Multi-family, 2 to 4 unit homes are affordable and surprisingly easy to buy.
If you're thinking about buying a home, you should know you have choices regarding a down payment. The popular belief is that homebuyers need 20% of the property's purchase price...
Debt-to-income (DTI) is a measure that compares the amount of debt you have to the amount of income you receive. Lenders use this ratio to determine how much you can afford to pay..
Sellers can pay the buyer's closing costs. It's called a seller or closing costs credit when the sellers of a property agree to credit a sum of money to the buyer at closing time...
Loan-to-value (LTV) ratio is a measure that compares the amount of the mortgage loan to the value of the property. Lenders use it to determine the risk of lending you money for a..
In this article, I'll explain the mortgage contingency, show you where to find it in a real estate contract, and tell you why you need to know about it when buying a house. First,..
All Federal Housing Administration (FHA) loans require mortgage insurance. Homebuyers pay two types of mortgage insurance when purchasing a home using an FHA loan. First, you pay..
Financing a condominium with a Federal Housing Administration (FHA) loan is challenging for many homebuyers. First, before you can buy a condo using an FHA loan, the condo must..
Paying discount points is a way to lower your mortgage interest rate. Essentially, you pay a lump sum at closing in exchange for a lower interest rate on your mortgage. Points..
Because the APR represents the overall cost of your mortgage, it should make it easier for you to compare loan offers to find the best deal on your mortgage. However, APR can..
As state after state moves toward the legalization of marijuana, cannabis professionals may find themselves in a tough spot when it's time to buy a home. Because marijuana is..
Like stock prices, mortgage interest rates constantly change. By locking in, you freeze the lender's rate and origination charges. As a result, you know how much your loan will..
When applying for a mortgage, the first question on the mortgage application is, "what is the loan's purpose?" You have two options, purchase or refinance. I'll explain how the..
In this article, I’ll show you how to quickly read and understand the Certificate of Eligibility (COE). This information will make it easy to see if you’re eligible for a VA loan..
When you buy a new home, who lives there will help determine how much your mortgage will cost.
If you work for a staffing agency, you might need help buying a house. Most banks won't use your staffing agency income to approve your mortgage. And, unfortunately, without a..
As a rule of thumb, mortgage closing costs will cost you about 2% to 5% of the loan amount. They add up to thousands of dollars. Generally, you pay them when you buy the house at..
As a homeowner, you know that owning property is a stellar way to build wealth over time. But if you’re interested in expanding your homeownership with a rental property, we’ve..
Owing federal tax debt makes it harder to get approved for a mortgage, but it’s not impossible to get a home loan with this debt factored in. With careful planning, you can still..
You're planning to buy a new home and rent out the house you're departing. With careful planning, you can use the rental income you'll collect from the current place to offset..
As a co-signer on a mortgage, you've committed to another person's financial obligation to the loan. You probably co-signed to help out a friend or family member who couldn't..