Applying for a mortgage can sometimes prove complicated. However, there are many different programs that one may be eligible for. You first need to gather information about the qualifications and guidelines for programs such as the Rural Housing Development Loan program. Interest rates can be different with different lenders along with the qualifications and guidelines from one lender to the next.
Home Purchase Articles
Worried that you can't afford even an entry-level home in your market? You're not alone. John Burns Real Estate Consulting recently released a study showing that only 54 percent of U.S. consumers can afford a home priced at 20 percent of the median home price in their area.
A recent move by federal officials to stop national programs from lending down payments to people who can’t come up with the money on their own to qualify for FHA loans will likely make it harder for first-time homebuyers and lower-income families to buy a home.
Owning a second or vacation home is a dream for many, but getting a mortgage to buy one can be a challenge. The requirements can be significantly more stringent than those for a mortgage to buy a primary residence. An alternative possibility: tapping the equity in your current home instead.
If you’re the owner of a historic home, you may not be able to say that George Washington slept there, but you should at least be able to find some sort of interesting story you can tell about the house after you’ve secured a home loan.
Don't have enough money to buy your first home? Or want to build equity quickly? One option for entering the housing market is to “house hack” and buy a multi-unit home to rent out to tenants and charge them enough to cover the mortgage, or close to it.
Your real estate agent is supposed to represent your best interests, right? If you’re selling a home, your agent’s job is to earn you the highest sales price. If you’re buying, your agent’s priority should be to get you into your new home for the lowest price.
It’s a type of insurance no one likes to pay: private mortgage insurance, an insurance that protects mortgage lenders if you eventually default on your mortgage loan. Depending on the size of your mortgage, private mortgage insurance, better known as PMI, can add $100 or more to your monthly mortgage payment if you don’t first come up with a down payment of 20 percent of your home’s purchase price.
Being preapproved for a home loan by a lender is a good way to show a home seller that you’re serious and are financially qualified to make a fast close on the contract. It can help seal the deal and convince the seller to accept the bid.
Whether you’re looking to buy a home or refinance a home loan in 2019, forecasting where the housing market will go in the new year can be difficult. When is the best time to buy? Should you stay in your current home and refinance to a lower rate?
A mass exodus of Baby Boomers from homeownership is projected to happen during the next 15 years or so. Whether leaving for rentals, senior care facilities, dying or downsizing to a smaller home, many more older homeowners are expected to leave their empty nests and sell their homes.
Buying a home might be more expensive in 2019. Mortgage interest rates are expected to rise throughout the coming months, making it more expensive to take out all mortgage types. The same is true of home prices. Will you still be able to afford the home of your dreams in the coming year?