Home Buying Costs

Let’s say you recently sold your home and want to buy a new home. Or maybe you’ve decided to refinance your mortgage with a new lender. In either case, your new lender is going to want to know more about your history with your previous mortgage lender.  To get that information, they may request a...

If you’re faced with the prospect of having to pay private mortgage insurance, it’s natural to feel hesitant about an extra cost on top of your monthly mortgage payment, but PMI isn’t good or bad – it’s a tool. For home buyers, particularly first-time buyers, PMI can be the tool that gets you into a...

For some home buyers, the existing pool of homes doesn’t meet all their wants or needs. Maybe your must-haves require building the home of your dreams from the ground up. Maybe life in the city has lost its shine, and you want to build a home in a quieter area. It may also be the...

Homeowners insurance is an invaluable safety net for homeowners. While the monthly cost of homeowners insurance is not something most people want to deal with, making your payments every month can help protect you from financial disaster. Homeowners insurance (aka hazard insurance or home insurance) is not mandated by federal or state law, but most...

If you’re in the market to buy a house, you’ll want to know everything there is to know about first-time home buyer tax credits and grant programs – including a bill awaiting congressional approval – the First-Time Homebuyer Act of 2021. The First-Time Homebuyer Act of 2021 promises qualifying home buyers a $15,000 tax credit...

You’re here to answer the million-dollar question: What is mortgage insurance? Or maybe you’re here to learn the difference between mortgage insurance premiums (MIPs) and private mortgage insurance (PMI). Either way, you’ve come to the right place.  Rule number one: To differentiate between MIP and PMI, you’ll need to know the different types of mortgage...

Buying your first home naturally comes with a lot of firsts. For the first time, you’ll be a regular presence at a nonstop stream of open houses, taking out a mortgage, closing on a home, owning a home and making repairs and decisions without a landlord’s help or rules. While they don’t have a landlord,...

Owning a home can be expensive. The federal government knows this, which is why it allows taxpayers to deduct some of those expenses when they file their tax returns. Unfortunately, homeowners insurance (aka home insurance) isn’t tax deductible. But, if you qualify, there are other home expenses you can deduct to help you save money...

When you buy a home, one of the biggest X-factors can be your property taxes because they can change from year to year. And for as long as you own the home, you’ll be responsible for paying your property taxes. Understanding property taxes is an important part of the home buying process. Property taxes affect...

Almost everything can be negotiated when buying a home, from the sale price to who’s responsible for repairs. One aspect that often gets overlooked is seller concessions. When the seller agrees to cover part of your closing costs, it’s known as seller concessions. These concessions could save you thousands of dollars in upfront expenses when...

For many prospective home buyers, coming up with a down payment can be the obstacle standing between them and buying a house. As a first-time home buyer, saving enough cash for a down payment can be extremely challenging, especially when you have to keep up with rent payments, a car loan and other recurring expenses....

You’re ready to buy a home. You’ve put in an offer and the seller has accepted it. Congrats! Now, you’ll be expected to pay a small sum of money upfront to: These upfront payments can take different forms. The two most common are the earnest money deposit and the due diligence fee.  Earnest Money Deposit:...