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 can be indicative of many things, depending on where it's located and where it originates. Water damage on...
In terms of planning for a secure future, is it better to rent and keep your options open for job and life changes and travel, or to purchase a home as a financial hedge against rising prices and higher interest rates? There are two schools of thought, each with merits worth considering, but the options may not be quite so simple.
The standard progression has for generations been from school to first job and city apartment, and then to a home in the suburbs. However, that standard is less the norm today than at any time in the recent past. In...
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.
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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.
Annual fees vary for PMIs from 0.3 percent to 1.5 percent of original loans. PMI costs also ...
A down payment is usually the single biggest hurdle when it comes to turning a buyer's dream into reality. The expense can be enough to make anyone hit the Pause button on their search. But there may be more options for a buyer than they realize when it comes to affording the down payment. See how different loans have different terms and minimums and how buyers can use this to their advantage.
A 20% down payment is a minimum that was established for practically as long as modern banks have been in existence. It remains the number the buyer should strive to hit if they're...
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