The journey from mortgage application to closing table is rarely a straight line. For many borrowers, a crucial and often misunderstood part of this p...
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The decision between a 15-year and a 30-year mortgage is one of the most significant financial choices a homebuyer can make, setting the trajectory fo...
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The choice between a 15-year and a 30-year mortgage is one of the most significant financial decisions a homebuyer or refinancer will make. This decis...
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The journey to homeownership is often symbolized by the quest for the perfect mortgage rate, but the financial responsibility extends far beyond that ...
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In the ever-evolving landscape of real estate financing, an often-overlooked option presents a unique opportunity for both buyers and sellers: the ass...
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A balloon mortgage can appear as an attractive, low-cost entry into homeownership, but it carries a unique set of financial risks that borrowers must ...
Read MoreLenders typically require you to have a minimum of 20-25% equity in your home after the combined total of your first and new subsequent mortgage is calculated. The exact amount depends on the lender and your financial profile.
The star rating provides a quick, at-a-glance summary of customer satisfaction. However, the review content is where you find the crucial “why.“ A 5-star rating might be for a seamless online application, while a 1-star rating could be due to a last-minute closing delay. Always read the content to understand what drives the scores.
Closing costs typically range from 2% to 5% of the home’s purchase price. This question helps you understand all the associated fees, such as origination fees, appraisal fees, title insurance, and prepaid items like property taxes and homeowners insurance.
Generally, no. The covenants, conditions, and restrictions (CC&Rs) that govern the community bind all homeowners, and the board has a fiduciary duty to apply fees equally. Waiving a fee for one owner would be unfair to others who have to pay and could expose the board to legal action.
First-time buyers often overlook recurring fees like trash and recycling collection (typically $25-$75 per quarter), homeowners association (HOA) fees which may cover some utilities, and fuel oil or propane if the home is not connected to natural gas. Also, consider the cost of internet, cable, and security monitoring services.
