Buying a new house is an exciting process but one big thing stands between you and the home of your dreams — a down payment. If you haven’t been able to save enough for a down payment, don’t cross homeownership off your to-do list just yet. It is possible to purchase a home without a down payment and finally say goodbye to rent bills for good.
So, you’re in the market for a house? You’ve probably been reading up on all there is to know about taking out a mortgage. The basics are pretty straightforward: once you put in a down payment, a mortgage loan covers the remaining cost of a home, which you’ll need to pay back over x number of years.
Shopping for a mortgage can be stressful. It’s hard to wrap your head around the various loan types, terms and lenders. It’s time to get down to basics - starting with the loan term. Lots of homebuyers opt for a 30-year fixed mortgage, which allows you to pay back your loan over the course of 30 years at a stable interest rate. Explore these 30-year mortgage lenders and find your perfect fit.
The time has finally come. You’ve worked hard, you’ve saved up some money and you’re finally ready to put down some roots. It’s time for you to realize your dreams of becoming a homeowner.
To first-time home buyers, the mortgage application process may seem like a whole new world, with different terms and rules to learn, and so many decisions to make. Home buyers not selling a home tend to have smaller down payments, and less-established credit histories. On the other hand, they may qualify for government programs to help them get into a home.
Home equity is the difference between the current market value of your home and the amount of mortgage debt owed. The amount of your home equity typically increases as you pay down the mortgage debt on your home. Home equity is a resource available to homeowners and can be useful if used properly. If you decide to tap your home's equity be sure to consider a variety of lenders and loan types.
Building equity is important because you can tap into it to pay for major expenses such as a home remodel, credit card bills, or college tuition. The more equity you have, the more funds you can access when you need them. Buying a home and building equity is wonderful, but how do you access that cash when you need it?
If you own a property, the value of that property minus the outstanding mortgage is known as equity. With a home equity loan (HEL), you put that equity down as collateral in order to borrow money.
If you want to buy a new home, but have a low credit rating or don’t have a lot of cash, you may consider applying for a Federal Government-backed loan. FHA Loan helps borrowers to secure mortgages from authorized lenders for as low as a 3.5% down payment.
For those looking to refinance their mortgage there are a lot of lenders to choose from and a number of factors to consider. Each lender has their own unique features as a well as certain strengths and weaknesses. This article compares three of the bigger lenders in this space to help provide you with a comparison in one spot.
Buying a house isn’t only the biggest financial decision most people make - it’s also the most personal. There is no one-size-fits-all house, especially when you factor in budget, mortgage offers, location, and all the red lines and deal-breakers that buyers tend to have.
Unless you're one of the lucky few that can purchase a home for cash, you're likely to need some kind of a loan to realize your dream of home ownership. Broadly, a mortgage refers to the specific type of loan that’s used for home purchase. There are many types of mortgage terms you’ll want to know for a variety of circumstances, though many people are looking for conventional home loans.
When purchasing a home, a mortgage is almost always an inevitability. To ensure the best outcome, it’s important to plan ahead and make a decision that meets your financial and personal needs.
Mortgage rates are little numbers that are a big deal for anyone looking to purchase or refinance a home. Interest rates are a percentage of the overall loan you take out, so a higher or lower rate will quickly add up to figures in the tens of thousands of dollars range. This is why people search for the lowest rates possible when comparing loan services.
The U.S. is facing an unprecedented housing shortage. This lower supply of new and existing homes combined with increased demand that started even before the COVID-19 pandemic has served to create a perfect storm in terms of a housing shortage. Prospective buyers need to be aware of the market in their area and the right lenders for their unique needs.
Times change, so why shouldn’t your mortgage? Mortgage refinancing (sometimes referred to as taking out a second mortgage) can help you save money, get cash in your pocket, lower your monthly payments, shorten your loan term and more! Learn more about mortgage refinancing and get the facts before you decide if it’s the right move for you.
What does pre-approval mean when you’re looking to buy a home? Understand how it can help you and how to apply for pre-approval, which can give you an idea how much of a mortgage you will qualify for when it’s time to make an offer on your dream home.
Mortgage rates are the lowest they’ve been since they started tracking them in 1971!
Mortgage rates hit all-time lows after the Federal Reserve dramatically slashed the benchmark interest rate in March 2020. What’s more, rates will probably go even lower if, as expected, the Fed keeps cutting rates. This poses an interesting question for home buyers and owners: purchase/refinance now or sit it out in the hope of getting a better deal later?