Receiving gift funds for a down payment on a home can make owning a home turn from a dream into reality. But did you know there is a proper way to receive home down payment gifts? Before simply depositing the sum, read on to learn the right way to handle your gift. Down Payment Gift … Continue reading How to Receive Home Down Payment Gifts
PMI, or Private Mortgage Insurance, allows buyers to put down less than 20% for a down payment. However, if home buyers do take advantage of this they’re required to pay monthly for PMI. As a result, many home buyers aim to avoid paying PMI altogether. There are a few different ways home buyers and owners … Continue reading How to Avoid Paying PMI
Buying a house outright (for cash) is a considerable expense that many Americans don’t have the good fortune to afford. While taking out a mortgage doesn’t require as much of an upfront investment, it is a large commitment that requires serious thought. To make sure you’re ready for homeownership, here are some things you can … Continue reading Things You Should Do Before Applying for a Mortgage
Buying a home and getting a mortgage loan can prove challenging for some people, especially for first-time homeowners. Fortunately, there are several state grants for new home buyers that can assist with down payments, closing costs, and other home purchase related expenses. Each program has their own qualifying criteria and it is important to keep … Continue reading Florida First-Time Home Buyer Programs
Your home’s equity is likely one of your most valuable assets, and it likely took years of hard work to accumulate. At first glance, going backwards by borrowing money on your home seems like a bad move. However, in some situations, taking advantage of a reverse mortgage can be a lifesaver. While a reverse mortgage … Continue reading 3 Signs a Reverse Mortgage Is Right for You
A good credit score is not the only item in question when buying a home, but it is a major one. So, what is a good credit score? Generally, a FICO credit score of 700 is considered good. The national average credit score has been slowly growing since the 2008 recession. In 2018 the average … Continue reading What is a good credit score?
Buying a home is likely the largest purchase you’ll make in your life. Whether it’s your first home or your dream home, you want to make sure you buy a house in a location you’ll love for years to come. Are you relocating to a new city? Do you have kids who need to be … Continue reading Factors That Matter Most About Location
Traditional fixed-rate mortgages are the most popular types of loan programs for borrowers because they generally involve an unchanging monthly mortgage payment that is easy to budget around. The most common fixed-rate mortgages are 15-year and 30-year loans, and while both of their interest rates are fixed over their lifetimes, they each offer different advantages … Continue reading The Pros and Cons of 15-Year and 30-Year Mortgages
While interest rate fluctuations are common in the mortgage industry, there are actually several reasons why refinancing sooner rather than later can be a good idea. Here are some of the best times to refinance. Before Your ARM Rate Fluctuates If you have an adjustable-rate mortgage (ARM), then it’s a good idea to refinance before … Continue reading When is the Best Time to Refinance?
Beneficial to both tenants and landlords, rent-to-own agreements provide tenants the option to purchase a rental property after living a specified amount of time at that residence. While such contracts commonly involve single-family homes, they can also be applied to apartments, condos, and duplexes. To better understand how such an arrangement can benefit you, here … Continue reading The Basics of Rent-to-Own Agreements