Buydown: If you are buying a home, you have probably looked at all kinds of ways to reduce your monthly mortgage costs. These can include putting down a higher down payment or improving your credit to get a lower interest rate. But did you know that you can actually pay to lower your interest rate…
How to check out neighbors: Evaluating a potential new home’s features is just one part of finding the perfect place to buy. You should also carefully consider the neighbourhood that you will be living in to decide if it fits your needs. Here are a few things to look for when taking a stroll through…
A Home Inspection Checklist: When purchasing a home, it is always a good idea to have it professionally inspected. Many lenders even require it as a condition of the loan. Home inspectors charge between $270 and $400, depending on the size of the home, local area, and extra features (shed, detached garage unit, pool) that…
FHA mortgage insurance premium (MIP) is an additional fee you pay to protect the lender’s financial interests in case you default on your FHA loan. FHA Mortgage Insurance Premium (MIP) An FHA loan requires that borrowers are require to pay two types of mortgage insurance premiums: An upfront MIP. In 2022, the upfront MIP is equal…
Home Appraisal Checklist: Searching for and finding the perfect new home is just one step of the home buying process. Once you find the perfect home and have a sales contract, it is time to actually get to the business of arranging the purchase. Most home buyers, whether first-time or experienced, use a home loan…
House Down Payment: One of the first hurdles that potential homeowners must overcome is saving up a down payment. It can take years, depending on the home prices in your area and how much you want to put down. Down payments are usually described as a percentage of the purchase price. How much is required…
Need a Realtor to Buy a House: When you are ready to make a new home purchase, the first thing to consider is who you want on your team. A Realtor or real estate agent can be your advocate throughout the process. While it is not required to have a Realtor or real estate agent…
Buy a House with No Money Down: Do you dream of homeownership but can’t come up with the required down payment? Don’t worry. You may be eligible for a no money down mortgage. Some come with stipulations and others have eligibility requirements. Read on to learn more about how to buy a house with no…
Popular Loans for Buying a Home: Finding a great deal on your home purchase requires that you understand the different types of home loans available. Here are popular mortgage products and who can use them. Popular Loans for Buying a Home List You should discuss your options with your lender to determine which mortgage product…
Cosigning a Mortgage: If your credit, debt, or income is keeping you from buying a house, you may be tempted to have another person in a more stable financial position help with your loan application. A non-occupant co-client signing your mortgage along with you may be an option your lender offers, but there are a…
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