When couples decide to become homeowners, questions can arise such as whose name (or names) should be listed on the mortgage and title. Many couples want a 50-50 split, indicating equal ownership to the asset, but sometimes that isn’t the best financial decision. Plus, with more than one person on the loan, the legalities of who owns the home can
If one of your New Year’s resolutions for 2018 is to purchase a home, or to save for a down payment and related costs, Freddie Mac offers the following steps to help get you started. Determine how much you can afford To get a very rough estimate of your affordable home price range, multiply your annual gross income by 2.5.
Seven Home Down Payment Myths Debunked Not knowing the facts when it comes to home buying could wind up costing tens of thousands of dollars more than necessary. The National Association of Realtors recently released a snapshot of home purchases in 2017 that shows the median home purchase price was $235,000, with 88 percent of buyers using a mortgage to secure their
Compiling a list of mortgage questions to ask potential lenders is just the beginning. According to NerdWallet, already knowing the answers you’re looking for puts you ahead of the game. Which type of mortgage is best for me? This question will help you know if you’re talking to just a producer (a salesperson) or a quality advisor. When you ask about
Navigating the purchase of a home can be overwhelming for first-time buyers, with lenders requiring a wealth of documentation of before granting a loan. And, of course, they also will require a credit check. Here, Zillow explains how many times a lender is likely to pull your credit during the purchase process and why. Initial check for pre-approval In the first phase
