Types of homes Different types of homes qualify for different mortgage loans and rates. The main types of homes you can buy are: single family residence manufactured home condominium cooperative (co-op) townhouse multi-unit (2-to-4 unit) properties So how does this work in practice? Your loan availability and what you pay for it depends in part […]
Rules of thumb for home affordability There are several easy rough estimates for how much you can spend on a home. Choose a total payment that is close to what you spend now for rent Select your maximum home price at three times your annual income Choose a total housing payment that does not exceed […]
For Millennials looking to buy a home, a new ranking suggests heading anywhere but the South. That’s where the majority of the nation’s worst states for Millennials are located, with New Mexico, West Virginia and Mississippi leading the pack.
Though it’s often assumed that eco-friendly housing comes with an inherently higher price tag, according to a new study, that may not be true. In fact, in some areas, green homes may even be more affordable than not-so-eco-friendly ones are.
Though a new report shows that just over half of U.S. housing markets have median prices above their pre-recession peaks, there’s a silver lining: the other half still boasts historically affordable homes. In fact, in some major metros, home prices are as much as 25 percent lower than their pre-recession peaks.
Mortgage loan processor: definition The mortgage loan processor is the link between you, your loan officer and your underwriter. And he or she is arguably the most important member of the team. Many processors take your application so you don't have to fill out forms Processors pull all the pieces together - they may order […]
What is title insurance? Title insurance companies cover you and/or your mortgage lender if you buy property that others make claims against. Issues can pop up even from the distant past or the future, for example: Your seller purchased the property after an illegal foreclosure sale (not uncommon during the Great Recession) A long-lost relative […]
If you’re renting a house in hopes of saving money, you might want to re-think that strategy. According to new report, single-family rents are up significantly over the year – particularly on lower-end properties.
Looking for a new job? You might want to pack up and move West. According to a new ranking, the country’s best cities for job seekers are largely on the Pacific Coast, with five California towns making the top 10.
If today’s red-hot market isn’t offering fast enough home sales, you might want to look to Zillow. With a new program called Instant Offers, the site can now bring instant cash offers right to your door – no listing, marketing or showings necessary.