When it comes to being approved for a mortgage on a home, a down payment is a requirement. This typically involves paying 20 percent of the purchase price in cash up-front, with the mortgage financing the remaining 80 percent. That’s a large chunk of change to come up with at once, and many people don’t have that amount saved in
More than half of Americans own their homes rather than rent, and if you’re one of them, you’re probably used to getting a mortgage statement in the mail each month. If you take a close at that statement before writing your check, you’ll notice that part of what you’re paying is applied to the interest portion of your loan, as
Although the Federal Government tries to encourage homeownership by offering tax breaks linked to mortgages, recent changes to the tax laws will affect how much typical homeowners are able to benefit from these deductions. Here, The Motley Fool discusses the big changes that could affect homeowners and their taxes in the coming year. The basics of the mortgage interest deduction Mortgage
When you’re getting ready to buy a home, knowing what to expect makes everything easier. It all begins with shopping for a mortgage and ends with closing on the home—with several steps in between. Here Trulia explains what to expect, so the entire process will go much more smoothly. 1. Shop for a mortgage Shopping for your mortgage first lets you know how
