What Is a Mortgage? Home Loan Basics Explained
By Cathie EricsonMay 15, 2022 (Getty Images) What is a mortgage? In a nutshell, a mortgage is a loan that enables you to cover the cost of a home. Since you probably don’t have hundreds of thousands of dollars lying around, a mortgage loan makes it possible [...]
The Cost of Buying a Home Is Up 50% From a Year Ago—but Here’s Where You Could Get a Break
By Clare TrapassoMay 16, 2022 (Getty Images) A year ago, the great majority of American homebuyers despaired over the state of the housing market. Prices had hit record highs. There were so few homes for sale that lines for open houses stretched for blocks and move-in [...]
The New Rules of What It’ll Truly Take To Save Up for a House Today
By Janet SirotoMay 2, 2022 (Realtor.com / Getty Images) If you’re saving for a down payment for a home—particularly your first—you probably know this is one tricky real estate moment. With inflation sending prices spiraling, mortgage interest rates ticking up, and biddings wars on homes more the [...]
Buying a Home As Is? Watch for These 7 Red Flags
By Larissa RunkleApr 28, 2022 (realtor.com) If you’re shopping in today’s uber-competitive housing market, you’ve likely seen homes listed as is for sale. And while you should approach any house being sold under this term with caution, buying a home as is doesn’t necessarily mean you’re [...]
Is a Mortgage Pre-Approval Letter Necessary To Make An Offer on a House?
By Adriana VelezApr 23, 2022 (Peter Dazeley/Getty Images) Do you need a mortgage pre-approval letter to make an offer on a house? You know you need to get your ducks in a row before looking at homes, but does that include securing a pre-approval letter from the bank? The truth is, getting [...]
Thinking of Relocating for a More Affordable Home? Ask Yourself These 5 Questions First
By Jill RobiApr 25, 2022 (Getty Images) With home prices reaching record highs and mortgage rates soaring, you’re likely looking for ways to cut homebuying costs. Maybe you’re even thinking of relocating to find a more affordable home. Nabbing a property that won’t break your budget is [...]
