Tag: “mortgage”

Thinking about refinancing your home? Here are the costs.

At some point, most homeowners start to consider refinancing their homes. Whether your end goal is to score a better interest rate, change the length of your loan, or receive a cash advance for the equity you’ve put into the property, refinancing can do a lot to help ease the financial burden of homeownership. But, refinancing your home does come at a cost of its own. If you’ve been wondering whether refinancing is a viable option for you

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Should you get pre-approved for a mortgage before looking?

TL;DR Yes. In this competitive homebuying market, getting pre-approved for a mortgage is truly the first step that you should take in buying a home. However, first-time homebuyers are often intimidated by amount of legwork that it takes to get approved and end up shuttling this process to the end of their to-do list, which can be a costly mistake. So, if you’re one of those would-be buyers, this post is for you. We’re taking a closer

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Starting your house hunt early this year? So is everyone else.

The real estate industry is super seasonal. Traditionally, agents talk about "spring markets" as the most popular time to both list and buy homes. While that trend has been true for decades, in 2018, market research data--including our own findings--shows that buyers are getting a jump start on their house hunt, meaning the spring market may already be here. We’ve taken a close look at some of the reasons behind the shift and what it could mean

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First-time FAQs: What credit score is needed to buy a house?

If you're looking to get a mortgage for your home, good credit is one of key factors that lenders look at when deciding whether or not to approve you for a loan. For this reason, it’s important for buyers to try and get their score in shape before applying. But, how good is good enough? If you’ve found yourself wondering what credit score is needed to buy a house, you’re in the right place. Keep reading below

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Hey Mom & Dad, can you spare a few hundred thousand?

These days, more and more parents are buying homes for their adult children, providing gift funds, or loaning them money to make the big move. A 2016 survey from Bank of America showed that 19% of millennial homebuyers expected parents to help with their down payment, while 15% expected help with monthly mortgage payments. Read on below to get the scoop on this unusual twist in first-time home buying. We’ll tell you why it’s happening, and if you're

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How to apply for a mortgage: Your 4-step guide.

TLDR; Applying for a home loan is the first step to take when getting serious about buying a home. It will help you understand how much house you truly can afford. Get ready for the application process by gathering your financial info, finding a lender to work with, and getting pre-approved. You can always shop around and pick another lender once you get an accepted offer. Mortgage loan pre-approval means approaching a lender with financial, credit, debt, and other information

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Breaking it down: first time home buyer programs, loans & benefits

TL;DR The federal government and all 50 states offer first-time homebuyer loans with incentives from 0% interest to zero down payment amounts and reduced monthly costs. There's also plenty of programs to reduce your upfront and total home ownership costs. To complement, Open Listings offers a commission refund of up to 50% at purchase, which can cover up to 1/3 of your down payment or all of your closing costs. With Americans increasingly using loans to fulfill their

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