Buying a home can be an expensive pursuit. Fortunately, there are strategies you can take advantage of to lower your home buying costs. If you are an aspiring home buyer with a low- to moderate-income, you should explore the different loan options at your disposal. If you’re struggling to qualify for a conventional mortgage because
Mortgages
Find out what you can afford. Research what your monthly payment might look like with our intuitive mortgage calculator. The VA loan program is one of the best ways for qualified service members, veterans and surviving spouses to become successful home buyers. VA loans make home loans accessible and offer some of the most competitive
When you’re house hunting, finding the right home is only part of the battle. You’ll also need to decide how to finance your home purchase. If you’re going to take out a loan, you need to know which type of mortgage to use. Conventional loans and U.S. Department of Veterans Affairs (VA) loans are among
In the United States, there are many different paths to homeownership. One of the most common ways to buy a home – especially if you can’t make a huge down payment – is with help from the Federal Housing Administration (FHA). Established after the Great Depression, the FHA offers a variety of programs to help
Qualifying service members, veterans or surviving spouses turn to VA loans to help make buying a home less expensive and becoming a homeowner more affordable. With a VA loan in hand, borrowers can close on a new home without a substantial amount of money upfront. One of the biggest benefits of a VA loan is
As a consumer in the real estate industry, an awareness of mortgage scams is crucial to protect yourself from falling victim to them. A mortgage scam is when someone intentionally misrepresents information for their own profit or benefit. There are dozens of different mortgage scams, which can be perpetrated by mortgage lenders, real estate agents,
If you’re in the middle of shopping for a mortgage (or will be soon), you’ll probably come across two companies: Fannie Mae and Freddie Mac. Ring any bells? Fannie Mae and Freddie Mac are home mortgage companies created by Congress that play an important role in the U.S. mortgage industry. The two federally backed institutions
For many of us, the American economy has felt like a rollercoaster lately. Interest rate hikes have become the new normal, and you can’t seem to escape inflation in stores or on the news. If you’re trying to buy a house, you’re probably wondering how interest rates and inflation will affect your home buying aspirations.
If you take out a mortgage on a home, you might be surprised to receive your first bill from a bank you’ve never worked with before. You can thank the secondary mortgage market for that. When you take out a home loan, your lender can sell the loan – and the rights to collect payments
After years of studying to begin a career as a medical professional, you’d think getting a mortgage would be a breeze. Unfortunately, many doctors come out of medical school with a significant amount of debt and a more modest income than seasoned physicians. This large debt-to-income (DTI) ratio can make it harder for doctors looking
Like many Americans, U.S. military veterans and active duty service members may want to purchase an investment property. After all, real estate has proven to be one of the most lucrative investment opportunities. As an added bonus, service members and veterans get access to VA loans, which often come with more favorable terms and fewer
You can refinance your home multiple times for multiple reasons. Maybe you want to capitalize on a lower interest rate or switch from an adjustable-rate mortgage (ARM) to a fixed-rate loan. Some of us may decide to refi to help us get through a difficult financial situation. While it may be in your best interest
For many of us, buying a home is the pinnacle of adulting. There’s just something about owning property that makes most of us feel accomplished – and with good reason! It takes time, effort and preparation to finally get those keys in our hands. And speaking of preparation, one essential step to owning a home
During a refinance, there are many moments of anticipation you hope will eventually lead to successfully refinancing your home. Minutes feel like eons when you’re waiting for an update from your loan officer. You’ll likely feel twinges of anxiety while you’re waiting for the results of your appraisal to come back. Your most pressing question
A home appraisal is a comprehensive evaluation of a home’s value that takes into account the living condition of the home, any improvements made and comparable homes in the area. It lets potential buyers and their mortgage lenders know if they may be paying too much for a home. If they are, the lender may
There’s a transition most young adults must face at some point in their lives: moving out of their parents’ home. And while you may end up back there for a stretch – if you fall on hard times or for another reason – it’s still generally not a great long-term arrangement. You may be wondering
If you’re a nomad at heart but want to keep a roof over your head, you’re likely in the market for a mobile home (aka a manufactured home). And the best way to finance your purchase will likely be a chattel mortgage. Chattel mortgages are loans you get on personal property (aka chattel) that can
While you may love nothing more than living in your home right now, there must be some part of you that hopes – and expects – your home’s value to climb, especially if you’re thinking about selling your home one day. We don’t want to make any assumptions, but for most sellers, their highest priority
Mortgage rates and inflation are two crucial pieces of our economy and have a significant impact on each other. As a reminder, inflation is the increase in the prices of goods and services, which reduces the purchasing power of money as a result. On September 21, 2022, the federal reserve increased interest rates for the
If you currently have a mortgage, you might find yourself looking for ways to pay down your principal as fast as possible. With many mortgages, paying down the principal balance early can help you build equity and decrease the amount you pay in interest over the life of the mortgage. When you have some extra
When you buy a home, the seller transfers the deed to you, making you the proud new owner of a piece of real estate. But did you know that sometimes homeowners can transfer their mortgages to you, too? A transferable mortgage, more commonly known as an assumable mortgage, allows you to buy a home by
Loans originated by the Federal Housing Administration (FHA) are a great option for home buyers, especially first-time home buyers. They offer low-interest rates, relaxed credit requirements, and low down payments. And there’s another unique benefit. If you refinance your existing FHA loan to another FHA loan, you may qualify for a refund on the upfront
Equity represents how much you own of an asset. So home equity is the percentage of your home that you own. If you paid off your mortgage (or purchased the house with cash), you have 100% equity in your home. If your home is worth, let’s say … $400,000, and your outstanding mortgage balance is
If you’re the spouse or surviving spouse of a U.S. Armed Forces veteran (including the U.S. National Guard), you may qualify for a U.S. Department of Veterans Affairs (VA) loan – either as a co-borrower or sometimes as a standalone applicant. Considering everything spouses of active service members and veterans do for their families, as
Traditional homeowners and renters insurance does not cover earthquakes, making earthquake insurance one of the few options available to people in high-risk zones like California, Hawaii or Alaska. While many homeowners skip earthquake insurance due to high costs, that doesn’t mean you should make the same choice. To better understand the advantages and disadvantages of
Wondering if your homeowners insurance policy covers plumbing? Whether you’re experiencing a plumbing issue or want to understand your policy better, it’s good to be prepared. Homeowners insurance protects your property from the unexpected, like fire or storm damage. Luckily, many plumbing mishaps are covered. But when they aren’t, reviewing your policy and understanding what’s
Your electrical panel is essentially the brain of your home’s electrical system. It is the control center of your home’s power and one of the most crucial systems in your home. Like anything else, your electrical panel can malfunction or break, requiring you to repair or replace it. When the time comes to upgrade (aka
Ready to buy your forever home? Looking to score a cheaper mortgage deal? Have you simply grown out of your current home? ? You’ll be looking to find a mortgage lender and get the best rate you qualify for. Get moving with our recommended lender with Rocket Mortgage to make this process fast and simple.
The employment scene looks much different today than it did a few years ago. Between ongoing pandemic-related disruptions, the Great Resignation and the rise of gig work, more people than ever are wondering if they can get a mortgage or refinance their home loan without a full-time job. Yes, getting a mortgage or refinancing your
After you buy a home, the first thing that probably comes to mind is how much it’s going to cost you every month. There’s the monthly mortgage payment, insurance, repairs, maintenance, utilities, etc. And don’t forget the taxes. Regardless of where you live, you will owe property taxes. Fortunately, most states offer an easy way
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