“Today’s homebuying market and high housing costs are often daunting enough that many prospective homebuyers consider buying a home with a non-relative roommate,” says Bob Driscoll, senior vice president and director of residential lending for Massachusetts-based Rockland Trust Bank. However, a h...
Buying a home is an exciting time, but it’s also full of uncertainty. The actions that you take when you’re buying a house can directly affect your chances of being able to close on the home. If you’re buying your first home, chances are you’re a mix of excited, nervous, overw...
11. Consider “house hacking” — buying a home with renters in mind, or buying a multi-family property From a financial perspective, purchasing a multifamily home (up to four units) with an owner-occupied loan and living in one unit while renting out the others is one of the smartest ...
A VA loan is a home loan program offered through the U.S. Department of Veterans Affairs, designed exclusively for veterans, active-duty service members and certain eligible family members. While the VA doesn't lend money to homebuyers, it guarantees loans from private lenders to eligible ...
You have a number of options when purchasing a residential property: a traditional single-family home, a duplex, a townhouse, acondominium, aco-operative, or a multifamily building with two to four units. Each option has its pros and cons, depending on your homeownership goals, so you need...
Renters can help you cover your mortgage payments, but property location, price, and privacy are just a few of the things to consider when you buy a two-family home.
Having a well-established relationship or rapport with the key players in your homebuying process can go a long way toward a smoother experience. Have a friend or family member who has bought and sold homes before? Lean on them for advice and pointers from their experiences. ...
And then secondly, usually PhDs are putting down savings or they’re receiving a gift from a family member or a friend. Some even are selling a previous home and buying another one, right? So, the $5,000 you needed from a family member to close, you know, planned on, might be $10...
Typically, first time home buyers may receive monetary gifts from family members or close friends to contribute towards their down payment for conventional mortgages. If, however, you want a gift to cover the whole down payment on a loan, the lender is going to ask for a full 20% down ...
Owning a home can open you up to liability. For example, what happens if a guest gets injured while on your property? You could be sued and found liable for medical care and damages. If only one spouse owns the home, the other spouse’s assets may be protected from being included in ...