A Step-by-Step Guide to Shopping for a New Home
Whether this is your first or tenth home purchase, shopping for a new home is an exciting time. It can also be a stressful and lengthy process. This guide can help you stay on track and in your new home in no time. Start Your Search Before you go to your first open house or…
First-Time Homebuyer’s Checklist
Ready to purchase your first home? Use this easy-to-follow checklist to navigate the path to home ownership. Determine Your Budget: It’s best to determine how much house you can afford early in the process to avoid falling in love with a home that will stretch you too much financially. You may also decide that you…
Understanding Cash to Close
If you have received your Closing Disclosure from your lender, you are almost done with your home buying journey. The Closing Disclosure, provided at least three full days before closing when you sign the final purchase documents, means that you are at the finish line, ready to celebrate with keys in hand. On the CD,…
How to Get Preapproved for a Mortgage
Before you begin your new home search, talk to a lender about getting preapproved for a mortgage. This important step can save you time in negotiations and keep your search on target and within budget. What exactly is a preapproval and how do you get one? A preapproval is different than a prequalification because it…
5 Strategies to Save for a Home
Buying a home is a big purchase, one that takes time to save up to afford. Many homebuyers use a mortgage to finance the majority of the cost, but still need to save up a down payment. Here are five ways to build up your savings to get you into a new house sooner. Start…
Expenses First Time Home Buyers Need to Save For
If you are getting ready to purchase your first home, there are a few expenses that you need to prepare for before getting to the final closing table. Some are even required before you start searching or complete the sale. Here are five major expenses that first time home buyers should start saving for when…
Finding the Right Location to Buy a Home
They say that buying a home is all about location, location, location. But what if you do not know what location is right for you? Here are a few factors to consider when deciding on just the right place to put down your roots. Budget: While not the most glamorous or exciting part about home…
Should I Buy or Rent?
The biggest question those considering homeownership need to answer is simple: Should I buy or rent my home? Here is a look at the pros and cons of each. Buying Pros: Your monthly payment builds equity, or ownership, of the actual physical property. After years of paying your mortgage, you will own your home free…
Understanding an Appraisal Contingency
When buying a new home, you have the chance to put in a number of contingencies to the purchase contract to protect you during the process. A contingency is a condition that must be met in order for the contract to remain valid. If it is not met to the buyer’s satisfaction, they are able…
How Much Income Do I Need to Buy a House?
Homeownership is not just for the ultra wealthy. While income is an important factor when buying a house, knowing exactly how much you need to earn is not as simple. Most people who buy a home use a mortgage loan to finance the majority of the purchase price. Lenders consider an applicant’s debt-to-income (DTI) ratio…
Popular Loans for Buying a Home
Finding a great deal on your home purchase requires that you understand the different types of home loans available. Here are popular mortgage products and who can use them. Conventional Loan: This is most popular type of loan and the one that most people think of when beginning their home search. To get a conventional…
What You Need to Know About Cosigning a Mortgage
If your credit, debt, or income is keeping you from buying a house, you may be tempted to have another person in a more stable financial position help with your loan application. A non-occupant co-client signing your mortgage along with you may be an option your lender offers, but there are a few things you…
How to Buy a House with No Money Down
Do you dream of homeownership but can’t come up with the required down payment? Don’t worry. You may be eligible for a no money down mortgage. Some come with stipulations and others have eligibility requirements. Read on to learn more about how to buy a house with no money down. There are two mortgage products…
Do I Need a Realtor to Buy a House?
When you are ready to make a new home purchase, the first thing to consider is who you want on your team. A Realtor or real estate agent can be your advocate throughout the process. While it is not required to have a Realtor or real estate agent when buying a home, working with this…
How Much Do I Need for a House Down Payment?
One of the first hurdles that potential homeowners must overcome is saving up a down payment. It can take years, depending on the home prices in your area and how much you want to put down. Down payments are usually described as a percentage of the purchase price. How much is required for a down…
A Home Appraisal Checklist
Searching for and finding the perfect new home is just one step of the home buying process. Once you find the perfect home and have a sales contract, it is time to actually get to the business of arranging the purchase. Most home buyers, whether first-time or experienced, use a home loan called a mortgage…
What Is an FHA Mortgage Insurance Premium?
FHA mortgages are great for homebuyers without a sizable down payment or with low credit. Each situation is unique and based on a combination of factors like income, credit, and the property’s value, but most lenders will consider FHA loans with a 3.5% down payment and a credit score above 580. To use an FHA…
A Home Inspection Checklist
When purchasing a home, it is always a good idea to have it professionally inspected. Many lenders even require it as a condition of the loan. Home inspectors charge between $270 and $400, depending on the size of the home, local area, and extra features (shed, detached garage unit, pool) that they need to inspect.…
What to Look for in a Neighborhood When Buying a House
Evaluating a potential new home’s features is just one part of finding the perfect place to buy. You should also carefully consider the neighborhood that you will be living in to decide if it fits your needs. Here are a few things to look for when taking a stroll through your potential new neighborhood. Crime…
Buydown to Reduce Your Mortgage Interest Rate
If you are buying a home, you have probably looked at all kinds of ways to reduce your monthly mortgage costs. These can include putting down a higher down payment or improving your credit to get a lower interest rate. But did you know that you can actually pay to lower your interest rate by…
Buying a House without a Real Estate Agent
Working with a real estate agent can be very helpful when purchasing a house, especially if you are a first-time homebuyer. But for the seasoned, experienced buyers or the newbies who want to go through it on their own to save on costs, it is not required to work with a Realtor or agent. Here…
How Long Does It Take to Buy a House?
The home buying process is exciting but can be lengthy, especially if you have a purchase fall through and have to start over. How long should you expect it to take to buy a home from start to finish? The overall home buying process can take around four months and can be broken down into…
How to Determine if You Are in a Buyer’s Market or Seller’s Market
Being a savvy real estate buyer or seller requires that you know and understand the market conditions. This includes the types of home, comparable purchases prices, and so much more. But one of the most important factors to understand is where you are in a buyer’s market or seller’s market. The concept can be simplified…
How to Get Your House Ready to Sell
You’ve mastered the process of home buying, but are you ready to be a seller when it’s time to move out? Believe it or not, selling your home can be just as much work as buying. Here is a handy checklist to get your house ready to sell. Talk to a Realtor or agent. Unless…
Negotiating a House Price as a Buyer
Buying or selling a home often comes with some negotiation. In fact, it is expected and normal for both parties to set a price higher (seller) or make an offer lower (buyer) than they are ultimately willing to accept. If you are the buyer, here are a few tips to help you make the most…
How to Know When You Should Buy a House
Do you enthusiastically pore over home listings on online platforms in your spare time? Is driving around looking for For Sale signs your idea of a perfect Saturday afternoon? If so, you may be ready to buy a house. Here are five tell-tale signs that you should consider if it’s time to buy a house.…
What Is the Average Down Payment for a Home?
One of the biggest hurdles to homeownership is saving up the all-important down payment. It can impact how much house you can afford, what types of loan you use, and how long you need to wait to become a homeowner. So what is the typical down payment amount for home buyers? What Is a Down…