Applying for a Mortgage - MoneyTips

How To Shop for a Mortgage: A Step-by-Step Guide

MoneyTips Writer — Fri, 27 Oct 2023 13:58:02 +0000

Unless you have the cash to buy a house outright, you’ll probably need to shop for a mortgage. But what’s the best way to go about doing that? While the overall process can seem daunting at first, we’ve broken it down into seven straightforward steps. We’ve also included some tips at the end of the...

The post How To Shop for a Mortgage: A Step-by-Step Guide appeared first on MoneyTips.

Advantages of Getting a Verified Approval Letter

MoneyTips Writer — Fri, 13 Oct 2023 17:33:00 +0000

If you’re trying to buy a house in a competitive market, you’d be wise to look for any advantage you can find to set your offer apart from the competition. A verified approval letter could be that competitive edge. We’ll explain what they are, how they can benefit you, why they’re appealing to sellers and...

The post Advantages of Getting a Verified Approval Letter appeared first on MoneyTips.

Qualifying for a Mortgage: A Beginner’s Guide

MoneyTips Writer — Tue, 22 Aug 2023 15:17:43 +0000

Most people don’t have the cash to purchase a home outright. They need to take out a loan to do it. That’s where mortgages come in. Mortgages, also known as home loans, are different from other loan types because of the risk involved. These loans are typically worth hundreds of thousands of dollars, so lenders...

The post Qualifying for a Mortgage: A Beginner’s Guide appeared first on MoneyTips.

Home Buying, Simplified: 5 Steps with Helpful Resources

Nathan Grant — Tue, 01 Aug 2023 13:51:31 +0000

Buying a home can be overwhelming, especially for first-time buyers. That’s where we come in. We’ve broken down the process into five straightforward steps, including resources to help you complete each one. As the adage goes, “How do you climb Mt. Everest? One step at a time.” 1. Organize Your Finances Your first order of...

The post Home Buying, Simplified: 5 Steps with Helpful Resources appeared first on MoneyTips.

What To Know About Buying a House With a Friend

MoneyTips Writer — Tue, 09 May 2023 15:43:23 +0000

Saving enough money to buy a house is a challenge. But there’s strength in numbers, and if you’ve found yourself wondering if you can buy a house with a friend, you certainly aren’t alone. The short answer is yes, you can buy a house with a friend. In fact, more and more Americans are doing...

The post What To Know About Buying a House With a Friend appeared first on MoneyTips.

Closing Costs: Breaking Down Who Pays for What

MoneyTips Writer — Thu, 20 Apr 2023 13:10:40 +0000

Purchasing a home can be an intense process, and one of the biggest hurdles comes at the end: closing on the home. From title searches to inspections and appraisals, a lot needs to happen before you get the keys. But who pays for closing costs, the buyer or seller? The short answer is it’s negotiable,...

The post Closing Costs: Breaking Down Who Pays for What appeared first on MoneyTips.

What Percentage of Income Should You Spend on Your Mortgage?

MoneyTips Writer — Mon, 27 Feb 2023 21:12:02 +0000

Fewer than 10% of new U.S. home purchases are paid for in cash. The vast majority of Americans pay for their homes through a mortgage. This means that in addition to the overall cost of the home, you’ll also need to consider how much you can afford in a monthly mortgage payment. Your income is...

The post What Percentage of Income Should You Spend on Your Mortgage? appeared first on 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...

The post Should I Lock My Mortgage Rate Today? appeared first on MoneyTips.

Freddie Mac BorrowSmart℠: What Is It? How Do You Qualify?

Josh Richner — Mon, 09 Jan 2023 19:00:21 +0000

With the rising cost of homeownership, it can seem impossible to save enough money for a down payment. Luckily, there are a few programs that provide legitimate down payment assistance. With the overall goal of making mortgages more affordable, Freddie Mac’s BorrowSmart℠ program offers credit toward qualifying home purchases for very low- to low-income home...

The post Freddie Mac BorrowSmart℠: What Is It? How Do You Qualify? appeared first on MoneyTips.

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...

The post What Is a Fixed-Rate Mortgage and How Does It Work? appeared first on MoneyTips.

How To Buy a House With Low Income

Matthew Jones — Mon, 19 Dec 2022 15:23:36 +0000

Buying a home is expensive – period. And while borrowers with lower incomes will likely find the home buying process far more challenging – they aren’t necessarily locked out of the housing market. Lower-income borrowers can take advantage of private mortgage loans and public home buyer programs to help purchase a home. It’s all about...

The post How To Buy a House With Low Income appeared first on MoneyTips.

What Credit Score Do You Need To Buy a House?

Adaeze Nwakaeze — Tue, 06 Dec 2022 21:22:16 +0000

Between our roller coaster job market and saving for a down payment while battling inflation, buying a house can feel unattainable for many of us. Add to that our anxiety over good or bad credit scores, and it may feel like you’ll never own a home. But contrary to popular belief: You don’t need a...

The post What Credit Score Do You Need To Buy a House? appeared first on MoneyTips.