With approximately one million people having purchased vacation homes in the last year, this type of residence is gaining popularity for those who are interested in a home in a beach setting or a vacation hot spot. However, while a second home can seem like a great purchase and solid investment opportunity, there are different requirements that go into this type of purchase. If you're considering a vacation home, you may want to be aware of the following financial factors. The Down Payment … [Read more...]
Mortgage Myths: Here’s Why You Don’t Need a Full 20 Percent Down Payment
If you're just getting into the real estate market, you may have heard that 20% down is the ideal percentage in order to lower your monthly payments and get your mortgage application approved. However, while 20% is often suggested, many people struggle to come up with this amount of money. If you're staving off home ownership, here are some reasons you may not need to hold off as you long as you thought. Minimizing Your Insurance Costs Putting down 20% of the total purchase price of your home is … [Read more...]
Financing That Dream Home with a Mortgage? Here’s What to Expect on Closing Day
There are so many details that lead up to the purchase of your dream home that it can be hard to realize it when the closing day is finally upon you. However, when closing day finally arrives, there will still be a few last minute details that need to be taken care of. If you're getting ready to solidify your home purchase and are wondering about the remaining paperwork and any unknown details, here are some things you can expect when it comes to making your purchase complete. One Last Walk … [Read more...]
Understanding ‘Disposable Income’ and How This Will Impact Your Mortgage Approval
There are few things more exciting than finding your ideal home, but with the rising cost of housing, a person's dream home can often come with a very high purchase price. If you're wondering how much home you can truly afford and how your cost of living will fare for your mortgage approval, here are some of the details on what you can expect when it comes to finding a home at an affordable price. What Is Your Debt-to-Income Ratio? Before deciding if a home is right for you, it's important to … [Read more...]
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