How to use your 401(k) for a down payment

Setting aside funds for a down payment for a home loan isn’t easy. Buyers obtaining a traditional loan need at least 20 percent as a down payment; otherwise, private mortgage insurance (PMI) will be required. That can add a significant amount to pay on top your mortgage payment. Today, the median home listing price in […]

Home Inspection Red Flags

If you’re in the process of buying a home, you likely experienced a home inspection. Home inspections occur to protect both buyer and seller. Buyers want to know they are making a sound investment and a thorough home inspection can provide assurance. For sellers, an inspection verifies the condition of the home at the time […]

Home Improvements That Really Pay Off

You can enjoy the benefits and updates of many projects that add value to your home and improve your family’s quality of life. Renew the Kitchen Kitchen updates pay off. You can usually recover 60% – 120% of your investment on a kitchen remodel—as long as you keep it balanced with the rest of your […]

Credit: The Basics

Many consumers are confused about credit. A 2016 survey from the Consumer Federation of America (CFA) and VantageScore Solutions, LLC, found more than 80% of consumers know the basics of credit scores. But they’re still lost when it comes to some important details. To alleviate some of the confusion, here’s a few short answers to […]

What to do when you’re buying and selling at the same time

You’re not going to close on a new home the exact same day you sell your old home if you’re in the process of buying and selling at the same time. You’ll have to rely on potential buyers and the current state of the market. There have been no offers on your current home, but […]

What’s the best mortgage length for you?

If you’re unprepared, buying a home can be a dangerous venture. If you aren’t well informed, not understanding your options could wind up costing you thousands, or tens of thousands, of added dollars. Aside from choosing the house itself, is the type of mortgage you’ll choose and the length of your loan. Fixed vs. Adjustable […]

Do I have to put 20% down on a new home purchase?

Purchasing a home is not an impulse buy. The upfront cash required can take years to save when you consider appraisals and inspections and closing costs and down payment. However, homeowners can sign the papers and own a home with significantly less cash out the door, thanks to low-down-payment loans on the market. You have […]

Hazard Insurance and Insurance Riders

Trying to be prepared for every contingency is part of being a responsible homeowner. Dealing with the associated legal and medical problems out-of-pocket is nightmarish, so you’ll have peace of mind in paying for extra hazard insurance. Studies have proven the home is the number one place where accidents occur, and both homeowners insurance and […]

Pros and Cons of Extra Mortgage Payments

After a few years and perhaps discovering more financial flexibility, many homeowners begin to wonder if they should make extra mortgage payments. The thinking is that extra payments can save in interest and bring you closer to actually owning your home. While this is a good idea, there are also reasons why you might not […]