Buying a home is a major milestone, and knowing when you are truly ready can give you confidence throughout the entire process. Many future homebuyers wonder if their finances are strong enough or if they should wait another year. The truth is that homeownership readiness is less about perfection and more about preparation. When several key financial indicators line up, you can move forward with clarity, confidence, and a sense of stability. You Have Steady, Reliable IncomeLenders want to see … [Read more...]
Should You Get a 15-Year Mortgage?
There are a lot of financing options available to help you purchase real estate, especially if you meet credit guidelines. Most lenders prefer to offer 30-year mortgage loans. With a longer loan term, they collect more money in interest over the life of the loan, but if you have strong credit, a 15-year mortgage may be a better option, and one worth considering. Here's a breakdown of the two: What About a 30-Year Mortgage?Thirty-year mortgages are the most common option for homebuyers. Monthly … [Read more...]
What Do Points Have to Do With Real Estate?
You may have heard of points when looking for real estate. Maybe your loan officer told you that you can trade points for a better interest rate. That sounds good, but just what are points? We'll give you a better idea of just what points are and how they work. What Are Points?Points, more specifically discount points, are a percentage of the total loan amount for the house that is pre-paid to the lender. Each point is worth one percent. Your lender may offer a lower interest rate for your … [Read more...]
Why the Cheapest Home on the Block Might Not Be the Best Deal
Finding a home at a bargain price can be exciting, especially in a competitive market. However, the lowest-priced home in a neighborhood is not always the best deal in the long run. While it may seem like a smart financial move upfront, there are several factors that could make it a less-than-ideal investment. Here is why buying the cheapest home on the block might not always work in your favor. Hidden Repair and Renovation CostsOne of the main reasons a home is priced significantly lower than … [Read more...]
