Homeownership may be a goal for some, but it’s not the right fit for many. Renters account for 37 percent of all households in America – or just over 43.7 million homes, up more than 6.9 million since 2005. Even still, more than half of millennial and Gen Z renters consider buying, with 18 percent seriously
You’re excited because you just found the perfect home. The neighborhood is great, the house is charming and the price is right. But if you’re a first-time home buyer, you might find out that the price is pretty far from perfect. If you’re shopping for your first home, prepare for additional – and often unexpected – home-buying
Trained to spot financial mismanagement, mortgage lenders take careful time to review your finances before approving or denying you for a home loan. The role of the lender in approving a loan is to make sure you have enough money for a down payment and closing costs, and to assess whether you’re able to regularly
Whether you’re a seasoned or first-time home buyer, be prepared to know your FICO score and have a firm understanding of your credit history. And if you’re buying with another person, their credit history can affect your joint home purchase. What is a FICO score? First things first – what’s a FICO score and why
When couples start a new journey as homeowners, questions can linger as to whose name (or names) should be listed on the mortgage and title. Many couples want a 50/50 split, indicating equal ownership to the asset, but sometimes that isn’t the best financial decision. Plus, with more than one person on the loan, the
Navigating the purchase of a home can be overwhelming for first-time buyers. Lenders require documentation of seemingly every detail of your life before granting a loan. And of course, they will require a credit check. A question many buyers have is whether a lender pulls your credit more than once during the purchase process. The
When the Baby Boomer generation was venturing into adulthood, it was common to buy a “starter home” – a modest, small dwelling. As their families grew and careers advanced, they moved into bigger or better homes. Now, many people struggle to come up with the down payment for a first home. They may wonder if it’s
It’s spring, and some renters’ thoughts may turn to home buying. Then reality hits: Between paying off student loans, paying rent, and keeping up with other bills, they haven’t saved for a down payment. Renters cite down payments as one of the biggest roadblocks to homeownership. So, if you’re a low- to moderate-income home shopper in
Everton Allen, now 28, graduated from college and was living with his parents while working as a graphic designer for the Miami Dolphins when he decided he wanted to start his own company and buy his own home. “I’d saved for a down payment over several years,” he says. “But I was worried it wouldn’t
Everton Allen, now 28, graduated from college and was living with his parents while working as a graphic designer for the Miami Dolphins when he decided he wanted to start his own company and buy his own home. “I’d saved for a down payment over several years,” he says. “But I was worried it wouldn’t