Whether you’re a seasoned or first-time home buyer, be prepared to know your FICO score and have a firm understanding of your credit history. Here, Zillow explains how another person’s credit history can affect a joint home purchase. What is a FICO score? FICO stands for the Fair Isaac Corporation, the company that developed the…
Home prices are rising, which means a lender would require you to get a jumbo loan—a mortgage that is for more than the conforming limit set by Fannie Mae and Freddie Mac. But don’t worry. Today’s jumbo mortgage rates are lower and lenders are easing up on the stricter requirements. In 2018, the jumbo mortgage…
While home prices for starter to mid-range homes are pushing upward toward pre-recession peaks, especially in secondary markets, they’re stabilizing in higher-priced areas. Here, Bankrate offers some tips for adapting to the latest market conditions. First-time homebuyers: Get that starter home now More than half of the home sales (52 percent) in 2017 are…
Just because lender lets you borrow the maximum possible amount on a mortgage, that doesn’t mean you should take them up on the offer. Wondering how much of your monthly income to comfortably spend on your home? Trulia shows how to crunch your own numbers first to determine how much mortgage you can afford. Calculate your…
An improving economy, multiple years of strong job growth and a notable increase in home values in most markets fueled a greater share of purchases from Generation X households during the past year. According to the National Association of Realtors’ 2017 Home Buyer and Seller Generational Trends study, which evaluates the generational differences of recent…
Is your mortgage payment taking a bite out of your budget? Realtor.com suggests using these methods to make it easier to pay each month, as well as to speed up the repayment of your loan. 1. Share your space You can get someone else to pay the bill for you if you’re willing to share…
Planning to purchase a home this spring? Then the last days of winter is the time to get rolling. Here, Realtor.com explains how to get way ahead of the pack before the busy spring home-buying season arrives. Find a buyer’s agent Teaming up with a buyer’s agent during the winter offers several advantages. For starters, because business…
Many homeowners today are not living in their forever homes. Instead, the spot in which they’re residing is just a stepping stone to their dream house. If you’re always keeping one eye on your home and the other eye on the housing market, RISMedia offers these steps to help determine the best time to sell…
All reports point to an abundance of millennials who are seeking to own their own homes. But the members of this sector often quickly find out that purchasing their first home isn’t always an easy proposition, especially with student-loan debt, outstanding credit card bills, and sometimes, a lack of credit altogether. All of these obstacles…
There are 15 million self-employed workers in the United States, according to the Bureau of Labor Statistics. While that's well and good, when it comes to securing a home loan, self-employed people have to work extra hard to obtain a mortgage. Here, Redfin recommends some tactics self-employed individuals can take to improve their chances of getting approved for a mortgage: 1) Have…