Plenty of expenses come with buying a home. Three of the bigger ones? Property taxes, homeowners insurance and, for many buyers, private mortgage insurance. Paying these bills can require homeowners to come up with $8,000, $9,000 or more than $12,000 a year, depending on where they live.
Empty nesters whose children have left home for the first time to go to college or live on their own may feel more than grief or loneliness. They may want to downsize and move to a condo or smaller house.
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.