When you buy a home, there are sure to be some challenges that you're going to face. One of those challenges is saving for a down payment. True enough, a lot of American homeowners still think that saving up a lot of money to put down on their home is one of the hardest obstacles they had to face. Click to see the latest mortgage rates. But then again, there are … [Read more...] about 4 Important Reasons Why Saving For a Down Payment Is a Smart Move
down payment
Things to Consider When Using Gifts for Down Payment
The average American home costs around $200,000. That means if you are getting a mortgage under the umbrella of Fannie Mae and Freddie Mac, you must put down around 5 to 20 percent of the property’s sale price. That is about $10,000 to $40,000 in down payment that you need to pull out from your savings or your liquid assets. But not everybody has the money to cover that … [Read more...] about Things to Consider When Using Gifts for Down Payment
A Low Credit Score Can Still Get You a Mortgage
This is affirmed by Ellie Mae’s origination insights report for December 2016. The report covered both purchase and refi loans that closed in December and came up with a profile of borrowers of those loans. As expected, credit score is not the only deciding factor when it comes to mortgages, income and down payment matter too. Do you qualify for a mortgage?» The Borrower … [Read more...] about A Low Credit Score Can Still Get You a Mortgage
How to Win the Bid War
Just when you thought you got yourself a good deal on a home, your lender phones and tells you the plan-shattering news: you’re not the only one who likes it. Apparently there is someone else - or more - who found the property as appealing as you did. While this could most likely dampen your spirits, know that it’s not the end of the world - participate in the bidding war - and … [Read more...] about How to Win the Bid War
Choosing the Right Mortgage: A Simple Guide for the First Time Home Buyer
Many homeowners don’t know what mortgage really is, let alone the right type they need to get for their first home financing. So for the purpose of education, we lay out this simple and concise guide to help you navigate through the complex albeit navigable arena of home purchase. Mortgage Defined A mortgage is a type of loan lent to a borrower for the sole purpose of … [Read more...] about Choosing the Right Mortgage: A Simple Guide for the First Time Home Buyer