Investing in a home may be one of the most significant purchases you'll make in your lifetime, but many people forget that there are a number of other costs associated with buying a home. If you're considering a reverse mortgage and want to be clear on all of the fees involved, here are a few things you can expect to come across. Initial Home Appraisal Fee In order to ensure that you qualify for a reverse mortgage, you'll need to spend a lump sum up front to determine the market cost of your … [Read more...]
Use A Fixer-Upper Mortgage To Expand Your Options
Many people purchasing a home for the first time are running into the same problem. There simply are not enough starter or entry-level houses available in the current market that are ready for people to move into. One solution some home buyers are exploring is to buy a fixer-upper home. With a home renovation mortgage, prospective homebuyers can qualify for a home loan that combines the cost of home improvements with the purchase price of the house. A Lack Of Affordable Homes Regardless of … [Read more...]
Wondering How Much Mortgage You Can Afford? Here’s How to Calculate It
Many people are aware of the financial commitment that is involved when investing in a home, but what that amounts to is different for every person. From what you can afford to what a lender will allow, there are plenty of details involved in determining the right home for you. If you're not quite sure what the right price is, here's how to approach home ownership and determine your debt-to-income. Calculating Your Debt-To-Income Ratio You may not know what your DTI ratio is, but it has a lot to … [Read more...]
ARM Loans: What To Know
Many people are wondering what type of home loan is right for them, and one of the options is an ARM loan. This is an adjustable-rate mortgage. Typically, the rate is fixed for a certain amount of time, but it can change after that. Adjustable-rate mortgages will vary depending on the market. Is an ARM a smart loan option? There are some situations where an ARM loan can be helpful, but people need to be careful with them. The Risk Of An ARM Loan First, it is important to understand why ARM … [Read more...]
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