If you're in the market for a house and are wondering how your income will stack up against the rest of your expenses, here's how to determine a home cost that's reasonable for you.
'Conforming loan limit' may be a less familiar real estate term than the rest, but here are some things you'll need to know about it and what it could mean for your biggest investment.
Traditionally, getting a mortgage requires you to have a level of income appropriate to the size of home that you're buying. But for a lot of low-income and minority borrowers, a simple measure of one person's income isn't an accurate measure of whether or not that person can afford a home.
Whether or not you're new to real estate, there's little doubt that you've heard the term down payment as it relates to purchasing a home. If you're trying to determine the ideal amount to put down, here are some things to consider.
When delving into the realities of home ownership, there can be many factors involved that make it difficult to determine what you need to know and what can wait until later. If you happen to be a first-time buyer who's looking for the best tips for purchasing a home, look no further than the following three pointers to set you on the right path.
A new house is a major investment. Even if you have a mortgage, the bank and the seller will still expect a sizable down payment. That's why lots of people regularly gift down payments to friends and relatives - it's a great way to help young people start out on the path of home ownership.
One of the most significant challenges that many people face when preparing to buy a first home relates to saving money for a down payment. While there are many different loan programs with varying down payment requirements, the fact is that it can still be difficult to save up a large sum of money.
If your goal is to purchase a home, you may find that it is challenging to save up enough money for your down payment. While this is something that many first time home buyers struggle with, it is by no means insurmountable.