Rates were volatile this week as the market adjusted to a range of mixed signals. The 1-2 punch of a lower Fed interest rate hike and strong jobs data sent rates back up this week, following a month of steady downward movement. This is driven to some extent by uncertainty around inflation – while the […]
down payment
The lowdown on low-down payment mortgages
The new Community Affordable Loan Solution, Bank of America’s “no-down” mortgage program, is only one of a growing number of no- and low-down payment mortgage options.
Getting it right the first time: simple steps for first-time homebuyers
Three simple steps for first-time homebuyers to follow, especially in a competitive market
Ready, set, prep: first steps before you buy a home
If you are looking to restart your search for a home, it can be tempting to jump straight into getting a pre-approval. But you may want to spend some time sorting out your finances first, as it’ll give you a more realistic snapshot of what you can afford in a fast-changing market.
How Does Rent-to-Own Work?
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.
The upside to higher rates
July 29, 2022. The new normal. We saw new data from the National Association of Realtors that purchase contracts dropped by 8.6% in June – the lowest since 2011. We also saw the Federal Reserve raise interest rates again in a continued effort to curb inflation.
Get HomeReady: An Affordable Mortgage Program You Might Have Missed
It’s not easy being a homebuyer in today’s market. If low inventory and high home prices weren’t enough, once record-low mortgage rates have risen to levels not seen since 2008. It’s enough to inspire anyone to consider all sorts of financing alternatives on the journey toward buying a home. But in your mortgage search, you […]
Vacation Home and Investment Property Mortgages
Buying another property is a dream for many homeowners. Who wouldn’t want to own an additional home, or even earn income from it? But getting a mortgage for an investment property or second home is more complicated than getting a mortgage for your primary residence. If you’re thinking about adding another home to your property […]
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 […]
How Long Does it Take to Close on a House?
Few things compare to the fluttery feeling in your stomach the day you close on your home. After all, home loans often require homebuyers to have down payments and closing costs in hand — and those can be some hefty chunks of change! You might be wondering how long it takes to reach various milestones […]
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 […]
Your Final Walkthrough: What to Look For and When to Put on the Brakes
You’re almost there, future homeowner! You’ve made a successful offer and sorted out your financing. Your future home appraised well, and it cleared a title search. Now, it’s time for your final walkthrough: one last look around before you officially close this deal. The point of a final walkthrough is to check that the home […]
’Tis the Season: Using Gift Funds for Your Down Payment
’Tis the season for gift-giving! If you’ve been very, very, good—and if you’ve got kind and generous people in your life—you just might receive some money to put towards your future home purchase. And if you’ll be using gift funds to help you buy a home of your own, you aren’t alone. Many first-time homebuyers […]
8 Home Amenities Buyers Should Look For In 2022
If you are considering purchasing a home in 2022, you are undoubtedly dreaming of features that are important to you. As more Millennial buyers move into the market and seek out their first space, the housing market is experiencing a shift in demands and expectations in home features. From buyers focusing on green and energy-efficient […]
4 Homebuying Tips for Tipped Employees
Plenty of people rely on tips for some or all of their income. In fact, millions of Americans work in the kinds of service and hospitality industry jobs that have traditionally relied on tips for compensation — and that number is expected to increase in the coming decade. You might think that buying a home is just […]
Using Retirement Funds for Your Down Payment
Saving for retirement is important for your future. But for people hoping to buy a home soon, watching the balances on their retirement accounts grow while trying to come up with a down payment can be a little frustrating. Why can’t I just use the money I’ve saved for retirement to buy a house? A home can […]
Everything You Need to Know About Mortgage Insurance
Putting together enough money for a down payment on a home isn’t easy. For many people—and especially for many first-time homebuyers—scraping together the traditional 20% down payment may feel next to impossible. Luckily, would-be homeowners without loads of money for a down payment have other options. Mortgage insurance makes homeownership possible for folks who don’t […]