With a housing market that has been hot for more than a year now, many people are considering whether it makes sense to renovate their current abode in order to better fit current (and future) needs, or to start from scratch with a new home – especially given the ongoing historically low interest rate environment.
Overall, closing costs can typically range from 3% to 6% of the purchase price. So, if you’re buying a home that costs $300,000, you can anticipate that the closing costs will be between $9,000 and $18,000.
With mortgage rates still at historical lows, financing – or even refinancing – a home can be enticing. When it comes to borrowing money for a home, many people automatically default to a 30-year mortgage – primarily because the payments are stretched out for a longer period of time, which can equate to a lower dollar amount that is due each month.
It is a fact of life that appliances and other home systems – like air conditioners, water heaters, and sinks – will eventually have to be repaired or replaced. And, depending on what is needed, the cost could set a homeowner back by three-, four-, or possibly even 5-figures.
With the 2020 presidential election quickly approaching, it is sure to be one that is remembered for many years to come. Oftentimes, election results can have an impact on the stock market. But what about real property values?
With mortgage rates still at historical lows, it can be tempting to refinance your home loan – especially if doing so will reduce your monthly payment, allow you to pay off your balance much sooner – or both.
For most people, a home mortgage will be the largest debt of their life. A mortgage can also oftentimes be the biggest check you write out every month…typically for a period of 15 or 30 years! But, while it can be a nice feeling to pay off your debts and not be saddled with large monthly [...]
Whether you’re buying or selling a home, you can typically expect to pay at least some amount of money in the form of closing costs. These costs can include the long list of fees for the services that are related to researching the home’s title, finalizing the mortgage, and inspecting and appraising the property. The [...]
It has been estimated that roughly one-third of home mortgage borrowers unknowingly leave thousands of dollars one the table by not shopping around and comparing rates for the best loan, as well as the added loan acquisition fees. In fact, according to a recent Fannie Mae study, 34% of first-time home purchasers get a quote [...]
Buying a new home is typically one of the largest purchases anyone makes during their lifetime – and because of that, it will oftentimes require financing (usually a mortgage) from a bank or other lender. Having your financing lined up before you even start looking at potential properties can help you to narrow down the [...]