When to Buy and When to Wait It makes sense that you’d want to move up to homeownership. Owning a home gives you the chance to build wealth. If your home increases in value while you own it, you...
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Current State of the Rent-versus-Own Debate There are pros and cons of both renting an apartment and owning a home. Renting a home When you rent, you have more flexibility. If you need to move, you don’t have to...
Do You Need an Owner’s Title Insurance Policy? When you take out a mortgage, your lender will order a title search. During this search, a title insurance company will review your home’s history to make sure there aren’t liens...
Best Strategy for an ARM (Adjustable Rate Mortgage) The key to earning the most savings from an Adjustable Rate Mortgage is to turn this mortgage into a shorter-term loan. That’s because ARMs come with an adjustable period during which...
Prepayment Penalties: Still an Issue? A prepayment penalty is a fee that mortgage lenders charge if you pay off your mortgage loan too early. You might incur this fee if you refinance your mortgage or sell your home too...
Should You Pay for Mortgage Points? Mortgage points, also known as discount points, give you the opportunity to purchase a lower interest rate on your mortgage. The more points you buy — something you can do when closing on...
What Is the 28/36 Rule? The 28/36 rule is a helpful budgeting strategy. It states that you should spend no more than 28% of your gross monthly household income — your income before taxes are taken out — on...
How Much Money Do You Need to Buy a House? When it comes to preparing for a home purchase, different sources offer varying guidance on how much you should save. Most recommend setting aside between 5% and 25% of...