Saving enough money for a down payment and closing costs can feel like the primary financial goal when purchasing a home. However, becoming a homeowner does not mean your need for savings disappears at closing. Keeping money available after the purchase can provide an important financial cushion as you adjust to the costs and responsibilities of homeownership. Homeownership Comes With Unexpected ExpensesEven a well-maintained home can surprise you. An appliance can stop working, a plumbing … [Read more...]
What Happens If Your Income Changes Before Closing?
Getting approved for a mortgage is an important milestone, but the financial review does not necessarily end once you receive an initial approval. Lenders may verify certain information again before closing, including your employment and income. If your income changes during this period, it could affect your mortgage approval, depending on the circumstances. Why Income Still Matters Before ClosingYour mortgage qualification is based partly on the income documented during the application process. … [Read more...]
What Homeowners Should Know Before Removing Mortgage Insurance
Mortgage insurance can make homeownership accessible with a smaller down payment, but many homeowners eventually wonder whether it can be removed. The answer depends on the type of mortgage you have, your loan balance, property value, payment history, and the rules that apply to your specific loan.Understanding those factors can help you know what questions to ask your loan servicer. Start by Identifying Your Loan TypeMortgage insurance does not work the same way for every mortgage program. … [Read more...]
How a Large Down Payment Can Affect More Than Your Monthly Payment
When buying a home, it is natural to assume that putting as much money down as possible is always the best financial decision. A larger down payment can provide meaningful advantages, but it also affects more than the size of your monthly mortgage payment. Understanding the broader impact can help you decide how much cash makes sense to use at closing. A Larger Down Payment Reduces the Amount You BorrowThe most obvious benefit is a smaller loan balance. Borrowing less generally means a lower … [Read more...]
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