If you are a new home buyer, you probably have heard the word escrow, but you may not know exactly what it means. To be fair, you have been exposed to what may seem like a whole new language during your search for a home, one that is filled with real estate and mortgage jargon and confusing new acronyms.
If your holiday shopping isn’t done, you may be about to spend more money than you should on gifts for family and friends. If you are also trying to buy a home, this is the last thing you should do!
When you purchase a home, it is typical to put down some of your own money and borrow the remainder from your mortgage lender. But the amount you need to put down can vary from three to 20 percent of the purchase price of the home. What is the best down payment for you? Is more money down really better?
Banks are not the only place where home buyers are getting their mortgage these days. Something called “alternative mortgage lenders,” basically non-banking enterprises, have become a big part of today’s mortgage industry.
If you are about to buy a home or recently settled into your new abode, you may realize that you need a better budget if you want to avoid financial stress.
The current seller’s market has advantages for those looking to get the most return when selling their home. But if buyers enter a bidding war on a property, what happens if the final agreed upon selling price is above what the bank appraiser says it’s worth? Just because both sides agree on a price doesn’t mean the deal can’t fall apart because of an under-appraisal.
Once upon a time it was actually cheaper to rent an apartment or condo than it was to buy a home, but that is not always the case anymore. It all depends on your location, but there are some areas where the monthly mortgage payment for an average-priced home is less money than the average monthly rent on a three-bedroom property.
If you have been watching the real estate market and think that the price of homes is steadily increasing, you are correct. The median price of an existing home in the U.S. rose to a record $252,800 in May.
Typically homeowners think about mortgage payments in terms of a monthly bill. But, there is a different payment plan that can save you a bundle of money over time. Known as the bi-weekly mortgage payment plan, homeowners pay a mortgage installment every two weeks instead of monthly.
Nervous about the appraisal for that FHA loan? An FHA appraisal requires some very specific things to go smoothly. A wise homeowner knows what to expect and prepares to meet all of the requirements.
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