If you’re selling your home, it’s important to know how to calculate the closing fees and to factor those into the sale price. Closing costs vary according to where you live, but as the seller, you can expect to pay anywhere from 6 percent to 10 percent of the home’s sales price in closing costs at settlement. While this won’t
There’s no one-size-fits-all approach when it comes to financing a home. Instead, there is a wide range of conventional and government options. Here is a complete look at the basic alternatives to help you decide which kind of mortgage loan is right for you. Fixed-Rate Mortgage Can be obtained with as little as 5 percent down payment. If the
A 30-year mortgage is quite common among homebuyers because it spreads out the cost of a large loan over three decades, thereby making monthly payments more affordable. But you aren’t required to go that route. Instead, you might consider a 15-year mortgage that will cut your repayment period in half. Toward that end, here are three reasons to obtain a
Unless you have a boatload of cash lying around somewhere, applying for a mortgage is the way to owning a home for many. What can you expect? A lot of questions, especially since loaning someone money is a risky proposition and your mortgage lender will require some assurance that you’ll pay them back. To help you prepare, realtor.com offers up
Before you even think about perusing listings, selecting a real estate agent, setting up a home inspection and moving into your new place, you should first discuss the financial process of buying a house with your lender. According to realtor.com, here are three reasons why securing a lender before embarking upon the whole real estate process is so important. 1.
While interest-only mortgages promise low payments, they aren’t very common these days. It still is possible to get one of these loans, however, and if you’re considering going this route, you need to know what to expect. Here, Forbes explains what an interest-only mortgage is, how it works, and the pros and cons of signing on the dotted line. What
The climate’s current falling mortgage rates have many homeowners wondering whether they should refinance their mortgage right now. Timing a refinance can be tricky, but the time may indeed seem ripe for one, since according to Freddie Mac’s most recent Primary Mortgage Market Survey released Aug. 22, the average 30-year fixed interest rates have fallen to 3.55 percent—the lowest rate
Convinced your credit history is sure to dash your home-buying dreams? Good news: You still can buy a house if you have bad credit. From low credit score mortgages to cash options to down payment strategies, realtor.com explains five ways to buy a home with bad credit. 1. Check your credit report long before meeting with your mortgage lender
If you’ve been considering a mortgage, you’ve likely run across the term PMI. But you might be unsure of exactly what it means or how it can have an effect on your bottom line. Here, Forbes discusses what PMI is, how it’s paid and how you can avoid it. What is PMI? Private mortgage insurance—also known as PMI—is an extra monthly
As its name suggests, a bridge loan offers a short-term loan or “bridge” that allows borrowers to purchase new real estate property by using the home they currently own as collateral. Here, realtor.com explains why a bridge loan can be worth considering for borrowers who are trying to buy and sell a home at the same time. What is a bridge loan?
