When you’re planning a move, every monthly cost counts. That’s why it can be frustrating to see home insurance keep creeping up. According to Intercontinental Exchange, it now makes up 9.6% of the average monthly mortgage payment.
But the latest numbers show some progress on that front – as the increases start to slow down. Here’s what you need to know and what you can do about it.
Quick, what credit score do you need to buy a home? If a number pops into your head, there's a pretty good chance it's wrong. And the right answer is getting harder to pin down, because the way credit scores are determined and delivered is changing - for the better.
Here's what you need to know in today's changing credit climate.
Here's something most homebuyers don't think about. When the housing market slows down, homeowners and builders don't always respond the same way.
Think about it. If you're selling your house and aren't getting the offers you want, you could make the choice to take it off the market and stay put, and wait for things to improve.
But builders? They may be more motivated to stay the course.
When mortgage rates climb, buying a home can start to feel like trying to hit a moving target. Every jump in rates makes monthly payments bigger, and that pushes a lot of buyers to look for another way in.
More and more of them are finding it in the adjustable-rate mortgage, or ARM.
When you picture buying your first home, chances are you’re imagining a traditional single-family house with its own yard, maybe a garage, and little extra room to grow. But with affordability still tight, getting everything on that list right away may come with a higher price tag than you’re comfortable with right now.
What's the biggest payment you make every month? If you’re a renter, it's probably your rent.
But did you know that you can pay your rent on time, every time, for years, and it may never show up in your credit history? It's pretty frustrating, especially if you'd like to buy a home someday and you’re trying to build your credit.
Mortgage rates being back above 7% isn't exactly the news most people wanted. But it’s changing the market in ways that matter whether you’re buying or selling.
The number of homes for sale is growing faster than it was this time last year. And interestingly, the main reason isn’t a flood of new listings. It’s because homes aren’t selling as quickly.
You've probably heard the Federal Reserve (the Fed) is raising rates again. And if you're planning to buy or sell a house, you may be wondering what that means for you.
With all the headlines, it’s easy to think the Fed sets mortgage rates. That’s actually a common myth. But the Fed’s decisions can still have an impact on them.
For a lot of first-time buyers, owning a home can feel perpetually a few years out of reach. Saving for a down payment takes time, and each year you spend renting can make owning feel further off.
But buying your first home doesn’t have to happen to feel like a far away goal. Two choices you control can bring your first home years closer, even with affordability as tight as it is right now.
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