Lower down payment: Traditional mortgages often require at least 5% down. If you’re buying a $300,000 home, that means you have to come up with $15,000. On the other hand, FHA loans require as little as 3.5% down. For borrowers who may not have funds to put towards a large down...
The funds for the down payment are in yoursavings account. Congrats—you’ve cleared the first big hurdle of home buying. And now you’ve begun fantasizing about stainless steel appliances and a sun-filled sitting room. But hold on: Before you start touring homes, tackle the next “to do...
Since many factors come into play, you can try exploring the typical home prices in your area and consult a mortgage calculator to estimate how buying a home would affect your finances. You can enter a home price, down payment, interest rate and loan term to see your possible monthly paymen...
Why Credit Score Matters When Buying a Home In general, having a higher credit score makes it possible to qualify for better loan repayment terms, such as a lower mortgage rate. This is true regardless of which type of mortgage you decide to borrow. For conventional loans, your credit score...
When Home Depot and Menards came into the picture, the sun was setting on Builders Square, one of the original large-scale home improvement stores. In 2011,the company filed for Chapter 11and liquidated its remaining 117 stores. Builders Square had been struggling for a few years before that...