Embarking on the journey to homeownership is an exciting venture, but it can also feel overwhelming. Amidst the excitement of browsing online listings...
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When you begin the journey of purchasing a home, you quickly learn that your credit score is more than just a number—it is the financial passport th...
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The prospect of securing a mortgage can feel like accepting a non-negotiable set of terms handed down from a powerful financial institution. However, ...
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The pursuit of homeownership and financial leverage often leads borrowers through a series of loans, starting with a primary mortgage and potentially ...
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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...
Read MoreYes, many state and local governments, as well as non-profit organizations, offer closing cost assistance programs for first-time or low-to-moderate-income homebuyers. These are often grants or low-interest loans.
When inflation rises, central banks often raise interest rates to combat it. If you have a fixed-rate mortgage, your rate and payment are locked in and will not increase, even if new mortgage rates soar. You are effectively shielded from the impact of rising interest rates in the broader economy.
To calculate the cost of one point, simply take 1% of your total loan amount. For a $400,000 loan, one point would cost $4,000. The cost of a fraction of a point (e.g., 0.5 points) would be calculated proportionally.
For a first-time homebuyer who may need more guidance and is often more cost-sensitive, a credit union is frequently the better choice. The combination of potentially lower rates, lower fees, and more personalized, educational support can make the complex process of getting a first mortgage much smoother and more affordable.
Title insurance is a one-time premium paid at closing. The cost is typically based on the loan amount for the lender’s policy and the purchase price for the owner’s policy, and it varies by state and provider. In many areas, the seller pays for the owner’s title insurance policy as part of the negotiation, while the buyer pays for the lender’s policy. Your title agent or mortgage professional can provide a specific estimate.
