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.
Now, with the Home Ready mortgage from Fannie Mae, multigenerational and extended households can have easy access to mortgage funds. How does the Home Ready mortgage work? Here's what you need to … [Read More...]
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.
Get Familiar With Your Credit Score
If you haven't looked at your credit report for a long time, it can be a daunting task to request this … [Read More...]
The idea of conducting an energy audit on your home might seem like something complicated that should be left to the experts, but there are ways for you to make your home a little greener without consulting anybody. Instead of having someone else do the work, here are a few simple ways for you to inspect your home and green up its energy use.
Do A Candle Test Of Exterior Walls
Since cold air coming in from outside your home can impact your energy use significantly, do the simple test of … [Read More...]
So you've found the perfect home, the seller has accepted your offer, and now you're just waiting for the mortgage to close before you wrap up the sale and take possession. It's time for the closing meeting.
But what does this meeting entail? And what do you need to prepare for it? Here's what you need to know.
The Day Prior: Walking Through The Property
24 hours before the closing meeting, you'll be given an opportunity to walk through the property and do a final inspection. During … [Read More...]
The idea of home renovations when you're selling your home can be unpopular because of the cost and time that can go into sprucing up a place you're about to leave behind. However, making a few simple, economical touches can go a long way to capitalizing on your home's value and making a difference in dollars. If you're curious about cheap options for an easier sale, here are a few that may make the deal a little sweeter.
Kick Up The Kitchen A Notch
With all of the time that a family … [Read More...]
Christmas is just around the corner, and if you're in a position to do it, paying off a family member's mortgage is one of the biggest gifts you could give this holiday season. A mortgage can be a heavy burden on a young homeowner, which is why paying it off is the ultimate act of charity. But when it comes to paying for someone else's mortgage, the process isn't entirely straightforward.
So how do you pay off a family member's mortgage? Here's what you need to know.
Be Wary Of The Gift … [Read More...]
Relocating to a new city? Thinking about moving to a new neighborhood? While word of mouth from friends and family is valuable, sometimes it's necessary to get a different perspective.
With the advancement of technology, it's now possible to research new neighborhoods without getting up off the couch. Here are some websites and apps that have proven invaluable with researching new areas:
Use The Forums On City-Data For Exact Answers
While city-data.com is a valuable resource for people … [Read More...]