5 Preparation Steps to Move from Renting to Owning
The journey to go from renting to owning can be intimidating. Read our tips to create a smooth, successful transition into homeownership.
How to Make an Offer on a House
Once you’ve found the home of your dreams, it’s time to put together an offer. Follow these 6 steps for how to make an offer on a house that stands out.
How to buy a house with an FHA loan
If you’re thinking about buying a house with an FHA loan, make sure you know what they’re all about. FHA loans offer numerous benefits to borrowers who need more flexible lending options, which makes them great for first-time buyers or those with lower credit scores. These government-backed loans allow lenders to offer more flexible requirements […]
How do I know if an adjustable-rate mortgage is right for me?
Homebuyers can choose between adjustable-rate mortgages (ARMs) or fixed-rate mortgages during the loan process. The best type for you depends on your personal and financial goals, including how long you plan to stay in a home and the monthly payments you can initially afford. Let’s dig into how an adjustable-rate mortgage works, the difference between […]
What is an Adjustable-Rate Mortgage AKA an ARM loan?
First, let’s define precisely what an ARM loan is, otherwise known as an adjustable-rate mortgage. An ARM loan is a mortgage with a variable interest rate. The initial interest rate will be fixed for a specific period. After that initial period is over, the interest rate on the outstanding balance will reset periodically, at yearly […]
Do I need a bridge loan?
The gap between a new home purchase and selling your old one can be tricky. Many homeowners lack the funds to put a down payment on a new home until they are able to sell their existing home, or they need a place to live before they can sell their home. If you’re in one […]
How do bridge loans work?
If you’re about to orchestrate a home purchase and sale simultaneously, you may end up in need of a bridge loan. This type of loan can potentially remove a large stressor that comes from purchasing and selling a home at the same time: It covers the costs of a purchase while you wait for your […]
Pros and cons of bridge loans
Homeowners who have to buy a new home before they are able to sell their current one often need a quick source of funds to complete the purchase. Situations such as this call for what’s known as a bridge loan: A short-term loan that “bridges the gap” between a home sale and purchase. If you […]
Prequalification, preapproval, and loan commitment: What you need to know
Prequalification, preapproval, and loan commitment are important terms in the homebuying process that represent three distinct steps. We’ll guide you through each step, explaining their role in the mortgage process, which steps are most essential, and when they’re performed. Step 1: Prequalification The terms “prequalification” and “preapproval” are often confused or used interchangeably, but they […]
How to know when to buy a house
While there are plenty of external factors that influence a person’s decision to buy a home, the most important factors are personal. Consider your own personal comfort where you are now. Are there things you wish you had or were able to do at your current place? Are you happy renting or do you want […]