Mortgage Purchase What are bank statement loans? Bank statement loans help you qualify for a mortgage by using bank statements as proof of income rather than W-2s. Find out if this mortgage type is a good fit. Yahoo Personal Finance • yesterday Should you buy a house during a recession? Is a recession the best time to buy a house — or the worst? Learn the pros and cons of buying a home in a recession to decide if it’s the right move for you. Mortgage amortization: What is it, and how does it work? Mortgage amortization refers to paying down your loan in regular, fixed installments. Learn how to read a loan amortization schedule and understand your payments. Ask a Realtor: Is buying a fixer-upper worth the cost of renovations? A reader can’t afford the typical price of houses in their area, so they’re looking at fixer-uppers. Our Realtors give tips on estimating the costs of a fixer-upper. How to get a mortgage when you're self-employed Self-employed people can get a mortgage, but the process differs from W-2 home buyers. Learn how to qualify for a home loan when self-employed. Can you buy a house after filing for bankruptcy? You can buy a house after bankruptcy, but depending on your circumstances, you may have to wait between one and five years. Find out how soon you can buy a home. What is a promissory note in real estate, and why does it matter? When closing on a home, you’ll sign a promissory note and agree to repay your mortgage under certain conditions. Learn more about how this loan document works. 6 steps to choosing the right mortgage lender Learn how to pick a home loan lender. To choose a mortgage lender, know which type of loan you want and what questions to ask, then apply for preapproval. What is pocket listing in real estate, and how does it affect buyers and sellers? A pocket listing is a home that is for sale but not available to the general public. Select buyers can view the house. Learn how to buy or sell a pocket listing. Ask a Realtor: We're relocating for retirement. Should we buy a house or rent first? A reader is moving out of state for retirement and wonders whether buying a home or renting first is better. Our Realtors offer advice on how to decide. Who pays closing costs when buying or selling a home? What closing costs will you pay when you buy or sell a house? Learn who pays the closing costs and how much you can expect to spend. What is a purchase-money mortgage, and how does it work? With a purchase-money mortgage, the seller acts as the lender and creates a contract with the home buyer. Find out if a purchase-money mortgage is right for you. Family Opportunity Mortgage: What it is and how it works A Family Opportunity Mortgage lets you buy a home for an aging parent or adult child who otherwise can’t qualify for a mortgage. Learn how the FOM program works. How much does moving cost? What to know before you relocate. Moving costs depend on the distance, moving company, time of year, and more. Learn how much you can expect to pay in moving costs. What is owner financing, and who should consider it? With owner financing, home sellers help the buyers with an alternative funding plan in lieu of a mortgage. Find out if you would benefit from owner financing. Redlining in real estate: How discriminatory practices still affect Black communities Redlining in real estate embedded racism into the U.S. housing market. Redlining is now illegal, but it’s had long-term impacts on Black and brown communities. What is a property easement, and how does it affect homeowners? An easement is an agreement that allows others to access parts of your property, and it’s fairly common. Find out how easements can affect you as a homeowner. How much house can I afford with a $70,000 salary? With a $70,000 salary, you can likely afford a house that costs over $200,000. However, you should ensure you can also comfortably afford the monthly payments. What is a mortgage lien, and how does it work? A mortgage lien is a legal claim on your home that gives your lender the right to seize your home if you don’t make payments. Learn how this lien could affect you. Real estate comps: How they work and why they matter Real estate comparables, or “comps,” provide details of homes sold in your area. Whether you’re a seller or buyer, comps help you know if you’re getting a fair deal. What is NMLS, and how does it help borrowers? The Nationwide Multistate Licensing System (NMLS) is a database where buyers can research their mortgage company’s credentials. Learn how NMLS helps borrowers. What is an appraisal gap, and what can buyers do when it happens? An appraisal gap occurs when a home’s appraised value is less than the amount you offered. Learn what home buyers’ options are when facing an appraisal gap. How a portfolio loan can help you buy a house A portfolio loan is a good option for borrowers who don’t qualify for a standard mortgage. Learn how portfolio mortgages work and if they’re a good fit for you. How does a drive-by appraisal work? A drive-by appraisal is faster and cheaper than a regular appraisal but isn’t as thorough. Learn how a drive-by appraisal works and when it could be a good idea. How to get a home loan in the U.S. as an undocumented immigrant Undocumented immigrants can have difficulty getting a mortgage, but they have options. Learn which home loans undocumented immigrants can qualify for. What is an appraisal contingency, and should you include it in your offer letter? An appraisal contingency protects a home buyer in case the appraised value is lower than the agreed-upon purchase price. Learn how an appraisal contingency works. Can a felon buy a house? A felon can buy a house — though you may need to overcome barriers such as employment and credit history. Learn how to get a mortgage with a felony conviction. Can you file for bankruptcy and keep your house? If you file for bankruptcy, you still might be able to keep your house or buy a home later. Learn how Chapter 7 and Chapter 13 bankruptcy affect your mortgage. What is a mortgage note, and why do you need one? A mortgage note is a legal document explaining your home loan's details, and you’ll sign it on closing day. Learn why mortgage notes are important for borrowers. The 28/36 rule: How your debt impacts home affordability The 28/36 rule reflects how much of your gross monthly income you should spend on your housing costs and all your debts combined. Learn how the 28/36 rule works. How a 40-year mortgage loan works A 40-year mortgage has low monthly payments, but you’ll pay more interest and accumulate home equity slowly. Learn whether a 40-year mortgage loan is a good fit. Co-signing for a mortgage: The process, risks, and alternatives Co-signing for a mortgage helps your loved one buy a home when they don’t qualify for a loan. Learn how co-signing works and about alternative options. Seller's disclosure: How it affects home sellers and buyers A seller’s disclosure reveals essential information about the condition and appliances of a home for sale. Here’s how the disclosure impacts buyers and sellers. Closing costs: A guide to how they work and how much you'll pay Closing costs make up a huge chunk of your home-buying budget. Our guide breaks down each type of closing cost, how much you'll pay, and how to reduce these fees. Can you buy a house when you have student loan debt? Buying a home with student loans is possible, but various factors will affect your application. Learn how to qualify for a mortgage with student loan debt. What is rent-to-own, and can it help me buy a home? A rent-to-own agreement allows you to either have the option or commit to buying a house after your lease ends. Learn how RTO works and how much it costs. Buying a house with cash in 6 simple steps Buying a house with cash can save time and money, but it’s not for everyone. Learn how to use cash to purchase a home and decide if it’s the right path for you. What is the difference between a home's appraised value and market value? A home’s appraised value and market value don’t always align, and a sale can be difficult if the two numbers are different. Learn how these values affect you. Are mortgage points tax deductible? Sometimes — here are the rules. Mortgage points can be tax deductible, but you must meet specific requirements and itemize your deductions. Learn how to deduct your mortgage discount points. What happens if an appraisal comes back lower than the offer? If an appraisal is lower than the amount you offered on the house, you may still be able to buy the home. Here are your options with a low appraisal. House deed: Definition, types, and how to get one A house deed is a physical document stating you are the owner when you buy a home. Learn what information is on a deed and how to get the deed to your house. What to expect at the final walk-through before closing on a house The final walk-through before closing gives you the chance to check the appliances, plumbing, and any requested repairs. Here’s what to include on your checklist. Here's what to look for when buying a house When shopping for a home, consider factors like the school district and potential issues like parking or repairs. Here’s what to look for when buying a house. What if you can't afford closing costs? 6 ways you can still buy a home. If you can’t afford closing costs, you can waive or avoid up-front expenses so you can still buy a home. Decide which strategies are best for you. Real estate agent fees: What percentage do Realtors get? Real estate agent fees are a closing cost for both the buyer and seller. You can negotiate your commission for Realtors. Learn how agent fees could affect you. Seller concessions: An inside look at a powerful real estate negotiating tool Seller concessions are incentives sellers give home buyers, such as money toward closing costs or repairs. Learn how concessions can benefit both parties. 7 strategies for reducing closing costs There are many ways to reduce closing costs, such as using lender credits or negotiating. Learn about your options for lowering closing costs to find the best fit. How recording fees work and how much they cost Recording fees cover entering your house deed and other real estate documents into the public record. Learn how much you could pay in recording fees. Mortgage Loan Estimate: How it works and how to read it A Loan Estimate is a document a lender gives you after you’ve applied for a mortgage, explaining the potential terms and costs. Learn how to read a Loan Estimate. Can you buy a house with no credit? Yes — here's how. You can buy a house with no credit history, but you need to be strategic. Search for the right lender and type of loan. Learn how to buy a house with no credit.
