Buying a house requires a substantial down payment, but the balance of existing debts also affects your budget and the cost of borrowing. So how do you choose between paying off your debts and savings for a down payment? Consider these factors when deciding how to prioritize your savings.
If you see a line for “PMI” on your monthly mortgage statement, you’re paying for private mortgage insurance. But what is it actually for, who has to pay for it, and — most importantly — how can you avoid it? Learn about private mortgage insurance (PMI) and how to avoid paying for it.
Before you purchase a home, it’s important to decide whether you’re at the right point in your life and career to make such a commitment. Otherwise, you risk making a home buying mistake that’s difficult and costly to amend. Here’s what to consider when deciding whether to buy a house now or wait.
Homeowners with ample equity have a ready-made source of low-cost capital to finance significant expenses: their home’s equity. If you’re shopping for a home equity loan or line of credit in the hope of taking advantage of low interest rates, get the scoop on the lenders with the best rates.
If you have an FHA mortgage, you may qualify for an FHA streamline refinance. Although this refinancing product isn’t right for everyone who qualifies, here’s a closer look at the FHA streamline refinance program, possible fees and expenses, eligibility requirements, and overall suitability.