy a house might seem like a major step. And that would be correct because – spoiler alert – it is. But it doesn’t have to be “meeting your
Did you recently have an unexpected expense pop up? Are you unsure about how you’re going to pay for it? No matter how well we plan our lives out, sometimes we find ourselves in financial pickles that leave us strapped for cash. Don’t sweat it too much, though. You definitely have a few options available
Refinancing your mortgage can be a great way to save money or get more favorable terms on your home loan. This is especially true if interest rates are low and your home value has increased since you bought your home. But what if your credit score is standing in the way of refinancing? When you
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