Young buyers often rely on family assistance in raising the money for a down payment on their first home. Until recently, though, they still had to come up with a big chunk of their own dough in order to qualify for a conventional loan.
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.
Should you use a home equity loan or cash-out refinance to fund your 401(k) or IRA? According to a recent study, there can be some significant advantages in doing so - but there are some hazards as well.
Should you buy a home or would you be better off renting? With the economy gradually improving, but mortgage rates and home prices still relatively low, it's a question many potential homebuyers are pondering.