you have no equity in the property—that is, you don't own any of it outright like you would if you'd made a down payment. Consequently, lenders may tag you as a high-risk borrower and require you to secure private mortgage insurance (PMI) before they sign off on the loan. This in...
To prepare for getting a mortgage, be sure to know what you can realistically afford, how much you’ll have saved for a down payment and if you need to improve your credit score before applying. Comparing offers from multiple lenders — at least three — could save you a significant amou...
These loans allow for a down payment as low as 3%, but if your down payment is less than 20%, you’ll have to pay for private mortgage insurance, or PMI. » MORE: See NerdWallet’s picks for the best mortgage lenders FHA loans FHA loans are insured by the Federal Housing Administr...
Mortgage payments can consumeup to 50% of your lifetime earnings. This article will show you how to save money on your mortgage using 7 simple methods. Let’s kick things off with tip number #1. If you want to know the best ways tosave moneyfrom your paycheck, these articles can help ...
Your first savings goal should be enough for a sufficient down payment. “Saving for a down payment is crucial so that you can put the most money down — preferably 20 percent to reduce your mortgage loan, qualify for a better interest rate and avoid having to pay private mortgage insurance...
Getting a mortgage can seem challenging, but it doesn’t have to be. Understanding how to apply for a mortgage can help you get the loan you need.
Knowing how to get a mortgage with a low down payment can make the dream of homeownership a reality. With the above low- or no-down-payment options, you can buy a house even if you don't have a ton of money saved for an upfront payment. ...
Finally, if all of these steps don't get you a rate low enough, don't worry now — you can always refinance down to a lower rate in the future. Matt Richardson Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits ...
Buying down your interest rate lets you pay upfront to save on mortgage interest in the future. Learn how buydowns could work for you.
Min. down payment 0% COMPARE MORE LENDERS 4. Get preapproved for a home loan There are a couple of big advantages to getting amortgage preapproval. One, it shows sellers that you can make a solid offer up to a specific price. Two, it helps you figure out what your mor...