When you buy a home with a mortgage, homeowners’ insurance is not optional, it is required. Lenders need to know the property is protected, and you need the peace of mind that comes with knowing your largest investment is covered. The challenge is that many homebuyers end up paying too much for their policy without even realizing it. With a little preparation, you can avoid overpaying and make sure your insurance matches your true needs rather than one size that fits all approach. … [Read more...]
What Are the Pros and Cons of No Deposit Mortgage Loans
No deposit mortgage loans can sound appealing to buyers who want to purchase a home without spending years saving for a down payment. While these loans offer clear advantages, they also come with risks and responsibilities that every buyer should consider before moving forward. Understanding No Deposit LoansA no deposit mortgage allows a buyer to purchase a home without providing money upfront. Instead of saving for a traditional down payment, the full loan amount is financed through the lender. … [Read more...]
Understanding the Components of Your Monthly Mortgage Payment
If you’re new to homeownership, you might be wondering exactly what makes up the mortgage payment you’re sending each month. Beyond just the loan amount itself, there are several different components that all factor into your monthly mortgage payment. Understanding these components not only helps you see where your money is going but can also assist you in optimizing your mortgage and possibly securing a better rate. 1. Principal The principal is the amount of money you originally … [Read more...]
Newest Home Pricing Data Shows Homes Becoming More Attainable Across The Country
Case-Shiller's 20-city home price index for September reported the lowest pace of year-over-year home price growth in almost two years. Lower home prices balanced housing markets between sellers and buyers, but home prices continued to grow approximately two times faster than wage growth. Case-Shiller's 20 city home price index for September posted a home price growth rate of 5.20 percent as compared to August's year-over-year growth rate of 5.70 percent. While analysts expected slower rates of … [Read more...]
