Home Financing Archives

Home Financing

Home financing is one of the most complicated aspects of buying, building and/or owning a house. There are so many things to consider that it can be overwhelming. We aim to help you navigate your most pressing questions so you can focus on the joy of home ownership. From construction loans and mortgage rates to pricing and hidden costs, we’ll cut through the noise and give you the answers you need from industry experts.

Must Read Articles About Home Financing :

Searching for That Great Rate: How to Find the Best Mortgage Rate

When it comes to mortgages, there is a lot at stake. Especially for first-time homebuyers. Picking the wrong one can cost you thousands of dollars in interest payments, and negatively impact your financial future. In this article, we’re covering the ins-and-outs of finding the best mortgage, so you can rest easy knowing you made the right decision.

Are There Any Hidden Costs with Building?

Think of a new home estimate with a very low price as an iceberg. Like an iceberg, the misleading price is comprised of two parts: the part that’s visible above the surface and the part that’s hidden below the surface. Some home builders minimize the less obvious expenses just to get your business. Hidden costs may not be visible, but they will still impact your plans.

How to Prepare for Property Taxes When Building a New Home

Purchasing an available, pre-owned home from a real estate listing is much different from building a custom house that includes your most desired amenities, especially when it comes to preparing for your property taxes. Without an exact amount based on historical figures, how will you know how much to save up or roll into your mortgage?

Why New Home Costs Vary When Comparing Square Footage

You’re thrilled to be building a home. Finally you’ll be able to live in your dream house, complete with all the comforts and features you want. You’ve done your basic research, and are starting to get bids. That’s when you run into an unexpected, seemingly-unexplainable puzzle: The cost-per-square-foot conundrum.

Recent Home Financing Articles:

What You Should Know About Your Home and Your 2013 Taxes

By: Dona DeZube - Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®. It’s the last year for three sweet home tax benefits, but the first for a way simpler home office deduction. These days few things start a fight on Capitol Hill faster than taxes. Despite the fact that three important tax benefits used by millions of American homeowners are days from expiring, Congress is unlikely to do anything to re-up them any time soon.So if you’re eligible, tax yea... [Read More]

The Home Buyer’s Most Frequently Asked Question: The Price

How much do your homes cost per square foot? This is a very difficult question to answer. The better question is “what is included in the home for the price”? There are many items in a home that is specific to a particular home plan that determines the price. Some items that affect the price are listed below. Garage or no garage – size of garage – two car or three car Front porch or rear porch Angles or corners in the masonry and requiring additional framing Roof pitch, reverse ... [Read More]

What Does Homeowners Insurance Cover?

By Dona DeZube – Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®. You’d be surprised at what your home insurance policy doesn’t cover. Here’s what is and isn’t covered by your insurance. What does your homeowners insurance cover? The short answer is: “A basic homeowners insurance policy (called HO-1 in insurance lingo) covers your home and possessions if they’re damaged or destroyed by these things: Fire Lightning Windstorm (unless you l... [Read More]

House, money, and coins graphic over a floor plan

Unwrapping the “Hidden Costs” of Building a Home – Closing Costs

[vc_row][vc_column][vc_column_text] Closing Costs Closing Costs are something people have a tendency not to consider and they are not small amounts by any means. Below is a listing of some of the most common costs and fees. Banking Fee’s: Origination Fee – This is your application fee to the lender to start the lending process. Appraisal Fee – Lenders hire an appraiser to make sure the value is there for the money you are borrowing. Administration Fee – To process your loan an... [Read More]

5 Steps to Keep Your Home Purchase on Track

By G.M. Filisko - Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®. You’ve found your dream home. Make sure missteps don’t prevent a successful closing. Be truthful on your mortgage application You may think fudging your income a little or omitting debts when applying for a mortgage will go unnoticed. Not true. Lenders have become more diligent in verifying information on mortgage applications. If you fib, expect to be found out and denied the lo... [Read More]

Increasing stacks of coins with sprouts growing out the top

Contacting a Lender is an Important 1st Step to Building Your New Home

There has been a shift upward in home mortgage rates over the past 60 days…not a big one mind you but enough of an increase that a critical "1st call" is to your lender as you begin discussions with a builder about building a new home. Whereas in the past, over 3 years ago, you could call your lender over the phone and get a rough idea what your financial profile looked like and determine “how much house can I afford,” that scenario is far different today. Credit scores can determine wh... [Read More]

Unwrapping the “Hidden Costs” of Building a Home – Utilities

Utilities: The cost of utilities is mostly influenced by the land you purchase to build on. Power: Do you have a public utility power source to the property? Then depending on the size of your lot and location of the home, you will have costs in getting that power source to the home and if you need to run the power source farther than the Electric company allows under normal conditions there may be additional charges from the power company to get that to your home. ... [Read More]

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4 Tips to Determine How Much Mortgage You Can Afford

By: G. M. Filisko By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget. The general rule of mortgage affordability As a rule of thumb, you can typically afford a home priced two to three times your gross income. If you earn $100,000, you can typically afford a home between $200,000 and $300,000.To understand how that rule applies to your particular financial situation, prepare a family budget and list all the costs of homeownership, ... [Read More]

Unwrapping the “Hidden Costs” of Building a Home – Permits

Catch up on Part 1 - Unwrapping the "Hidden Costs" of Building a Home - Site Development Naturally your largest cost in building a home will be the home itself. Each home plan has different features that will affect the price and the style of a home can also affect the price as well. You are only limited to your possibilities & options by your budget. Permits: Permit costs can vary significantly from township to township. The most common types of permits are Zoning an... [Read More]

Unwrapping the “Hidden Costs” of Building a Home – Site Development

This is a five part series on the hidden costs of building new home. Naturally your largest cost in building a home will be the home itself. Each home plan has different features that will affect the price and the style of a home can also affect the price as well. You are only limited to your possibilities & options by your budget. SITE DEVELOPMENT Site Development is one of the more variable costs in building a home. Every lot is different and can affect your cost gr... [Read More]