The Complete Guide to Closing Costs for Homebuyers
When you purchase a home, the down payment is not the only money you’ll need to save or payment you’ll need to make. You’ll also have to worry about closing costs, which are typically not covered by your mortgage loan. Let’s discuss closing costs so you can prepare for them. What are closing costs? Buying […]
Expert Tips on Home Insurance Basics for New Homeowners
Owning a home is a dream for many, but it comes with a bundle of responsibilities, one of which is obtaining the right home insurance. Whether you’re a first-time homeowner or have owned multiple properties, understanding the basics of homeowners insurance is crucial. Homeowners insurance is a type of property insurance that provides financial protection […]
Ultimate Self-Employed Income Guide for Mortgage Success
Getting a mortgage can be challenging for self-employed individuals. When you work for yourself, it might be more difficult to prove your income than it is for ordinary workers, who often have simple pay stubs. Self-employed income poses a special difficulty for Florida mortgage lenders because of its fluctuation and unpredictability. It’s important to appropriately […]
2024 FHA Loan Limits: New Guidelines and Eligibility Requirements
Prospective homeowners and seasoned investors must be aware of the most recent changes to lending restrictions in the constantly evolving real estate market. FHA lending limitations set out the maximum loan amounts that can be obtained by borrowers through FHA Insured mortgages. These limitations vary based on the locale and are determined by taking the […]
Key Strategies to Address the Racial Wealth Divide Through Homeownership
Homeownership has long been a cornerstone of the American Dream. The difference in median wealth between various racial and ethnic groupings is referred to as the “racial wealth divide.” Historically, minority groups—especially African Americans and Hispanics—have been unable to get homeownership and the privileges that come with it due to discriminatory tactics like redlining segregation, […]
How to Save For a Down Payment
Saving thousands of dollars for a down payment on a house is one of the most daunting steps in the homeownership journey. It can even feel impossible. Yet, if you can manage to do it, you’ll be in a much stronger and more competitive position than buyers who must rely on down payment assistance programs […]
Your 2024 Roadmap to Buying Your First Home
Purchasing your very first home is a big step, and it can be a scary one. As of this writing in 2024, media fearmongering isn’t putting too many potential first-time homeowners at ease. Yet the story that gathers clicks and comments isn’t always the real story. Once you arm yourself with a bit of knowledge, […]
What Are Mortgage Notes? Essential Information for Homebuyers
Your mortgage note is a document that reflects all the terms and conditions of the mortgage loan agreement. You typically sign this document during the closing process. Here is an example mortgage note. The mortgage note is a promise to pay the loan. It is also the document that gives your lender the right to […]
Good Credit Score: Your Ticket to Better Financial Opportunities
Household debt is at an all-time high, so it’s no surprise that many inquiries about mortgage loans revolve around the minimum credit score one requires to take advantage of any given program. Yet the importance of having a good credit score while shopping for a house stretches beyond whether you can get approved for the […]
How to Calculate Your Debt-to-Income Ratio
You can have stellar credit and a great income, but if your debt-to-income ratio (DTI) is too high, it may still be challenging to obtain a mortgage. Your DTI, also known as your credit utilization ratio, helps your lender determine whether you are likely to become overextended after taking on the new loan. Even if […]
