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 :
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.
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.
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?
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:
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 fac... [Read More]
Closing CostsClosing 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 ar... [Read More]
- Be truthful on your mortgage application You may think fudging your income a little or omitting debts wh... [Read More]
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 g... [Read More]
- 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 cos... [Read More]