Home Purchase Articles
How large of a down payment will you need for a mortgage on a condominium?
Want to get the best deal on a home? Pay cash. Want to outbid a bunch of other buyers seeking the same property? Pay cash. Want to buy a fixer-upper that the bank's leery of financing? Pay cash.
Buying a "for sale by owner" home, or FSBO, can save you 6 percent of the cost of the house if neither side uses a real estate agent.
There are plenty of requirements you must meet when applying for a new mortgage or when you plan to refinance your existing loan. Lenders will look at your debt levels, income and credit score. They’ll also look at your employment history. Fortunately, getting a mortgage with a new job is far from an impossible task.
You can still qualify for a mortgage with a low down payment of just 1 percent of your home’s purchase price. Several lenders have been offering these low down payment loans since 2015.
If you're looking to buy a fixer-upper home and renovate it, you might be considering Fannie Mae's HomeStyle Renovation program. The program, like similar products offered by private lenders and with FHA loans, allow you to include both the costs of buying a home and those needed to renovate it all in one loan product.
Buying a home for your parents to live in is basically buying a second home with another mortgage added to your monthly bills. That can be difficult to do, though there are two other options if adding another mortgage bill to your finances isn’t possible.
Applying for a home loan can be an intimidating process. It's one of the things that can cause first-timers to drag their feet the feet on buying a home. Even homeowners who've been through it before may put off refinancing simply because they fear an extended and cumbersome process.