We all know that buying a home is one of the most significant purchases you’ll ever make, and since most people don’t have ample liquid cash available, a good mortgage rate is a necessary part of the process. That being said, the terms of your mortgage matter greatly, since the interest rate, type of mortgage and length of time you
The purchase process can be complicated for potential homebuyers with challenging financial situations—including large student debt, a divorce or bankruptcy, medical issues, job loss, a new job or even relocation—and that can often lead to buyer hesitancy. Here, RISMedia examines financial hurdles some buyers might face and how they can work to overcome them. Homebuyer Checklist #1: Lender rejection Your
While your credit score is an important factor in being approved for a loan, other factors also are involved when it comes to determining your ability to afford to buy a home. If your credit score leaves something to be desired, Forbes suggests looking at these four factors that can help to achieve your dream of becoming a homeowner. 1.
Whether you’re seeking a home loan for your first house or your fifth, you still are probably wondering what does “interest rate” even mean? Why do rates swing up and down? And, most importantly, how do you get the best interest rate—the one that’s going to save you the most money during the life of your mortgage? Here, realtor.com outlines
Say you’ve found a property that will be a great investment at a bargain price. Or perhaps the beach cottage you’ve had your eye on for years just came on the market. Whatever the reason, if you’re considering applying for another loan while refinancing your current home, the process can be somewhat complicated. To give you the full picture, Realtor.com
You’ve been pre-approved for a mortgage, found the perfect home and had your offer accepted. All you need to do now is sit back and wait for closing, right? Well, not exactly. While the odds are reasonably good that nothing major will go wrong, that doesn’t mean things can’t go wrong. A financial misstep now could change your mortgage terms and interest rate, or even
In the wake of all the changes ushered in by the new tax plan, the Tax Cuts and Jobs Act, realtor.com offers a list of all the tax breaks for homeowners. Mortgage interest In the past, you could deduct the interest from up to $1 million in mortgage debt (or $500,000 if you filed singly). But for loans taken out from Dec.
Whether you’re a freelancer, temp worker or independent contractor, they’re all the same term for a job that feeds the gig economy. The upside? Instead of working full-time for only one employer, you have the flexibility, freedom and personal fulfillment to work when you want. There’s a downside to this freedom — your income could be “riskier” if you want to get a loan,
A mortgage likely is the largest debt you’ll ever have, so paying it off is a significant achievement. But be warned: Depending on various factors, this act of financial responsibility could increase or decrease your credit score. Here, realtor.com explains how it could affect your FICO score. Your credit score could decrease Paying off what is likely your largest installment debt
Thinking about buying your first home? Here, realtor.com lays out all of the must-know details of purchasing for the first time, whether it’s getting a mortgage, choosing a real estate agent, shopping for a home or making a down payment. 1. How much home you can afford Because homes are a large expenditure, you’ll likely need a home loan
