Before you embark on the journey of applying for a mortgage, there is one crucial number you must know: your debt-to-income ratio, or DTI. This single...
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Your credit score is far more than just a number; it is the cornerstone of your financial profile and a critical factor in the mortgage application pr...
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The arrival of a notice in the mail announcing that your mortgage servicing rights have been transferred to a new company can be an unsettling experie...
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The down payment stands as one of the most significant initial hurdles in the journey to homeownership. While the allure of a 20% down payment is ofte...
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When you apply for a mortgage, lenders are fundamentally trying to answer one question: How likely are you to repay this large loan? While your credit...
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Choosing a mortgage lender is one of the most significant financial decisions a person will make. While interest rates and loan terms are crucial quan...
Read MoreThe average U.S. household spends $70-$150 per month on combined water and sewer services. This is highly dependent on local rates, the size of your lot (for irrigation), and the number of occupants. Homes in drier climates with extensive landscaping will have significantly higher water bills.
Mortgage points, also called discount points, are fees you pay the lender at closing in exchange for a reduced interest rate. This is often called “buying down the rate.“ One point typically costs 1% of your loan amount and may lower your interest rate by 0.25%.
Yes, you can. The process typically involves applying for the mortgage and, if approved, you will be required to open a membership account (usually a small savings account with a minimal deposit, often $5-$25) to fund the loan. The mortgage application itself can often be started before formal membership is established.
If you do not have enough cash to cover closing costs, your home purchase may not be able to close. It’s critical to budget for these costs early. If you are short, you can explore options like asking the seller for concessions, applying for a closing cost assistance grant, or, if eligible, using a gift from a family member.
The homebuyer and their real estate agent are the primary participants in the final walkthrough. The seller’s agent may also be present to facilitate access and address any issues. It is uncommon for the seller to be present, as this is your time to inspect their former home objectively.
