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Buying your first home conjures up all kinds of warm and fuzzy emotions: pride, joy, contentment. But before you get to the good stuff, you’ve got to cobble together a down payment, a daunting sum if you follow the textbook advice to squirrel away 20% of a home’s cost.
Married couples are becoming “happily ever homeowner” once again. They dominated the first-time homebuyer statistics last year at 66% of all buyers, according to the most recent Profile of Home Buyers & Sellers. It is no surprise that having two incomes to save for down payments. Being a “happily ever homeowner” means both contribute to […]
PMI – Do you know your facts? Do you know what PMI is!? When it comes to buying a home, whether it is your first time or your fifth, it is always important to know all the facts. With the large number of mortgage programs available that allow buyers to purchase a home with a […]
Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take you to save for a down payment in each state. Using data from the United […]
Fannie Mae’s “What do consumers know about the Mortgage Qualification Criteria?” Study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home and these two myths may be holding buyers back. Myth #1: “I Need a 20% Down Payment” The first of two myths is Fannie Mae’s survey revealed that consumers overestimate […]
So you’ve been searching for that perfect house to call a ‘home’, you finally found one and now you’re ready to make an offer! We’ve got 4 tips to help you make your offer a success. The price is right, and in such a competitive market you want to make sure you make a good […]
The financial side of home buying can sometimes feel like a nightmare. You’re stuck in a calculus final that never ends—and you’ve forgotten the meaning of everything. Here are the 5 things your mortgage broker wishes you knew. PITI (or principal, interest, taxes, insurance)? Prepayment penalties? Contingencies? “Confusing” is an understatement. We’re the first to admit that looking for a […]
Not exactly sure how a mortgage works? Don’t feel bad—the average home buyer doesn’t either. The whole process is filled with head-scratching questions, from how big a down payment has to be to why your interest rate isn’t as great as you’d hoped. To help clear up some of your confusion, here are some of the most common questions home […]