Preparing to buy a home should start long before walking through a potential home to purchase, so if buying a home is one of your 2017 resolutions, you will find these tips helpful for building a healthy credit score. Your first official step to buying a home should always be meeting with a lender for a pre-approval, but your credit is a mortgage factor you should be continually working on when you're wanting to achieve home financing.
When you get a mortgage, you will most likely be paying closing costs at the finalization of your purchase or refinance. These costs, which typically range from 2 to 5 percent of your home’s purchase price, are charged by your mortgage lender and third parties that have performed services related to your home purchase (a lot of behind-the-scenes players are involved in the home buying and financing process). See here what you can expect to pay within your closing costs and ways you can try to minimize what you need to bring to closing.
Happy New Year! 2016 was a hot year in the real estate market with high homebuyer demand, low inventory and historically low mortgage rates throughout the majority of the year. If this is the year you want to become a homeowner, here are 7 resolutions to make to set yourself up for the best homebuying and home financing experience.
According to a 2016 Gallup poll, Americans’ top pick for “best long-term investment” is real estate, coming in ahead of stocks, mutual funds, gold, savings, CD’s and bonds. While owning your own home has an immense amount of benefits, so does purchasing and maintaining a rental property, though it’s not for everyone. If you’re considering the path of real estate investing, see what you need to consider first.
Buying a home is likely the largest purchase you will make in your lifetime, so protecting it (and your belongings within it) is essential as a homeowner. There are several types of insurance associated with homebuying, some of which you have a choice in and others required by your mortgage lender to protect their collateral. See what you need here.
As homebuyer demand continues to outpace supply, a new Zillow analysis found that there are 12% more fixer-upper homes on the market now than there were five years ago. Low existing home supply coupled with competitive homebuyers has created a seller’s market, and with high demand for houses, sellers aren’t feeling the pressure to make updates before putting their home on the market.
In 2016, the U.S. Department of Veteran Affairs guaranteed more than 707,000 home loans, making it the largest year in the history of the VA loan program. In honor of the men and women who have served our country, we’re highlighting the ways the VA loan program makes homeownership attainable and affordable for our veterans.
With mortgage rates still near historic lows, many first-time homebuyers are looking to purchase and finance homes, making it more crucial than ever for them to understand what part their credit score plays in the mortgage process. Here are some of the most commonly asked questions regarding credit scores and homebuying.
Renovation TV shows like Fixer Upper and Rehab Addict can inspire homebuyers to purchase a home in need of some TLC, but they leave out a very technical part of the process: financing the renovations. Fannie Mae's HomeStyle® Renovation Mortgage is one of a few renovation loans we offer. This loan type allows purchase and refinance borrowers to include financing for home improvements into the transaction of an existing home. Here's what you need to know about this renovation loan.
At some point as a homeowner you’re going to come to an inevitable, emotional and mathematical fork in the road. Whether your starter home isn’t enough for your growing family, you’ve recently become an empty nester or you just really want an updated kitchen or floor plan, you’ll likely ask yourself whether it’s in your best interests to remodel or renovate or list and trade up.