A lot goes into buying a home, but one of the biggest hurdles for many is saving enough for a down payment. What is a Down Payment? A down payment is a percentage of the home’s purchase price that you pay upfront. In other words, the down payment is the part of what you pay to buy
When considering the obligations of a mortgage, principal and interest repayment aren’t the only costs to consider. You’ll need to pay annual real estate property taxes and homeowners insurance, likely through an escrow account as part of your monthly payment to your mortgage lender. Understanding Escrow Accounts An escrow account is a savings account set up and
To qualify for a mortgage loan, you’ll need to complete an application, which serves as a comprehensive financial profile. Effective collaboration with a mortgage lender can simplify the process.Your mortgage application, which includes income, debts, and house price, is what lenders use to determine whether you qualify for a mortgage loan.Because of the Federal National Mortgage
If you’re ready to change your living situation, you may be debating whether it’s better to rent or purchase your next home. Unfortunately, the decision isn’t always easy to make. Reasons to Buy Accomplishing a Goal Many people consider owning their home to be a key part of the American dream, so much so that
For most people, a mortgage is the largest loan they’ll ever have. It's essential to understand all that goes into the cost and your responsibility in paying it back.The True Cost of a MortgageInstead of focusing solely on your monthly payment, take a step back and look at the total expense spread across the entire term
Selling your home marks the beginning of an important journey, often influenced by a need for more space, a desire to downsize, or a relocation. Understanding and managing the emotional and financial aspects of selling a property rich in memories and investments is vital. Preparing to Sell Homeowners decide to sell for various reasons: needing
Thinking about buying a place to call home? Then it’s time to think through the home buying process. It can be tempting to start by cruising through your dream neighborhood or checking out house plans, but the most realistic place to start is with the costs. Down Payments The cost of buying a home depends
