Current homeowners can also benefit from low mortgage rates by choosing to refinance their home. Ultimately, refinancing helps save money by paying less interest. The savings can be diverted into a retirement account, paying off debt or even pay more on mortgage payments to shorten the life of the loan.
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But before you step into any open houses, you should understand what you need to do in your savings and earning history to buy a home. And in today’s housing market, getting pre-approved for a mortgage is essential.
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Here’s what homebuyers can expect when making their first home purchase, from prequalification to mortgage approval.
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Buying your first home is one of the biggest financial decisions you’ll make. Download our first-time homebuyer’s handbook to learn what’s involved.
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The average homebuying timeline will vary for everyone, but yours could potentially be delayed if you make a handful of certain financial moves. Learn what to avoid when buying a home.
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With the exception of a few sun belt states, shopping for a house in the winter just seems off. The traditional time to go from listing to listing is spring and summer. But while things slow down this time of year, there are some hidden advantages to choosing it as your buying season. In fact,…
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Building a house vs. buying. It’s a question that faces many who enter the housing market. Whether you’re a first-time homebuyer or you’re looking for something that better fits your family’s needs, it’s a question that you’ll likely have to consider. Whatever direction you decide to go, it’s important to compare the positives and negatives…
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Down payments are challenging for many first-time homebuyers. It seems that the initial financial stab at home ownership is among the greatest roadblocks of owning a home. If you are in the process of buying a home, using a gift can allow you to achieve that 20% down payment. This can help you get…
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The VA loan is one of the best mortgage loans there is. Here are some reasons why. First, VA guarantees the loan for 100% of the appraised value of the property (technically, the loan is for the Notice Of Value amount, which in most cases is the same thing). This guarantee means that the lender…
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Home appraisals are typically required during the home buying process in order to determine the current fair market value of the home. The home appraisal process is a combination of science and opinion—but mostly science, even though the value that the appraiser delivers is called an “opinion of value” as of the effective date of…
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A 20% down payment is anything but standard. Making a smaller down payment does involve some form of mortgage insurance (MI). Conventional loans are available with as little as 3% down.
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Many first-time home buyers have stars in their eyes when they first begin house-hunting. Their ideal is a house that is move-in-ready, offers the number of bedrooms/baths/square footage they’re looking for, is in a great neighborhood and, of course, is within their budget. Matching all that criteria is often a tall order, especially the move-in-ready…
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Moving into your own house can be exciting and frightening at the same time. Before transitioning from renting to owning a home, you’ll need to create a savings plan that not only includes your down payment (typically 5 to 20% of the home’s value) but also a reserve fund to cover unexpected emergencies. Tips on…
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Paying down your mortgage early may be possible, but is it smart?
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The second step in buying a home is finding out your credit score, and deciding how to proceed based on that.
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As a homebuyer, one of the biggest decisions you’ll have to make revolves around the type of financing you wish to obtain.
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Getting a mortgage will take some time. Before you head to a lender, it’s important to ensure your finances are in order so you can secure the best possible interest rates and don’t fall behind on future payments.
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