Andrew Paniello, Author - MoneyTips

Should I Lock My Mortgage Rate Today?

Andrew Paniello — Wed, 22 Feb 2023 16:03:37 +0000

If you’re considering applying for a mortgage, there are several factors you’ll need to keep in mind. In addition to your mortgage term, closing costs, and other variables, you’ll also need to be mindful of your prospective mortgage rate. Naturally, this leads future homeowners to ask a lot of questions, such as: When I applied...

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What Is a Split-Level House?

Andrew Paniello — Tue, 20 Dec 2022 20:50:20 +0000

When you’re home shopping, there’s a lot to consider – and see. If you’re the “dinner, then dessert” type, your priority will likely be to confirm that the homes you’re interested in have good foundations and are structurally sound. Next, you’ll dive into dessert: the aesthetics, weighing the pros and cons of the architectural styles...

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What Is a Fixed-Rate Mortgage and How Does It Work?

Andrew Paniello — Tue, 20 Dec 2022 15:12:24 +0000

Unless you have the resources to buy a home with cash, applying for a mortgage is the usual way most aspiring buyers purchase homes that would otherwise be out of reach. For most home buyers, taking out a mortgage is a clear path to homeownership. But what may not be so clear is the type...

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Can You Use a VA Loan for a Second Home?

Andrew Paniello — Fri, 18 Nov 2022 17:16:10 +0000

A Department of Veterans Affairs (VA) loan is one of the best ways active or veteran military service members can secure a mortgage. With a VA loan, veterans can get the money they need and not have to make a down payment. And your VA loan is a benefit you can reuse. You can use...

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Can You Buy a Foreclosed Home With an FHA Loan?

Andrew Paniello — Mon, 14 Nov 2022 20:31:10 +0000

In the United States, there are many different paths to homeownership. One of the most common ways to buy a home – especially if you can’t make a huge down payment – is with help from the Federal Housing Administration (FHA). Established after the Great Depression, the FHA offers a variety of programs to help...

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Do the Appliances Come With the House?

Andrew Paniello — Thu, 29 Sep 2022 15:09:15 +0000

Functioning, modern appliances can add a tremendous amount of value to your home. The sum value of all appliances can be worth several thousand dollars. So, getting the appliances included with your home purchase can have a tremendous impact on the home’s “true” value. As you’d probably expect, whether appliances come with the house will...

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Can I Make Principal-Only Payments On My Mortgage?

Andrew Paniello — Tue, 27 Sep 2022 20:26:17 +0000

If you currently have a mortgage, you might find yourself looking for ways to pay down your principal as fast as possible. With many mortgages, paying down the principal balance early can help you build equity and decrease the amount you pay in interest over the life of the mortgage. When you have some extra...

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Buying an Old House vs. a New House: The Pros and Cons

Andrew Paniello — Wed, 07 Sep 2022 20:55:55 +0000

Buying your first home is an exciting milestone, but it can be intimidating. There are so many decisions to make. You have to decide where you want to live, how much you want to spend and what type of home you want (think: a condo or single-family home). But here’s a question you may not...

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Builder’s Risk Insurance: What It Is & How It Works

Andrew Paniello — Wed, 07 Sep 2022 19:28:19 +0000

Building a home can be a lengthy, expensive and risky process. And if something were to go wrong during the construction process, the developer might be on the hook for quite a bit of money. Anyone interested in building a home wants to protect their initial investment. One of the best ways to keep these...

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How and When It Makes Sense To Buy a House With Cash

Andrew Paniello — Tue, 06 Sep 2022 21:01:06 +0000

When you’re ready to buy a home, there are many questions you’ll need to answer. One of them is how you’ll pay for your upcoming purchase. For most aspiring home buyers, there are two popular ways to buy a home: with a mortgage or cash. Homes are expensive, and most of us can’t afford to...

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Cottage-Style Homes: What You Need To Know

Andrew Paniello — Mon, 22 Aug 2022 17:52:19 +0000

We live in an era when space is at a premium. So these days, many aspiring home buyers have started considering a new option: investing in a smaller home. Due to their relative affordability and sustainability, cottage-style homes (and other small homes) have become a popular option despite their limited square footage. For some buyers,...

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What Is an Acceleration Clause, and How Can It Affect Homeowners When Triggered?

Andrew Paniello — Wed, 17 Aug 2022 18:14:43 +0000

If you miss a single mortgage payment, very few lenders will take action (besides maybe a late fee). But if you’re more than a few months behind, they might eventually begin trying to claim the equity in your home. This process can be made more complicated by a real estate acceleration clause, which is featured...

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