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65% of American homeowners have a mortgage. If you're considering buying property, it's likely that you'll also have to get a home loan — particularly if you're a first-home buyer.
Working with a mortgage broker can ensure you get the best possible deal. But it can be difficult to know just what you should ask to make the best possible decision. In this article, you'll learn the top mortgage questions you should ask to be as prepared and knowledgeable as possible.
Here are the top 10 mortgage questions you should ask your mortgage broker:
Buying a home is one of life's major expenses. That's why most people borrow money in the form of a mortgage. A mortgage is a long-term loan for the total cost of the property.
Mortgages usually require a down payment. A down payment is money you pay upfront to get the loan. Your down payment is subtracted from the total cost of the mortgage. It's your first piece of equity in the home.
Saving for a down payment is a major effort. Most potential homebuyers site the down payment as the biggest obstacle to homeownership. Your down payment, credit score, debt, income, and credit history influence your qualification.
A common myth is that you need 20 percent of the mortgage for a down payment. While a 20 percent down payment is ideal, it isn't common. According to the National Association of Realtors, the median down payment for first-time buyers is 6 percent. The average down payment for repeat buyers was 14 percent. Sometimes, a down payment isn't even necessary.
So, how much cash do you need to buy a house? Keep reading to learn what you need to know before you buy a home.
Buying a house is no small undertaking. It takes time and consideration--not just what house you want to buy but where you want to buy, what you can afford, and what kind of mortgage you should get.
And while we're no longer in the 2008 crisis, the US mortgage market is still confusing for new home buyers.
Here, we're helping you figure out ARM v. fixed mortgage and which one is right for you when you choose your home in the Seattle suburbs.
The majority of Americans who purchase a home need to take out a mortgage in order to do it. More than 60 percent of homeowners today are carrying a mortgage, with the average American owing about $140,000 on the home they live in.
If you're thinking about buying a home in Seattle in the near future, one of the most important aspects of the process will be searching through the best mortgage lenders to find the one that's right for you. If you don't do this, you could end up paying more than you should have to for your home in the long run.
Do you need help sifting through the best mortgage lenders? We're here to provide you with the assistance you need.
Here are five tips that will allow you to find the best mortgage lender for your specific situation.
With over 3.1 million housing units (as of July 2017) and a 62.4% homeownership rating, it's easy to see that Washingtonians still consider owning a home as part of their dream.
There's also the fact that it's a great place for professionals and career-minded individuals. Even Forbes ranks it as the number one state to make a living!
The jobs, 2,500 miles of seawater, eco-friendliness, and lack of personal income state tax (yes, you read that right) are only a few of the reasons people choose to live here.
That's why you'll find many going through their mortgage loan documents checklist, again and again, to make sure they have everything to boost their chances of getting mortgage approval.
Now that you're about to join the home buying bandwagon, you should follow suit.
We'll make it easier for you though. Here's the ultimate checklist of mortgage documents you need to hasten your application!
Seattle and its surrounding areas are great locations to work, live, and play! Even so, it’s getting increasingly pricier to buy a home in the Seattle city limits.
In April 2018, the median price in the city rose to just under $820,000, a 112% increase over the last five years. For some prospective home buyers, that number might be unattainable.
Even if you can afford that high price tag, city life can be tough.
For that reason, many people are opting to buy their homes in the suburbs of Seattle rather than within the city itself.
The real estate market in Seattle is hot—home prices are breaking records left and right all around the region.
Whether you live in the city, on the outskirts of King County or in the general area, you'll find that the real estate market has never been hotter. Investing might be hard right now but if you're selling, there's never been a better time for you to get rid of your home in the Seattle real estate market.
Here is a breakdown of everything you need to know about the market before you make any moves:
If you are shopping for homes in the King County area—any price over $679,650 may put you in need of a jumbo loan. Just a few miles north, in nearby San Juan County, it's 200k less than that.
That 30-year mortgage sounded great at the time, right?
Now you're looking into the future and thinking about how old you'll be in 30 years. Do you really want to be paying off the same mortgage until then?
That idea is the same reason so many Americans start looking for ways to pay their mortgage early. Before you get too discouraged, realize paying off your mortgage faster is doable. In fact, 19.9% of all housing units in the US are occupied by an owner who's mortgage-free.
If you want to join that 19.9%, you've come to the right place. There are plenty of strategies available that depend on your budget, interest rate, and other circumstances. Try these strategies on for size: