Author: Lending Agent
If the down payment is your biggest obstacle to buying a house, we’ve got good news. Yahoo Finance has hand-picked the best home loan lenders specializing in low- and no-down-payment mortgages. As you’ll see, you have some excellent choices. Each lender has a specialty, and one of them (or more) may be a perfect fit for your home-buying needs. We use government data and exhaustive research to rate each lender to some of the highest personal finance reporting industry standards. We don’t give out five stars like candy. In fact, no lender we’ve reviewed to date has met that standard…
These days, every mortgage lender with a national profile has an online presence. Most, if not all, allow you to start a home loan application online too. However, only a few have grown their mortgage lending business organically by leveraging technology and establishing early-mover status as online lenders. Yahoo Finance has completed due diligence on over 40 nationally recognized mortgage lenders and honed the list of the best online lenders to just a handful. In this article: The Yahoo view: Better proudly plants a flag as a “100% online” mortgage lender and earns our top spot due to a combination…
You know how it goes. You type in a question like, “How much house can I afford with a $70,000 salary,” and the internet gives you an if-then answer. Or a “between this and that.” Or, “Here’s how to do the math.” How about a straight answer? That’d be nice, huh? An answer that considers some variables and does the math for you. Built by humans who know a thing or two on the subject. That would give AI a run for its money, right? How much house can you afford with a $70,000 salary? Here we go. About three…
When you buy a home, the property will undergo a title search to ensure no legal issues are stopping you from becoming the new owner. When you receive the title search, you might see that the property has one or more easements, which give other parties the legal right to access certain parts of your property. Should you be worried if a home has easements? Not necessarily — but you should definitely take time to understand the details. While most easements don’t negatively impact the property owner, some can interfere with day-to-day life or your plans for the home. Learn…
Redlining was a federally supported program that encouraged mortgage lenders to approve home loans in majority-white neighborhoods and deny loans in predominantly Black neighborhoods. Its impact created racial and economic disparities that linger today. Learn more: Home appraisal bias — How to know if you’re facing discrimination In this article: Redlining in real estate refers to when lenders deny loans based on the neighborhood’s racial makeup. Banned by the Fair Housing Act in 1968, redlining and other forms of housing discrimination are illegal, and laws forbidding them are enforced by the U.S. Department of Justice (DOJ). Before being outlawed, redlining…
Are you having trouble qualifying for a traditional mortgage loan? Maybe you have a bad credit score, or you’re struggling to afford closing costs such as the home appraisal and inspection. In these instances, owner financing could be a solution to your problems. Owner financing helps people who are ineligible for regular mortgages become homeowners. It’s crucial to understand the details if you’re considering this route because the rules usually differ from what you may have heard about other types of financing. Read more: Closing costs — A guide to how they work and how much you’ll pay In this…
The list of home-buying closing costs is long. The real question, though, is who pays closing costs. Some closing costs are paid by the seller, others by the home buyer — but practically all are negotiable. Consult the Yahoo Finance guide to closing costs for a detailed list, with an estimate of the total of each fee. We’re here to answer your question simply and to the point: Who normally pays closing costs? Read more: Closing on a house — What to expect and how to prepare In this article: Closing costs are all the expenses paid when you sign…
If you want to buy a home but anticipate trouble qualifying for a traditional mortgage, a purchase-money mortgage may be a solution. Sometimes called “seller financing” or “owner financing,” a purchase-money mortgage is a loan a seller provides buyers. While purchase-money mortgages are uncommon, negotiating this type of transaction can benefit both buyers and sellers. Read more: What is owner financing when buying a house? In this article: Unlike a traditional real estate transaction, when a buyer makes an offer based on their down payment funds and a mortgage preapproval, a sale involving a purchase-money mortgage requires direct financial agreements…
Maybe your aging parents or adult child would like their own house, but they don’t have the income or down payment to qualify for a mortgage. If you have the means, you can buy a house for them without facing the stringent terms that apply to home loans for second homes or investment properties. Borrowers who’d like to buy a home for their family have an affordable option with the Family Opportunity Mortgage (FOM). Here’s what you need to know about the FOM, including its requirements, advantages, and disadvantages. Keep learning: The different types of mortgage loans In this article:…
Whether moving across the city or the globe, relocating can be an extensive project. One of your biggest tasks is planning for moving costs. Your expenses will vary based on how far you’re moving, how many large items you’re transporting, and how much of the moving process you do on your own versus hiring professionals. Here’s what you need to know to ensure your move fits your budget. Read more: How much money do you need to buy a house? In this article: A move can cost between a few hundred dollars and well over $10,000, depending on several factors…