Down payments can be scary, especially for first time home buyers. 20 percent of the home’s total value is the standard for a down payment, with some variations, but even on a $200,000 home, that still comes to a $40,000 down payment. A down payment can seem like a lofty goal, but here are some strategies for buyers to start saving that don’t involve giving up coffee and avocado toast.
Buy Generic and Store Brands
Many large chain stores offer their own store brands as alternatives to name brands. These store brand products are often very similar to their name-brand counterparts, and they’re often far less expensive.
This doesn’t just apply to cookies and paper towels, though. Many over-the-counter medicines, like pain killers and eyedrops,
…
Although recent television ads might make it seem like reverse mortgages are something new, they actually came into being more than five decades ago – way back in 1961. After some initial problems with the way they were structured, reverse mortgages were systemized by the federal government in 1987 as part of the Home Equity Conversion Mortgage (HECM) Program by the United States Department of Housing and Urban Development Housing and Community Development Act. But even though reverse mortgages have now been around for more than half a century, they are not as well-known or widely used as other types of home financing, such as conventional mortgages. Because of this, homeowners who have reverse mortgages, or those who find themselves inheriting a
Buyers commonly insist on a home inspection. Most real estate agents strongly recommend them. It protects the buyer from ugly surprises in the form of problems they were unaware of at the time of sale. Of course, a home inspection could find a deal killer, a problem so egregious the buyer backs out entirely. Or perhaps it finds something requiring an expensive fix. Still, there are many reasons why sellers should not fear and should actually welcome a home inspection.
Summer is the season to enjoy your yard and the outdoor life, but it can also be the time to complete some value-adding DIY projects around the house. Here are 5 great ways to improve your property –you'll never call it work!
For many home sellers, waiting for the results of their buyer's home inspection is one of the most stressful parts of the entire selling process. Even homes that have been carefully maintained can be found to have condition or repair issues that the seller was not aware existed. In most cases, the issues are minor and relatively inexpensive for the seller to repair. When the issue is serious, however, such as a leaking roof or foundation problem, sellers may be faced with trying to save their home sale while struggling to cover the cost of an unexpected and very expensive home repair. In addition to the expense, home inspection issues also have the potential to cause closings to be delayed while repairs are made and may even carry a risk of
People have varying dreams of homeownership. You may imagine living in a cottage on the beach or in a log cabin house by the mountains or a lake. If you've lived in the city or suburbs, your dream home may dwell in the country as you have always wanted to own a farm, grow vegetables or raise livestock. In time, you may have the opportunity to seek out your country home.
When buyers make an offer and have a home inspected, it will probably be made clear to them that a home has had a history of damage from water, fire and other sources. If you have had to deal with such problems in your home, here are some tips to ensure the appropriate tasks have been done before selling.
Owning a home can be a great feeling, but for people who travel frequently to a certain location or who often take vacations in a favorite spot, some individuals may consider owning a second home, as well. If paying cash for that second home is not an option, then it's time to get a mortgage to make the dreams of owning a second home come true. But before a buyer heads out to the bank or starts applying for a loan online, there are important things to understand about taking out a mortgage on a home that isn't a primary residence. One of the most important considerations is the mortgage rate.
Purchasing a home can be a drain on any buyer's bank account, even when they have carefully prepared for the process by having adequate savings to cover the down payment and other expenses related to the move. So it makes sense to look for options to help limit further expenses that may occur after the purchase has closed and the buyers have moved into the home. Home warranty plans are one of the options often considered by buyers in this situation. But home warranty plans are not always the best choice for every situation. If you are planning to buy a home soon and considering whether or not to opt for a home warranty plan, here are some options to consider while weighing the decision.
Imagine wanting to buy a home, but having little in savings and no real way to come up with a down payment. Many buyers might think they have to come to terms with the idea that home ownership may never happen. What if there was a loan program that didn’t ask for any cash down and made buying a home far easier than you ever thought?
