Which is better: a mortgage payment or a rent payment? Depending on who you ask, some say it’s a waste of money to rent when you could buy. Others insist it’s cheaper to make rent payments than mortgage payments in the long run. While both options have pros and cons, there are three major benefits
The American dream is becoming more affordable thanks to this year’s Welcome Home Program. The program offers low to moderate-income homebuyers up to $5,000 for closing costs and down payment assistance. Honorably discharged veterans are eligible for up to $7,500. Keep reading for details. Homebuyer Requirements for the Welcome Home Program “We’re pleased to be
So you’ve found the perfect first home. Congratulations! But before you start dreaming about where you’ll put the grill and plant the daffodils, it’s important to ensure that you have your finances in order to make such a large purchase. If you’re a first-time homebuyer, you probably have a lot of questions about the mortgage
Whether you are applying for your first home mortgage or your third, the process is always one filled with anticipation, excitement – and a bit of nervousness, too. For most Americans, a home will be the largest purchase they ever make. According to the National Association of Home Builders, the average first-time homebuyer stays in their
“Should I take a 30-year or 15-year home mortgage?” This is a question many first-time homebuyers ask. The answer to that question is not a simple one, as it depends on each individual’s needs and situation. We’ll go over these two common mortgage types below to provide some clarity and help you make a decision.
Here’s a glossary of mortgage terms and related phrases to help you decipher the process. List of Common Mortgage Terms and Definitions Adjustable-Rate An adjustable-rate mortgage is one of the two most common mortgage types. Its interest rate changes after a predetermined fixed period (such as one year, three years and so on). It’s known
When you apply for a mortgage, lenders will look at many different factors, including your credit score, debt-to-income ratio, loan-to-value ratio (loan amount versus the value/purchase price of the property), and savings history. If you’re applying for a home loan, it’s a good idea to try to raise your credit score in preparation. Here are
Are you a first-time homebuyer ready to take the plunge? Before you finalize your budget for a new home, make sure you take these hidden costs of homeownership into account. 7 Hidden Costs of Owning a Home 1. Home Repairs This is one of the biggest costs of owning a home that many people forget