The traditional rule of thumb is that you should put down 20 percent of the cost of the house if you decide to become a homeowner. Unfortunately, the thought of saving 20 percent of the price of a home for a down payment can be daunting for people who are trying to buy a house for the first time.
Last week’s economic reporting included the National Association of Home Builders Housing Market Index, government readings on housing starts and building permits, and data on sales of previously-owned homes. Weekly readings on mortgage rates and jobless claims were also released.
Do you want to invest in real estate? If you are buying property as a real estate investor, there are a number of important factors to consider. Take a look at some of the most important factors to think about before you decide to sign your closing papers.
If you want to save money on your mortgage, you might think about refinancing. Before you can complete the refinancing process, there are several documents you need to have. Make sure you have all of these documents organized before you go through the refinancing process.
A poor credit history is a reality for many people, but it can be particularly daunting when it comes to investing in a house. Fortunately, simply because you or yours have experienced bad credit doesn’t mean that you should be penalized in the future. If your spouse has struggled with bad credit in the past but you’re both preparing to move forward and invest in a home, here are some tips for getting it together financially.
Last week’s economic reporting included readings on monthly and year-over-year inflation and the preliminary reading on consumer sentiment from the University of Michigan. Weekly readings on mortgage rates and jobless claims were also released.
If you’re in the market for a house and are wondering how your income will stack up against the rest of your expenses, here’s how to determine a home cost that’s reasonable for you.
As interest rates fluctuate, you might think about refinancing your mortgage. This is the cost of taking out a new home loan to replace the one you currently have.
If you decide to go through the refinancing process, there are several options available. One of the most popular options is a cash-out refinance. Essentially, you capitalize on the difference between current interest rates and the interest rate on your home loan to keep your payments the same while also drawing equity out of your home in the form of cash. You can use this money to fund your retirement, complete home repairs, or do a renovation project. Even though you can do just about anything you want with this cash, what do you need to know about a cash-out refinance and taxes?
If you are looking for a home, you might need to finance it using a lender, such as a bank or a credit union. There are a number of factors that will influence whether your mortgage application is approved.