 |
Buying a New Home? 5 Things to Consider Before the Purchase
 Buying a new home can be both intimidating and exciting, especially since it’s one of the biggest purchases you’ll make in your life. It pays, therefore, not to jump in without careful thought and questions. Since buying a home comes with risks and obstacles all its own, you’ll want to approach the market prepared. Below are some tips and considerations for when you’re ready to make the leap.
    Â
|
|
|
|
MORTGAGE RATES
U.S. averages as of September 2026:
.gif)
30 yr. fixed: 6.66%
15 yr. fixed: 5.98%
5/1 yr. adj: 6.38%
|
 |
|
|
|
|
What’s More Important: A Large Floor Plan or the Right Layout?
 More. More. More. That’s what we want in life, and certainly in a home. Right? We’re conditioned to reach for the stars, and, in the real estate world, that means going for the biggest home you can. But is bigger always better?…
|
|
|
|
Can You Borrow Your Downpayment?
 Sounds like a silly question at first, but can you borrow money for your downpayment? In general, the answer is no. Your funds needed for your down payment, closing costs, and cash reserves need to come from an account you own such as a checking or savings account with your name on it. Lenders will need to verify not only the existence of these funds, but that they belong to you, and you have access to them. This almost always means your bank accounts. But it might surprise some, but you can borrow those funds from allowable sources.
    Â
One of those sources is your 401(k) account. Most such accounts do allow you to borrow against them. Different accounts can have different restrictions but in general you can borrow up to a certain percentage of the amounts in those accounts. You’ll need to provide documentation regarding the accounts stating that yes, you can borrow against them and how mu…
|
|
|
|
|
 If You Have the Option of Putting More Money Down, Should You?With the exception of the VA and USDA programs, along with certain down payment assistance programs, almost every residential loan program does indeed require some sort of down payment. Many borrowers want to come to the closing table with as little cash as possible, and as the down payment amount is the largest chunk of change needed, the lowest down payment is often the request. A conventional loan can ask for a down payment of just 5.0 percent, with certain first-time buyer loans asking for a 3.0 percent down payment. FHA loans need a minimum down payment of just 3.5 percent of the sales price. But if you have more money to put into the transaction, should you?…
Daily News and Advice
Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday. |
More Articles
|
|
|
Wondering What Your Home Is Worth?
