Do You Have to Put 20 Percent Down on a New Home?
Some hopeful homebuyers know they can afford a mortgage payment – in many cases it’s lower than rent – but struggle to come up with the down payment. Saving that much money is a challenge for most of us. In some metropolitan areas, average home prices are very, very high, requiring a down payment of… Read More
Today’s Housing Market – What You Need to Know
Here’s a snapshot of today’s housing market nationwide. Rising prices Home prices in 133 of 150 major metropolitan areas rose sharply in the first quarter of 2013, experiencing their biggest gains in many years. The national median price for an existing single family home is now $176,600 – up 11.3 percent from one year ago…. Read More
Can a First-Time Buyer Get a Jumbo Loan?
What is a jumbo loan? In most parts of the U.S., “jumbo” means a mortgage larger than $417,000. In some high-cost areas like New York, the threshold is $625,000. This is not a limit on purchase price, but rather on the loan amount. So to buy a home for $500,000 with 20 percent down, a… Read More
How to Pay for Spring Fix-Its: 3 Financing Options to Consider
Not only was there a major rainstorm outside your house—but inside, too. (Are you cursing yourself for never cleaning out your clogged gutters?) So while your yard was happy for the big drink, you’re left with quite a bit of damage to your walls and floors. Enough so, that the bill for the repair work… Read More
Short Sale or Foreclosure: Which is Better for Your Credit Score?
The worst of the housing crisis seems to be behind us. (After all, the number of foreclosures continues to fall.) But it isn’t all good news just yet. The most recent data from CoreLogic, a real-estate research firm, found that short sales (where a home is sold for less than the mortgage and the bank… Read More
What’s Next for Housing? Trends You Need to Know Now
The housing recovery continues nationwide. Economic health and historically low mortgage rates continue to drive mortgage applications. Prices inch upward in every major city.
What Banks are Doing to Help Troubled Borrowers
The glut of foreclosures is behind us in most states, but there will always be some percentage of homeowners who struggle with their payments for any number of reasons.
