When embarking on the significant journey of securing a mortgage, one of the first and most crucial decisions is choosing where to obtain your loan. T...
Read More
In the complex landscape of home financing, the concept of mortgage points offers a strategic tool for long-term savings. Essentially, mortgage points...
Read More
The journey to homeownership is deeply intertwined with the world of high finance, and at the center of it all sits the Federal Reserve. While a commo...
Read More
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...
Read More
The prospect of securing a mortgage can feel like accepting a non-negotiable set of terms handed down from a powerful financial institution. However, ...
Read More
The relationship between your mortgage’s interest rate and its loan term is a fundamental financial dynamic that significantly impacts both your mon...
Read MoreThe fundamental difference is ownership and structure. Banks are for-profit institutions owned by shareholders, and their primary goal is to maximize profits for those shareholders. Credit unions are not-for-profit financial cooperatives owned by their members (customers). Any profits are returned to members in the form of lower loan rates, higher savings yields, and reduced fees.
Large national banks often have a significant advantage in terms of the features and development budgets for their mobile apps and websites. They typically offer more advanced tools for account management, transfers, and mobile check deposit. However, many credit unions are investing heavily to close this gap.
They save you money by reducing the principal balance of your loan faster. Since interest is calculated on the outstanding principal, a lower principal means you pay less interest over the life of the loan, allowing you to build equity and potentially pay off your mortgage years earlier.
On average, buyers pay between 2% and 5% of the home’s purchase price in closing costs. For a $400,000 home, this translates to roughly $8,000 to $20,000. The exact amount varies by location, loan type, and lender.
Unlike renters, homeowners bear the full cost of replacing major systems when they fail.
Roof: $5,000 - $15,000+
HVAC System: $5,000 - $10,000+
Water Heater: $800 - $2,500
It’s crucial to have a robust emergency fund to cover these unexpected, significant expenses.
