A rent-to-own property can provide another avenue to homeownership — but it’s not the right option for everyone. Learn the pros and cons of rent-to-own, and in what situations it could be an option worth exploring.
Money Matters
The ABCs of ARMs: How Adjustable-Rate Mortgages Work
Call it a 2000s comeback: We have bucket hats, Bennifer and … adjustable-rate mortgages? We’re currently seeing a huge surge in adjustable-rate mortgages (ARMs) – the highest since the Great Recession in 2007-2009, after which they all but disappeared. But why now? What’s changed? “Pre-crisis, a range of other variable-rate loan products were all being […]
Financial Literacy Resource Roundup
Achieving financial literacy is an important goal for anyone who wants to take control of their finances and put themselves on a path to long-term financial wellness. And, it’s especially so for homebuyers in today’s market. “As rates have risen and inventory continues to be low, it’s important to consider your long-term financial goals and […]
What is Mortgage Insurance and How Does it Work?
When shopping for your mortgage, you may already know some of the one-time costs involved, such as down payment and closing costs. But there are also some recurring costs — like mortgage insurance — that you should get familiar with, too. So, what is mortgage insurance — and how do you know if you must […]
How to Avoid PMI (Private Mortgage Insurance)
If you’re shopping for a mortgage, you may have already identified a few things you have to budget for, such as a down payment and closing costs. But if you opt for a conventional mortgage – mortgage loans not backed by a government entity – you might also need to budget for a less well-known […]
What is a Jumbo Mortgage? Everything You Need to Know
You’ve found your dream home: perhaps it’s in that ideal neighborhood, has a spacious kitchen, a spa-like bathroom, and a sprawling yard with flawless landscaping. But that perfect match may also come with a hefty price tag. When it comes time to shop for your mortgage, a lender might tell you that you need a […]
What is PMI? How Private Mortgage Insurance Works
Coming up with a down payment for a home can make even the most avid saver quake in their boots — it’s a big chunk of change. And if you plunk down less than a 20% down payment, you’ll make extra payments in the form of private mortgage insurance (PMI). So, what is PMI, how much […]
How Much Does a Home Inspection Cost?
You did it – you did your research, found a home you love and had your offer accepted! But there are still a number of stops left on your way to closing, including the home inspection. A home inspection can offer enormous insight into the home you plan to purchase, and potentially save you thousands […]
How to Buy a House With No Money Down in 2022
Not parting with a chunk of change in the form of a down payment to buy a house — sounds like a dream, right? If you get the chance to put no money down for a home, you might feel as if you have the best of both worlds: a dream home without your wallet […]
Debt-to-Income Ratio: What is it and How is it Used by Lenders?
When you are thinking about buying a house, you’re probably envisioning the memories you’ll make in your new home, the great family dinners and nights hanging out with friends. Your thoughts may not initially stray into terms like “debt-to-income (DTI) ratio” or “credit score.” You will be more familiar with terms like these as you […]
What is Cash-Out Refinancing and When is it a Good Option?
What would you do with some extra cash in your pocket? Wipe out your credit card debt once and for all? Update your kitchen? Finally finish your basement? Pay off high-interest student loans or personal loans? Refinancing your mortgage with a cash-out refinance means you might get to check off all the boxes on your […]
What is Mortgage Forbearance and is it a Good Idea?
Have you ever gotten a bill and immediately wondered how you’ll come up with the money to pay for it? It’s a common situation, especially when you experience financial hardship or an unfortunate job loss. It’s a good rule of thumb to reach out to your creditor or lender when you have trouble making your […]
When Does a Mortgage Pre-approval Expire?
Can you think of one of the earliest and most important steps involved in getting a mortgage? If you guessed getting a mortgage pre-approval, you’re right. You may think that getting a pre-approval involves mounds of paperwork and a deep inquiry into your financial situation. However, you might be surprised at how quickly you can […]
How to Calculate Debt-to-Income Ratio (DTI) Yourself
When you first thought about purchasing a home, you probably jumped online to do some basic research. You may have wondered about what information you need to share with a lender or mortgage broker to buy a home. Here’s one piece of the puzzle: Lenders want to verify that you have a good debt-to-income (DTI) […]
How to Get a Mortgage Pre-Approval
House hunting may be one of the most enjoyable parts of buying a home. However, you might find that you have even more fun when you go the extra mile and get pre-approved for a mortgage first. Getting a pre-approval may help you feel more confident going into the home buying process because you’ll know […]
How to Calculate Your Mortgage Payment
When shopping for your mortgage or refinancing your mortgage, one of your top-of-mind questions probably sounds a lot like: “What will my monthly mortgage payment be, and how will it fit into my budget?” Your loan amount, principal, interest, term and more play into your monthly payment amount. You will want to feel comfortable making […]
Last minute and ongoing tax tips for 2020
This article comes from our friends at Harness Wealth. You can find the original post here. The start of the year is an opportune time to look for ways to save and to understand how life changes affect what you owe. But even as you look ahead to the 2020 tax year, you still have […]
3 home improvements that can lower your tax bill
General home improvement projects don’t usually help homeowners when tax time rolls around. But there are a few home improvements that entitle homeowners to tax breaks. With a few weeks left in the year, you still have some time to make a few tax-saving home improvements. So check out the ideas below. Keep in mind: […]
4 Tips For How to Plan, Budget and Smartly Purchase Your First Home
If buying a home in 2022, or at any point in the near future, is part of your goals it’s best to get started early. Having clarity regarding your finances and the home buying process can ensure you make more empowered decisions when you are ready to purchase a home. We have assembled a few […]
The Rise Of Female Homebuyers
Despite an existing gender pay gap, single women are purchasing nearly double the number of homes than men. According to the National Association of Realtors Home Buyers and Sellers Generational Trends Report (2018), 65% of homebuyers were married, 18% were single females, 7% were single males, and 8% were unmarried couples. Nearly double the single […]