Buying a home is a huge economic choice to make in your life. Sometimes it might not be the right choice right now, and renting might be a better option. There are many factors to consider when thinking about buying a home, such as debt, income, needs, and goals. In this article, we will go through each of these factors to determine if it is the right time for you to switch between rent to buy and buy to rent.
First-Time Homebuyer
Practical Tips Homebuyers May Consider When Saving for a Down Payment
Becoming a homeowner is probably one of the biggest life goals everyone wants to achieve. Not only does owning a home give you a sense of freedom and autonomy, but it can also help increase your wealth. However, raising funds to achieve this dream can feel as challenging as climbing Mount Everest. This article will give you the tools to help make saving for a down payment a reality.
Is it Beneficial to Make a Larger Down Payment? (Part 1)
Down payment is one of the upfront payments we need to settle when taking out a mortgage to buy a home. Deciding how much to put on a down payment as a first-time homebuyer is important as it affects your finances when you buy a home and all throughout the life of your loan.
Pros and Cons of HOAs
Homeowner associations (HOAs) have become more common over the years than many might think. According to a study in 2018 from the Foundation for Community Association Research, 26.9 million homes in the United States belong to an HOA with the highest concentrations of them in California and Florida. Before buying a home in an HOA, it is important to understand what they are. Here we will illustrate the pros and cons of HOAs so you can be better prepared when you go to buy your next home.
Understanding the Basics of Entering an HOA
When buying a home there are multiple things to consider. What kind of mortgage are you going to get? Do you want to remodel? However, one of the most important things to think about that many don’t know is whether your neighborhood has a homeowners association (HOA). In this guide we’ll answer all your questions surrounding HOAs like how much they cost, who controls them, and if you can opt-out.
A Guide for Borrowers to First and Second Mortgage Options
Buying a home is one of the biggest financial undertakings you can make during your life. Not many people can afford to buy their homes outright when the deal closes and need assistance in the form of a mortgage, or two. Here are the main types of mortgages borrowers can utilize when thinking about how to afford a home.
Top Loan Programs Available for First-Time Homebuyers: Part 2
As a first-time homebuyer, it’s important that you know the loan programs available to you. In the first part, we discussed the two popular loan programs available for most homebuyers. In some circumstances, there are also loan programs that can help you buy a home if you have a limited budget or if you want to save your finances for other important matters.
Top Loan Programs Available for First-Time Homebuyers: Part 1
Many first-time homebuyers are entering the real estate market this summer amidst the COVID-19 pandemic in order to acquire a piece of the American dream: homeownership. What many are realizing is that mortgage interest rates have become more favorable than in years past. As a first-time homebuyer, you may too find yourself competing with other buyers in a sellers’ market – where home prices have increased, and inventory is small. However, if you find your budget is tight, here are the best loan programs to help you buy a home for your family.
Getting a Pre-Approval Letter Should be the First Step in Homebuying!
Buying a home can be an exciting time for most first-time homebuyers, but many find it to be an overwhelming process, as well. To help smooth the homebuying process, we recommend getting a mortgage pre-approval as the first step to take.
