Author: Mary Waters | Lending Agent
Ah, there’s nothing like the smell of economic uncertainty in the morning — though we’d all likely prefer the calming scent of a good cup of coffee. It’s hard to even glance at the news without hearing talk of a recession. Is one coming? Are we already in one? Could a recession be the key to getting into a home for less than you could today? Buying a home during a recession comes with pros and cons. Whether a recession is the right time for you to buy a house comes down to two things: home prices and interest rates.…
Buying a home comes with learning an entirely new vocabulary, and one of the key terms is “mortgage amortization.” It’s a complex-sounding phrase that describes a simple process: paying off your home with a fixed monthly payment over time. You can better make financial decisions by understanding how amortization and your mortgage go together. From saving on interest costs over the life of your mortgage to building home equity, this guide walks you through everything you need to know — from amortization basics and using a mortgage amortization schedule to the not-so-secret benefits of helpful tools like mortgage amortization calculators.…
A reader plans to buy a fixer-upper home to save money, but they don’t know how much to expect to spend on a fixer-upper house. Our panel has several tips for figuring out the costs of buying a fixer-upper, both in the short and long term. “Ask a Realtor” is a monthly column. To submit a question to our panel of Realtors, fill out this Google Form. Dear Realtors, I am currently house hunting. Good-condition homes in my area cost $400,000 and up, but I would like to spend about $300,000 on a house. So, I am looking at fixer-uppers.…
When you’re self-employed — earning a large chunk of your income as a freelancer, independent contractor, or small business owner — it can be challenging to meet the borrower requirements for a mortgage loan. But it’s not impossible. Here’s what you need to know about qualifying for a mortgage when self-employed. In this article: It’s possible to qualify for a mortgage as a self-employed borrower. Like W-2 employees, you generally need good credit, sufficient income, and stable employment. However, proving stable and sufficient income can be challenging for some applicants. Understanding the requirements for self-employed mortgage loans can help you…
If filing for bankruptcy is standing in your way of becoming a homeowner, we have good news: There is a road to recovery. Your dream of homeownership is still attainable as long as you’re doing all the right things— keeping a lid on debt, paying bills on time, and working to improve your credit score. So, can you buy a house after bankruptcy? Yes. Here’s how. In this article: We won’t dig deep into the financial moves you need to make. No doubt, you’ve probably heard all of the money advice you can stand by now. This is about the…
A reader is preparing to move out of state for their retirement years and wonders whether renting or immediately buying a home in their new state makes for a better transition. Our Realtors offer different perspectives on the issue, but all agree on one thing: The reader should be very familiar with their new area before buying a house. “Ask a Realtor” is a monthly column. To submit a question to our panel of Realtors, fill out this Google Form. Dear Realtors, In the next few years, we plan to transition into retirement and move into a single-family home in…
Pocket listings are the hidden treasures of real estate. Or, at least, they seem to be. There’s a real appeal in finding a perfect house for sale that hardly anybody knows about. Yet, pocket listings aren’t as rare as you might think. About 1.2 million homes were sold through pocket listings last year, according to BatchService, a property research company. Most were in Texas, Florida, and Georgia. So, what’s the deal with pocket listings? In this article: A pocket listing is a home for sale that isn’t generally advertised to the public. It doesn’t appear on home search websites or…
Shopping for a new home is exciting, but shopping for a mortgage? Not so much. Unless you’re paying cash, finding the right mortgage lender is as crucial as finding the perfect place to call home. It could mean the difference between a seamless home-buying experience and one filled with endless requests and delays. You could also save thousands in interest and fees over the loan term by doing your homework. Here’s how to find a mortgage lender so you can bring your homeownership dreams to life. Learn more: The best low- and no-down-payment mortgage lenders In this article: Mortgage lenders…
If you’re buying a home, you should know there’s a mountain of paperwork involved. One of the many important forms you need to review and sign is the promissory note. The promissory note, essentially a borrower’s promise to repay a loan, makes your agreement with the mortgage lender legally binding. You can think of it as an IOU that holds up in court. If you don’t stick to the payment agreement that’s spelled out in the promissory note, you could end up losing your home to foreclosure. In this article: In real estate, a promissory note is a legally binding…