Whether you're buying a home on the market, or building a brand new house, learn how to finance a new home, find the perfect place, and make a competitive offer.
The residential energy tax credits help you save up to 30% of the costs of energey-efficient improvements, but there are certain limits and restrictions.
A no-closing cost mortgage is a type of mortgage where the borrower is not required to pay the traditional closing costs associated with purchasing the house
The homestead exemption shields a certain amount or percentage of your home’s assessed value from taxes, but it isn't available in every state.
Yes, the interest paid on a home equity loan or HELOC is deductible if you used the loan to buy, build or improve the home used to get the loan.
Second homes and investment properties are defined differently by the IRS, and both come with different tax benefits and applicable deductions.
The VA funding fee is a one-time fee that is charged to borrowers who use their VA home-loan benefits to finance the purchase of a home.
Moving into a new home is already a stressful process filled with change and excitement. If you’re moving with kids, there is an added layer of pressure.
VA loan entitlement is the maximum amount the VA will repay a lender in the event that a borrower defaults on their loan.
For most people, VA loan limits are not an issue. But if you have impacted entitlement, then you're subjected to conforming loan limits set by the FHFA.
As long as you meet all the requirements and your house qualifies, you can deduct mortgage interest on your taxes but there are limits.
A condemned house is one that the government deems unfit for anyone to live in or use, due to health and safety concerns.
You’ll recognize a Victorian house (or a Victorian-inspired home) by its ornate wood exterior, steep roof, and large bay windows.
Buying down your interest rate can lower your monthly mortgage payment, and it's most beneficial when rates aren't expected to go down in the future.
Mother-in-law suites are living areas with a private entrance separate from the main home. While meant for in-laws, they can serve a variety of other functions.
VA loans don't require a down payment, but there are benefits to putting some money down even if it's not mandatory.
Duplexes are more affordable than single-family homes, and if you rent out half you'll have passive income, but you'll have to contend with being a landlord.
Your first mortgage payment is usually due on the first of the month 30 days after closing, and the due date is affected by your closing date.
To make buying a house with a friend work, you need to agree on a co-ownership arrangement and understand your financial duties as a borrower.
Craftsman homes emphasize natural materials and individualistic handmade touches. This style of house and was made famous by architects like Frank Lloyd Wright.
The primary difference between the two homes is that a bi-level home is a single level home, whereas a split-story home has multiple stories.
A VA construction loan is a short-term loan that can help cover the costs of new construction homes or home renovations. Here's your guide to this VA benefit.
If you love the idea of a flexible lifestyle and don’t mind living in a small home, a tiny home, which is less than 600 square feet, might be right for you.
Realtor fees and real estate agent commission are paid by sellers and not homebuyers, and there are ways for you to save money on fees when selling your house.
Here's a list of what you need to do to winterize your house in preparation for colder months.
You can browse homes to buy online on real estate websites, some of which allow you to carry out whole homebuying process on the internet, too.
Recasting a mortgage can help lower your monthly mortgage payment, but it won't lower the interest rate or change the terms of your loan.
Barndominiums or barndos are barns adapted into a residence, or a house that relies on a typical barn structure, and they can be cheaper than most homes.
VA loan inspection requirements are often conflated with appraisals, but their aims are different. Here's your guide to understanding the requirements of each.
If you can afford it, buying a home during a recession isn't a bad idea since you'll face less competition and lower home prices, too.
Assuming a VA loan can be a great way to save on funding fees and other closing costs. Here's your guide to VA loan assumption.
Minimum credit scores for VA loans vary by lender. Our guide breaks down everything you need to know about VA loan credit score requirements.
A gift letter is a form signed by you and the person who's giving you money towards your mortgage loan. You can usually get a gift letter form from your lender.
While A-frame houses are cheaper to buy or build, usually with a kit, compared to other homes, they come with their own set of disadvantages.
Zillow isn't the only real estate site around. A number of competitors and alternatives exist to help you buy, sell, or browse available homes.
You can distinguish different types of homes by building structure, like condo or single-family, or by architecture style — like ranch or Colonial.
Property taxes are based on the assessed value of your home and the tax rate, both of which are set by your local government.
A home inspection contingency clause allows a potential homebuyer to back out of a purchase contract if a professional finds there are issues with the property.
Living in a gated community can bring security, but there are disadvantanges to living in this type of neighborhood, including extra costs.
The first step to save for a house while renting is to create a budget and get familiar with your finances. Here are 12 ways to get started.
An assumable mortgage is when a buyer takes on an existing mortgage, including its remaining balance and mortgage rate, from the person selling their home.
A joint mortgage allows you to borrow money with another person — or a few other people — and use it to buy a house together.
After your offer has been accepted you'll sign a purchase agreement, which is typically contingent upon a few things, laid out in the terms of the contract.
Private mortgage insurance or PMI protects the mortgage lender, and it's required if you put down less than 20% when you buy a home.
The average home tour lasts 15 to 30 minutes. Make the most of your time by looking for odors, signs of damage, and more.
A property survey is a professional evaluation that determines the boundaries of a property, and it's required by a mortgage lender before you close on a home.
You can get mortgage pre-approval from an online lender in minutes by filling out an application, providing financial documents, and undergoing a credit check.
A co-borrower takes out the loan with you and is equally responsible for it. A cosigner signs the loan with you but is only responsible if you neglect to pay.
Although it's costly to install, forced air is the preferable method of heating your home compared to baseboard heaters, which are less energy efficient.
FHA loans are backed by the government and have less strict requirements compared to conventional loans.
Turnkey real estate refers to move-in-ready homes and properties that don't require repairs or renovations. This makes them particularly desirable to investors.
Hypothecation is when one party agrees to use an asset as collateral in exchange for the loan, and it occurs commonly in mortgages.
Home inspections can identify any severe air quality issues, and if they persist you'll need to find a professional to conduct an indoor air quality inspection.
Here are the top 19 questions every homebuyer should ask themself, their agent, and the seller to ensure that they've covered all their bases.
A well inspection involves testing a home's water source for purity and quanity to ensure the water is safe to drink and that there's enough of it.
Mortgage applications require documents demonstrating your personal details, credit, income, and assets, as well as information about the house you're buying.
A house may collapse if you see signs of structural issues, like sagging walls, uneven floors, leaking roofs, or visible cracks.
Well water is a private form of water that comes an aquifer on your property, while city water is a public water source that is managed by the government.
A half bathroom is a bathroom that contains a toilet and a sink. Full bathrooms, on the other hand, include four elements: a toilet, sink, shower, and bathtub.
The presence of radon doesn’t have to be a deal breaker, especially if there’s a radon mitigation system in the home. It just helps to be prepared.
To help narrow your focus before you hit the shops, keep reading for our list of things to buy for a new house.
No matter where you are in the home buying or selling process, it’s important to educate yourself about what qualifies as unethical or illegal behavior.
There are a few different reasons why agents or brokers might refer a customer to another real estate professional instead of accepting them as a client.
A balloon payment is an extra-large payment due at the end of the loan term. Balloon mortgages have some benefits but aren't right for most homebuyers.
You can work with multiple real estate agents if you haven’t signed an exclusive contract. However, working with multiple agents is generally frowned upon.
Whether or not an appliance come with a house depends on the type of home, the homeowner's preferences, and if the appliance is considered a fixture.
Except in community property states, a married couple can apply for mortgages, pay for a house, and title a house under the name of just one spouse.
Your offer is more than just your purchase price, it also dictates the terms and conditions for the transaction. Here's how to craft a winning offer.
Just because a house is in a flood zone doesn’t mean you should rule out buying, you just have to prepare your offer and consider the future accordingly.
What you do during and after closing can make your first year as a homeowner a pain or jeopardize your home sale. Here's what not to do after closing on a home.
Mortgage rates change daily based on many factors, some of which you can control but many of which you can’t.
LTV is the ratio of your loan compared to the value of the asset it is used to purchase, and it's just as important for borrowers as it is for lenders.
As of July 1, 2022 medical debt will begin to impact consumers’ credit scores in fewer ways.
Interest-only mortgages have two phases: making small payments and then much larger ones, which can make this type of loan unaffordable if you're not careful.
VA loans have slightly different rules and requirements than conventional loans when it comes to closing costs, so it’s important to understand how they work.
If you’ve browsed listings and seen a beautiful home listed as “off-market,” you might have assumed you missed your chance to buy. That's not always the case.
FHA construction loans are three-in-one mortgages that cover land purchase, construction costs, and permanent financing for those who want to build a home.
Before you agree to work with a mortgage broker, you'll want to find out what you might owe for their services. The answer depends on how the broker is paid.
A mortgage contingency in a closing contract releases the buyer if they cannot secure financing. Here's what you need to know about this important clause.
You can build a reading nook even if you're short on space. Here are six ideas to get started.
You may need to offer above asking price in a seller's market, especially if there are multiple offers — but you can make your offer stand out in other ways.
Self-employed workers, including contractors and freelancers, may have less predictable incomes but that doesn't mean they can't qualify for a good mortgage.
Any mortgage over a specific dollar amount set by the Federal Housing Finance Agency is called a jumbo loan. The cutoff for jumbo loans is updated each year.
Buying a house with a lien may not be the best option for all homeowners, since they may then need to pay off the debts in addition to their own mortgage loan.
If you’re looking to relocate, here’s a closer look at states that pay you to move there and how much you can earn.
Buying a fire-damaged house can be worthwhile if the damage is not extensive, and you can afford the cost of restoration to make the home livable.
Buying a house with foundation problems can be daunting, but not all foundation issues need to be deal-breakers. Here's everything you need to know.
When it comes to buying a home with termites, consider the extent of the damage, the costs of repairs, and how major those repairs need to be.
Cosigning a mortgage is a financial responsibility with no tangible benefits for the cosigner. Still, you may choose to cosign. Here's what you need to know.
An adjustable-rate mortgage, is a home loan with an interest rate that can go up or down, depending on what interest rates are like in the economy as a whole.
Some lenders include a prepayment penalty clause in your loan agreement, which is applied if you pay off your mortgage debt in full within the first few years.
Homebuyers often wonder if it’s better to buy a fixer-upper in a good neighborhood or a turnkey home in a bad one. There’s no obvious answer to that question.
While both a broker and a lender can help you acquire a mortgage, they play separate roles in the market for home loans, and you'll want to know the difference.
Yes, you can buy a house after bankruptcy. You’ll get your house, but it might just take a little longer than you hoped.
The closing process has many moving parts and steps to complete before the seller relinquishes ownership and you become the official owner of your new home.
Buying a house with tenants can be convenient, but it can also lead to problems. Understand tenants rights, and yours when the landlord sells the property.
Underwriting is the last step of the mortgage approval process where the lender determines whether to extend the borrower a loan.
Under the right circumstances you can save money by building a house instead of buying an existing home, but only if you don’t go overboard.
A loan origination fee is an upfront fee a lender charges to the borrower, but rates can vary. Here's everything you need to know to avoid overpaying.
Learn more about the pros and cons of buying a fixer-upper or a move-in ready house to make an informed decision about your home purchase.