As Georgetown TX home buyers work toward getting a mortgage, their creditworthiness will come up many times throughout the process. By analyzing credit scores and their underlying factors, lenders can assess risk and determine if the homebuyers qualify for the mortgage loan. The credit scores also come into play as lenders calculate the terms of the loan for qualified homebuyers. Understanding the role of credit in the homebuying process can help everyone navigate this process with much less stress and frustration. Here's what everyone needs to know.
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Home insurance is a requirement if you're going to get a conventional mortgage when you buy your home. The home insurance you choose can have a big impact on how quickly you're able to recover from a disaster like a wildfire or tornado.
Knowing how to pick the best home insurance is important. If you're in the middle of the home buying process and are trying to decide what kind of home insurance to choose, these tips can help.
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Buying a home in a seller's market can be stressful, especially if you're not ready for the experience. If you're thinking about buying a home - either a pre-owned home or buying a new construction home, and you've heard that the market is very competitive, it's important to know what that means, and how it will affect your search.
For informational purposes only. Always...
When searching for a new home to buy, many home buyers look for a good layout, nice lighting and lots of storage space. However, in all of the excitement of finding a new home, some people forget to watch for signs of a problem. Knowing the most common red flags can help a home buyer to avoid serious problems when purchasing a home.
Water Damage
Water damage can be indicative of many things, depending on where it's located and where it originates. Water damage on or near...
A lot of renters set their sights on homeownership. In fact, it's said that 80% of millennial renters in the United States plan to own a home someday. People who have always rented often have a hard time judging when it's time to buy. Purchasing property takes time, commitment and most of all, money. Knowing what's needed can help renters determine when they're ready to buy a house.
You'll Need Money Up Front
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Homebuyers who make down payments less than 20 percent on a home often must purchase private mortgage insurance (PMI) before lenders will approve a home mortgage loan. PMI protects lenders from losing thousands of dollars if borrowers fail to make house payments and foreclose on their homes. Private Mortgage Insurance is also required if borrowers refinance mortgages that have less the 20 percent equity.
How Much Does Private Mortgage Insurance Cost?
Annual fees vary for PMIs from 0.3 percent to 1.5 percent of original loans. PMI costs also ...
