When you’re purchasing a home, you’ll want to familiarize yourself with the terms closing costs and down payment as those terms are sometimes confused and misused. Understanding the difference between the two and how they vary between VA, FHA, and…
When you rent a home, you typically pay a monthly rent to your landlord. You’re not responsible for property taxes, homeowners’ insurance, maintenance, and repairs. When you own a home, you’re responsible for everything. This initially makes renting a less…
When applying for a mortgage, lenders typically evaluate a borrower’s ability to repay the loan based on their income and employment history. One common misconception among potential borrowers is that having two jobs will automatically increase their chances of qualifying…
Buying a house is one of the most significant financial decisions that a person can make in their lifetime. This is why it is important to understand the upfront fees that are associated with the process. Let’s examine three of…
When applying for a mortgage, lenders typically evaluate a borrower’s ability to repay the loan based on their income and employment history. One common misconception among potential borrowers is that having two jobs will automatically increase their chances of qualifying…
An FHA loan is a type of mortgage that is insured by the Federal Housing Administration (FHA). This type of loan is popular among first-time homebuyers, buyers with lower credit scores, smaller down payments, or higher debt ratios. In addition…
If you’re in the process of repairing your credit, you may be tempted to apply for a mortgage. After all, owning a home is a significant financial milestone, and it’s natural to want to achieve it as soon as possible.…
Discount points are upfront fees a borrower can pay to a lender in exchange for a lower interest rate on their loan. “Points” or “investment points” as they are often referred to, are also tax deductible. Some ways of finding…
Many people assume they’re not eligible for first-time homebuyer incentives because they have owned property in the past. This is not necessarily true! If you have not had an ownership interest in a house in the past 3 years, you…
Buying a home can be a complex process, and there are several fees and costs involved that potential home buyers need to be aware of. One of the fees that home buyers may encounter is an option fee. Let’s explore…
