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Key Takeaways: Get a mortgage preapproval before you start your search to show sellers you are a qualified buyer and to help you set a realistic budget. Learning how to make an offer on a house involves choosing a fair price based on local market data and including...
Key Takeaways: A gift of equity happens when a family member sells a home for less than it is worth and gives the price difference to the buyer. Buyers can often use this credit to cover their down payment or closing costs, which helps them buy a home with much less...
Key Takeaways: A mortgage recast allows you to lower your monthly payment by paying a lump sum toward your principal without changing your interest rate or loan term. This process is much more affordable than a refinance because it only costs a small administrative...
Key Takeaways: You should expect to spend about an hour signing legal paperwork and providing your down payment at the title office or attorney's office. Make sure to bring a valid photo ID and your cashier’s check or proof of wire transfer to cover your closing...
Key Takeaways: A complete home-buying checklist starts with a solid financial plan. Make sure you have a steady job history, a good credit score, and a mortgage pre-approval before you start looking at houses in person. Plan for the total cost of ownership rather than...
Key Takeaways: Foreclosed homes often sell below market value, but they are sold in as-is condition. This means you must be prepared to pay for all repairs and handle any legal issues, like unpaid taxes or liens, yourself. Learning how to buy a foreclosed home...
Key Takeaways: Switching to biweekly mortgage payments means you pay half of your monthly bill every two weeks. This schedule results in 26 half-payments, which equals 13 full payments a year instead of the usual 12. Making biweekly payments helps you pay off your...
Key Takeaways: What does active under contract mean? It means the seller accepted an offer, but the sale is not final yet. The home is under contract, but financing, inspection, appraisal, or other steps still need to be cleared. Does under contract mean sold, and can...
Key Takeaways: An appraisal gap is the difference between the home’s purchase price and its lower value. This matters because lenders base your loan on the appraised value, not the contract price. A low appraisal does not always end the deal. Buyers can try to...
Key Takeaways: What is a conforming loan? It is a conventional mortgage that meets the rules and loan limits set by Fannie Mae and Freddie Mac, which often helps buyers get lower interest rates and flexible terms. What are the limits? The limits are set each year by...
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