When you are budgeting for a new home, it’s easy to focus on the down payment, but do not forget the closing costs. These fees typically range from 2% to 5% of the home’s purchase price and cover things like the appraisal, title search, loan origination, and other administrative expenses. For many buyers, especially first-timers, they can feel like an unwelcome surprise. The good news? There are creative, effective ways to reduce these expenses and make homeownership more affordable. … [Read more...]
How to Leverage Home Equity for Financial Freedom
If you’ve owned your home for a few years, chances are you have built up equity, maybe more than you realize. But what exactly is home equity, and how can you use it to build wealth, reduce debt, or increase financial flexibility? We will discuss how homeowners are turning their built-up equity into tools for financial freedom, and how you can, too. What Is Home Equity?Home equity is the difference between what your home is worth and what you still owe on your mortgage. For example, if … [Read more...]
Are Interest-Only Mortgages A Smart Strategy or Risky Business?
When exploring home financing options, many borrowers are intrigued by interest-only mortgages. These loans offer the benefit of lower initial monthly payments, which can seem attractive, especially in high-cost areas or when cash flow is tight. But how exactly do they work, and are they the right fit for your financial goals? What Is an Interest-Only Mortgage?An interest-only mortgage allows you to pay just the interest on your loan for a set period, typically 5 to 10 years. During this time, … [Read more...]
Can Freelancers Get a Mortgage?
If you are self-employed or work as a freelancer, you may be wondering whether buying a home is even possible. The good news? It absolutely is, but you will want to be prepared for a few extra steps in the process. Here are five common questions freelancers ask when it comes to getting a mortgage. What Makes It Harder for Freelancers To Get Approved?Freelancers don’t receive W-2s or paystubs, which means documenting income can be more involved. Instead, lenders look at tax returns, bank … [Read more...]
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