If you’re contemplating using a loan from the U.S. Department of Veteran Affairs’ home loan program to make your dreams of being a homeowner a reality, then it’s only natural to be concerned about the VA loan limits for 2021. However, these limits can vary widely depending on whether you have your full entitlement or …
How to Get a Loan for a Condo
While both condominiums and houses may offer shelter from a storm, there are some fairly distinct differences between these types of housing. After all, when you purchase a traditional single-family home, you generally get a free-standing structure and the land that it sits on. When you purchase a condo, you own your unit and share …
How Soon Can You Refinance a Mortgage?
It doesn’t take long. Once you become a homeowner, they will start to appear in your mailbox. At first, it’s just a trickle, but the stream of offers to refinance your mortgage will likely grow as time passes. Even if you’re perfectly content with your current home loan, curiosity is a natural reaction in this …
Should I Make Extra Mortgage Payments?
It’s never fun when there’s more month than money. Fortunately, you’re not dealing with that situation. In fact, you have a little extra left over at the end of the month, and that’s got you wondering: Should I make extra mortgage payments? The decision isn’t quite as easy as you might think. Of course, that …
How Does a Renovation Loan Work?
Home renovation shows make it look easy. With the right tools, a little know-how, and a lot of imagination, you can completely transform a tired, cramped house full of shadows into a vibrant, functional home that everyone wishes they could call their own. While these shows do showcase the sweat, paint, and sawdust, one area …
How to Make an Offer on a House
In most retail transactions, Americans pay the price the seller is requesting. Negotiating isn’t expected or welcome at your local grocery store, pharmacy, or gas station. Real estate purchases are different. The seller’s asking price is simply a starting point. In some situations, the seller will end up settling for far less. In others, they’ll …
What Are Discount Points on a Mortgage?
Anyone who has spent a Friday afternoon in a lengthy, meandering meeting understands the value of getting to the point. However, there’s a scenario where it’s even easier to appreciate the value of getting points: securing a mortgage with discount points. What are discount points on a mortgage? And why should prospective homebuyers ask their …
How to Get Prequalified for a Home Loan
When you first start seriously contemplating a home purchase, you will quickly discover that the road to homeownership has a lot of steps along the way. If you want the best results, you’ll need to take the time to educate yourself and make thoughtful decisions at each of these many milestones. Prequalification will likely be …
When Is My First Mortgage Payment Due?
When you’re buying a house, you have a lot to think about. You have to decide which loan is right for your situation. You need to determine how much house can you truly afford. Then, you have to find the right house and get the approval for your loan. There’s also the matter of prepping for closing …
How the Mortgage Process Works
In March 2020, the national median listing price for a home was $320,000, according to Realtor.com. That’s not pocket change, so it should come as no surprise that many Americans need to borrow funds to make their dreams of homeownership a reality. Understanding how the mortgage process works can help you avoid costly missteps and …