Why Does a 20 Percent Down Payment Make Sense for Homebuyers?

When taking out a mortgage, lenders prefer that homebuyers put a 20 percent down payment upfront. Although mortgage rates remain historically low, home prices are expected to increase this year. Homebuyers might find the 20 percent down payment overwhelming, not to mention the closing costs, which is another upfront payment they need to settle.

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The Importance of Getting a Mortgage Pre-Approval

Getting a mortgage pre-approval, or simply “pre-approval,” is an important step in the homebuying process that you may want to consider if you want to fulfill your homeownership dreams. A pre-approval simply means that a lender initially determines that you qualify to take out a mortgage up to a certain amount. Obtaining a pre-approval from a lender could give you an edge especially when there’s a low inventory in the housing market.

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6 Factors That Can Increase a Loan Estimate

A loan estimate is an important document that would-be homebuyers receive when applying for a mortgage. In general, the three-page document estimates everything that a homebuyer needs to pay for the entire loan. While loan estimates are designed to help homebuyers better understand the mortgage loan terms, there are some instances when the final Loan Estimate may be higher than what was originally quoted.

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5 Types of Homes Every Gen Z homebuyer may consider

The oldest members of Generation Z are now at the right age to enter the real estate market and a good percentage are reportedly determined to be a homeowner, taking out mortgages instead of other types of debt. Although mortgage rates have become more affordable for Gen Z to purchase a home, finding the right one might be a challenge. It’s important for these young homebuyers to know that there are different types of homes available in the market to help them fulfill their American dream of homeownership.

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What Do You Need to Know About Stigmatized Properties?

Here’s a scenario: You found a seemingly perfect property to be called home that’s just right or even below your budget range. It is newly painted, with an updated kitchen, and is located in a good neighborhood. You learned from the property disclosures document that you just need to do very minimal repairs before you move in and you don’t need to spend much. But later on, after you and your family moved in, you start to experience some weird stuff like unusual footsteps from the hallways in the wee hours, or perhaps the smell of popping popcorn in the kitchen but couldn’t find any. After sharing your odd experience with a neighbor, you were told that your home was previously owned by a person who died inside the property’s kitchen. What’s even bothersome is that family members of the previous owner were notorious in the neighborhood for practicing witchcraft.

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Why Should First-time Homebuyers Worry About Data Breaches?

Massive data breaches are becoming common nowadays. A few days after the massive Equifax data breach settlement news broke out, Capital One reported that sensitive information of roughly 100 million consumers in the U.S. has been compromised. As someone planning to buy a home, it is critical that you know if you’re affected by such breaches, especially if you’re applying for a mortgage.

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8 Important Steps You Need to Take Before Shopping for a Mortgage

Shopping for a mortgage and home is the first step you need to take if you want to fulfill your dream as a homeowner. Buying a home is often overwhelming simply because you’re making one of the biggest financial decisions in your life. Before applying, it’s smart to educate yourself on the mortgage process and programs so that you can better understand your options.

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