If you’re ready to buy a house, and you want it to go well and don’t want to regret your decision, here are some questions you should ask yourself first. Do I have money in the bank? Mortgage lenders like it when you have enough money for a 20 percent down payment. For example, if you’re going to buy
Refinancing can help improve your financial picture, and real financial security comes from having a home with no mortgage. Do you dream of making the very last payment on your mortgage, as well as how you’re going to feel when you are mortgage-free, and what will do with all that extra money you’re going to have at the end of
While it’s great to be debt-free, there might be better uses for your extra money rather than paying off your mortgage early. When you consider your overall financial picture, you probably don’t like seeing all of that mortgage debt there. It can be tempting to try to pay off your loan early, but that might not be the best idea.
Being a first-time homebuyer can be both exciting and challenging, especially when it comes to wrangling up the necessary funds not only for a down payment but for the ensuing household budget as well. While an experienced real estate agent can offer advice and assistance to help first-time homebuyers determine if they can actually afford the house of their dreams,
There are numerous mortgage steps that are involved before a lender is ready to issue a home loan. Buyers could miss something during the process. Here, Realtor.com offers five essentials that many people don’t realize they need to obtain a mortgage. Pre-approval This is a commitment from a lender to provide you with a home loan of up to a
Once they’re retired, many older adults find they want to downsize or move to a new city. Many older adults find they want to downsize or move to a new city when they retire. This can be an exciting and challenging time to get a mortgage While lenders are prohibited from discriminating against loan applicants based on age, retirees still face
If you’re thinking about buying a home, you need a game plan. House hunting is about more than visiting a few open houses and choosing the house you like the best. A smart search means you’ll save time, money and your sanity during your home-buying process. Here, Realtor.com presents some classic mistakes to avoid. Not arming yourself with a mortgage pre-approval Sellers
Thinking of using a Federal Housing Administration (FHA) loan to purchase a house? If you have decent credit scores and low debt—but don’t have the 20 percent down payment—this government-backed loan will allow you to put down as little as 3.5 percent. But you’ll want to do your homework and weigh the pros and cons to determine whether an FHA
Buying, renovating and then reselling houses can be a profitable undertaking. But finding a loan to fund such a project is much different than getting a conventional loan for a personal home. Here, Realtor.com discusses four different fix-and-flip loans that can be used to purchase and renovate distressed properties, each of which presents its own set of qualification requirements and
Failure to know your mortgage rate can be an expensive mistake, especially in this rising interest rate market. According to a recent survey by Bankrate, however, almost 3-in-10 mortgage holders (29 percent) either didn’t know their mortgage rate or wouldn’t say. The average rates on 10-, 15- and 30-year fixed finances have risen from a year ago, according to Bankrate’s weekly
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