Marco Santarelli

DECEMBER 22, 2024

Understanding these rates and how they can impact your financial decisions is crucial as you navigate your home financing options. However, a positive consideration is ensuring the additional debt taken on does not outweigh the benefits derived from the equity financing. Confirm that the savings exceed these costs.

Mortgages

Redfin

MARCH 14, 2025

But before the deal is final, your lender needs to issue a mortgage commitment letter – a crucial step that signals your financing is solid and closing is within reach. A commitment letter shows that your financing is nearly finalized, making your offer more attractive, especially in a competitive housing market.

Debt-to-income ratio

Redfin

JUNE 13, 2025

In this Redfin article, we’ll walk you through what’s different as a second-time homebuyer, how to prep your finances, and what strategies ease the transition—whether you’re upgrading in Flagstaff, AZ , downsizing, or just making a change in Fort Worth, TX. Example cost impact: At a 6.8% Step 2: Sell first or buy first?

Debt-to-income ratio

Marco Santarelli

APRIL 19, 2025

The APR (Annual Percentage Rate) is a broader measure that includes the interest rate plus other fees associated with the loan, such as origination fees, points, and other closing costs. When comparing loan offers, focus on the APR to get a true picture of the overall cost. Don't be afraid to negotiate.

Mortgages

AAOA

MAY 22, 2025

But heres the truth, you absolutely can buy an apartment , and you dont need millions in the bank to make it happen. Step 2: Get Pre-Approved or Prepare to Raise Capital Before you make offers, get your finances in order. Down Payment Requirements When financing a deal, most commercial lenders require between 20% and 30% down.

Due diligence

Redfin

MARCH 4, 2025

From finding houses to tour and what financing options you have, theres a lot to learn about buying a home in foreclosure. Key takeaways A foreclosed home means the buyer can no longer make payments and the bank has taken the house. If the auction accepts financing, make sure you have a pre-approval ready. What is foreclosure?

Pre-approval

HomeLight

MARCH 24, 2025

Who pays closing costs in a short sale? When youve reached the foreclosure stage, the bank has taken the house from you because youve defaulted on your mortgage. When your house eventually sells, the bank is the one selling it you are no longer involved. Short sale vs. foreclosure: What’s the difference?

Short sale

The Mortgage Report

JULY 24, 2025

Personal finance expert Aimee Frey , on the other hand, interprets these findings a bit more critically. These help home buyers better afford the down payment costs and/or closing expenses. They may be able to point you to special programs that national banks sometimes overlook,” says Fortune. Authored By: Erik J.

FHA 203k rehab loan

Redfin

JULY 9, 2025

You may have saved enough for your down payment, but make sure to also account for closing costs, taxes, insurance, and any other unforeseen expenses that may arise. Rule of thumb: Aim to spend no more than 28% of your gross monthly income on housing costs, and keep your total debt payments under 36% of your income.

Pre-approval

Redfin

JULY 30, 2025

Conventional loans Offered by private lenders such as banks and mortgage companies, Conventional loans are one of the most common choices for first-time buyers. You’ll have flexibility to choose between fixed and variable-rate financing with different repayment periods. This can be lowered with a 5% down payment.

Loans

Redfin

JUNE 17, 2025

The steps of the due diligence period can include any of the following: Home inspection Pest inspection Appraisal Negotiation of closing costs Title search and title insurance Renegotiations (if applicable due to home inspection) During this period before settlement, the buyer and seller are able to continue negotiations.

Closing

AAOA

MARCH 24, 2025

Research potential locations and secure financing options. Be prepared to provide documentation like bank statements and federal tax returns to verify your income sources. Once you have your mortgage financing, you can make an offer on your future multifamily property! The Seller It will also help to see who the seller is.

Property Management

The Close

JULY 28, 2025

Portfolio lenders can be an excellent financing option if you’re looking for a source of funding that you can’t get anywhere else, whether it’s because you can’t get approved, or you’re just flat out looking for uncommon terms. You see, portfolio lenders retain loans in-house so they don’t have to worry about third-party requirements.

Pre-qualification

Marco Santarelli

APRIL 27, 2025

For many, especially given the current market conditions centered around high borrowing costs, yes , buying a home with cash in 2025 presents a remarkably strong position, offering distinct advantages that financed buyers just can't touch, though like any big financial move, it requires careful consideration of your own situation.

Finance

Rochester Real Estate

NOVEMBER 5, 2015

Many of these first time home buyer programs and grants can help cover a large amount of the “closings costs” and/or allow them to finance a higher percentage of the loan (or all of the loan in some cases). Rural Development has partnered with lenders across the country to allow 100% financing on eligible properties.

Closing costs

Redfin

JULY 30, 2025

If you’re wondering if you’re ready to buy a house , consider these three factors: Financial stability: If you have a low credit score, lots of debt, and not enough funds to cover a down payment and closing costs, you may want to wait to buy a home. Closing costs: Typically 2-5% of the home’s purchase price.

Pre-approval

Redfin

JULY 24, 2025

The National Association of REALTORS® shares, “Despite the current attention around buyers paying all-cash for homes, the majority of home buyers finance their home purchase. Among primary residence buyers, 74% percent financed their home purchase, a share that rises to 91% among first-time buyers.

Principal

Marco Santarelli

JULY 8, 2025

For example, a smaller, regional bank might be more aggressive with its rates to gain market share in its local area compared to a national giant. The central bank has opted to hold rates steady, and it’s possible the central bank may not make another rate cut for months. Be sure you understand all of the costs involved.

Mortgages

Redfin

JULY 31, 2025

Additionally, set aside extra savings for closing costs, moving expenses, and any home updates or repairs you may need right away. What to do instead: To start, request quotes from multiple lenders, including banks, credit unions, and mortgage brokers. Compare interest rates, closing costs, and loan terms carefully.

VA loan

Marco Santarelli

JUNE 12, 2025

Shop and Negotiate with Multiple Lenders Don’t settle for the first offer — get rate quotes from banks, credit unions, mortgage brokers, and online lenders. Compare not only interest rates but also APRs and closing costs to understand the total cost. to 1% lower than your original mortgage.

Mortgages

HomeLight

JULY 29, 2025

These companies can help sellers cash out quickly, and many will cover a seller’s closing costs. If you end up working with a financed buyer, be aware that different mortgage types (such as conventional loans or government-backed FHA, USDA, or VA loans) have different minimum property standards.

As-is

Marco Santarelli

MARCH 4, 2025

Get Multiple Quotes: Contact at least three different lenders banks, credit unions, mortgage brokers and compare their rates and fees. Look Beyond the Interest Rate: Pay attention to closing costs, points (fees paid upfront to lower your interest rate), and other fees. Don't settle for the first offer you receive.

Mortgages

Rochester Real Estate

NOVEMBER 5, 2015

This involves making a careful budget that includes potential costs like the down payment, closing costs, taxes, and possible renovation expenses. Following the down payment, additional costs are known as closing costs, usually between 2% and 5% of the purchase price. But studying the market is not enough.

Purchase and sale agreement

Redfin

JULY 24, 2025

However, you will almost certainly have to cover closing costs. We’ll explain how it’s possible to roll closing costs into your new loan, potentially eliminating the need for upfront cash. How to avoid paying closing costs. How to avoid paying closing costs on a refinance?

Mortgages

Rochester Real Estate

NOVEMBER 5, 2015

A counter offer, even if it’s close to the list price, is better than letting a potential buyer walk! Depending on what type of financing the potential purchaser is obtaining, the option to receive seller concessions may or may not exist. What are some common bank required repairs? What are seller concessions?

Purchase and sale agreement

Marco Santarelli

JUNE 8, 2025

You'll encounter closing costs , which can include appraisal fees, title insurance, and lender fees. These costs typically range from 2% to 6% of the new loan amount. This is why carefully weighing the potential savings against these upfront costs is so important. How much will the refinancing closing costs be?

Mortgages

Redfin

JULY 3, 2025

This can be a highly personal decision, but it’s important to consider and research the following to help you make the right choice: Personal finances : Gather information on your loan payments and mortgage to see what you still owe on your house and calculate what your profit might equal from a sale.

Inspection

Redfin

JUNE 27, 2025

Key takeaways: Your first-time home buyer benefits include down payment and closing cost assistance, grants, tax benefits, and low-interest or forgivable loans. Banks and mortgage lenders: Many offer first-time buyer incentives, including reduced rates, special loan terms, or access to grant programs.

Debt-to-income ratio

Redfin

JULY 30, 2025

These are key criteria lenders and programs use to determine if you’re eligible for financing and special perks like down payment assistance. In this Redfin article, we’ll be going over what counts as a first-time buyer, what qualifications you’ll typically need to meet, and how to get your finances in shape for your home purchase.

Debt-to-income ratio

The Mortgage Report

JUNE 16, 2025

Why homeowners get HELOCs Balances on HELOCs rose by $6 billion just in the first three months of 2025, according to the Federal Reserve Bank of New York. Compare your multiple loan offers carefully and watch out for fees, closing costs and minimum draw requirements. That was the 12th consecutive quarterly increase.

FHA 203k rehab loan

Marco Santarelli

JULY 15, 2025

Get quotes from multiple lenders – banks, credit unions, and online lenders. Understand the Fine Print: Pay attention to the fees and closing costs associated with the mortgage. Here's my practical advice: Shop Around, Shop Around, Shop Around: This is the single most important thing you can do.

Mortgages

Marco Santarelli

MARCH 20, 2025

Therefore, it's essential to carefully evaluate your potential savings and closing costs before making a decision. The Federal Reserve's Influence: The Federal Reserve (also known as “The Fed”), the central bank of the United States, has a powerful influence on mortgage rates through its monetary policy decisions.

Mortgages

Marco Santarelli

JUNE 15, 2025

Education (lots of major universities), healthcare (world-renowned institutions like Cleveland Clinic), finance, logistics, and even burgeoning tech sectors are playing larger roles. Factor in potential rehab costs, closing costs, property taxes, insurance, potential vacancy rates, maintenance budgets, and property management fees.

Investor

Marco Santarelli

FEBRUARY 26, 2025

It really depends on your original rate, how long you plan to stay in your home, and if the closing costs of refinancing make sense for your situation. Don't just go with your current lender get quotes from multiple banks and mortgage companies. Finally, shop around! Q: Do mortgage rates change depending on where I live?

Mortgages

The Close

JULY 1, 2025

A home is the largest purchase most people will ever make, and many buyers rely on mortgage financing. This makes it possible for buyers who might not qualify for traditional loans to still secure financing. Where to get an FHA loan You can get an FHA loan at any number of banks, credit unions, online lenders, or loan brokers.

FHA loan

Marco Santarelli

JUNE 16, 2025

These rules can affect things like closing costs, lender fees, and even how quickly a lender can foreclose if something goes wrong. According to Investopedia , “For its third meeting of the new year, however, the Fed opted to hold rates steady—and it’s possible the central bank may not make another rate cut for months.”

Mortgages

Marco Santarelli

JUNE 19, 2025

Get quotes from banks, credit unions, and online lenders to find the best rate. Think long-term: Closing costs for refinancing can run $3,000-$5,000. Every little shift can nudge your finances one way or another, so staying in the loop is your best play. Fixed vs. ARM: A 30-year fixed at 6.94% offers predictability.

Mortgages