Marco Santarelli

DECEMBER 29, 2024

Calculate Potential Savings: Use a refinancing calculator to estimate savings and understand how long it would take to recoup any costs associated with refinancing (closing costs, etc.). Being thorough in your calculations can save you money in the long run. Contact us today to expand your real estate portfolio with confidence.

Mortgages

Marco Santarelli

JANUARY 1, 2025

What are closing costs on a mortgage? Closing costs encompass various fees associated with finalizing your loan, typically ranging between 2% and 5% of the loan amount. Should you lock in your mortgage rate? Rate locks can protect you against rising rates while your loan is being processed.

Mortgages

Redfin

JULY 15, 2025

This Redfin guide is here to be your checklist, breaking down the upfront costs you’ll need to cover to actually close on your home and make it yours. From inspections to closing fees, here’s what you should know (and plan for) before you get the keys. Closing costs So, what are closing costs ?

Closing costs

Marco Santarelli

DECEMBER 31, 2024

However, its essential to consider: Fees and Costs: Refinancing can incur closing costs and fees, which can offset potential savings from a lower rate. It's crucial to calculate whether the long-term savings are worth the upfront costs. Contact us today to expand your real estate portfolio with confidence.

Mortgages

Redfin

JULY 18, 2025

These house hunting tips are designed to keep your search focused, realistic, and ultimately successful. Closing costs In addition to your down payment, plan for closing costs , which typically range from 2% to 5% of the purchase price. Just remember: a lower down payment usually means higher monthly payments.

Pre-approval

Redfin

JUNE 27, 2025

Don’t skip critical steps like the home inspection or negotiating closing costs. Take note of closing costs, loan terms, and any additional fees. Missing out on first-time homebuyer programs Between saving for a down payment and covering closing costs, buying a home can feel financially overwhelming.

Pre-approval

HomeLight

APRIL 10, 2025

It uses the equity youve built in your existing home to give you quick access to cash for a down payment or to cover closing costs on your next purchase. Because bridge loans are designed for speed and convenience, they usually cost more than a traditional mortgage.

Equity

Marco Santarelli

DECEMBER 21, 2024

15-Year Fixed Mortgages: Aggressive Debt Paydown The 15-year fixed mortgage is like the high-performance sports car it's designed to pay off your debt aggressively. Can you afford the closing costs? Refinancing comes with closing costs. What is your current mortgage rate? What is your credit score and DTI?

Debt-to-income ratio

Marco Santarelli

DECEMBER 22, 2024

Always compare the total costs, including closing costs and any potential fees. Confirm that the savings exceed these costs. Refinancing rates refer specifically to loans designed to replace existing mortgages. How much does a mortgage refinance cost? Not exactly.

Mortgages

The Close

NOVEMBER 25, 2024

Simply put, it’s a residential building with more than one unit designed to house multiple families. When looking into your finances, consider the following factors: Closing costs: These are generally 2% to 5% of the property’s sales price and include lender fees, title insurance, property insurance, and property taxes.

Purchase and sale agreement

Redfin

MARCH 4, 2025

Step 3: Cut back on contingencies Contingencies are designed to protect you, but sellers dislike them because they give you the opportunity to back out of the deal. In a seller’s market, a shorter closing period can make your offer even more attractive – cash offers usually close within two weeks.

Pre-approval

HomeLight

APRIL 9, 2025

It gives you access to the equity in your existing home so you can cover a down payment and closing costs on your new purchase without waiting for your old house to sell. Bridge loans tend to cost more than traditional mortgages, but they are designed to be fast and flexible, helping you move forward without as much financial stress.

Equity

Redfin

FEBRUARY 24, 2025

Whether you prefer the ease of a move-in-ready home or the idea of designing a space from scratch, understanding the costs and benefits of both options will guide you toward the best decision. When weighing the costs of building versus buying a home, it’s important to consider the factors that influence pricing.

Debt-to-income ratio

Redfin

JULY 31, 2025

Look into first-time homebuyer benefits Many programs are designed to make homeownership more accessible for first-time buyers by reducing upfront costs, lowering monthly payments, and helping with mortgage qualification. Save for closing costs Closing costs are fees and expenses you’ll pay when finalizing the home purchase.

Purchase and sale agreement

Redfin

JULY 24, 2025

Similarly, HomeReady and Home Possible programs, backed by Fannie Mae and Freddie Mac, respectively, are designed for low-to-moderate-income borrowers and typically require a minimum 3% down payment. FHA loans are designed for primary residences, meaning you must live in the property you purchase with the loan.

FHA loan

HomeLight

APRIL 18, 2025

This short-term loan is designed to help you buy your next home first, and then sell your current home afterward. In this case, a bridge loan allows you to use the equity in your existing home to cover the down payment and closing costs on your new property. A bridge loan could be the piece that helps everything come together.

Equity

Redfin

JULY 23, 2025

These loans are specific to homes in designated rural areas (so probably not central Dallas, but worth checking surrounding communities) and have income limits. However, borrowers must purchase homes in designated rural or suburban areas. A lower loan amount can potentially lead to marginally lower overall closing costs.

FHA loan

Redfin

JULY 30, 2025

You’re buying in a designated redevelopment area, where certain programs have less strict rules. Closing costs: Typically 2-5% of the home’s purchase price. Make sure to also account for closing costs, insurance, and additional fees. What are the closing costs? Am I ready to purchase a home?

Pre-approval

Marco Santarelli

AUGUST 5, 2025

Consider All Costs: Don't just focus on the purchase price. Factor in closing costs, potential repairs, property taxes, and insurance when determining your budget. Discover high-quality, ready-to-rent properties designed to deliver consistent returns. Invest in Real Estate in the Booming Markets of the U.S.

Marketing

Redfin

AUGUST 5, 2025

In others, you can only choose between preselected features or designs. Financing can be more expensive compared to existing homes, and there may be unexpected costs and delays during the building process. Your budget should include the cost of purchasing or building, down payment, closing costs and any other related expenses.

Pre-qualification

Redfin

JULY 30, 2025

But here’s the good news: First-time homebuyers have access to loan options designed to make becoming a homeowner easier with more affordable rates and flexible requirements, like lower down payments and credit scores. Disadvantages to consider Funding fee requirement adds to the total cost of the loan, normally ranging from 2.3-3.6%.

Loans

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. Compare interest rates, closing costs, and loan terms carefully. down and designed for buyers with lower credit scores. >> Read: How Much Money Do I Need to Buy a House?

VA loan

The Mortgage Report

JULY 9, 2025

How to tap into your home equity There are several common and effective ways to tap into your home’s value, each designed to fit different financial needs and situations. Cons: Closing costs and fees, possibly extending the loan term and total interest paid, requires credit approval. Verify your cash-out refinance eligibility.

Equity

HomeLight

JULY 28, 2025

A bridge loan is a short-term loan designed to help you buy a new home before your current one sells. It lets you tap into your existing home’s equity to cover a down payment and closing costs, giving you more flexibility in a tight timeframe. You can then make a strong offer on your next home with no home sale contingency.

Equity

Redfin

JULY 14, 2025

It’s designed to show the seller they’re serious about the purchase and typically ranges from 1% to 3% of the purchase price. The money is held in escrow and is typically applied towards the buyer’s closing costs or down payment. Earnest money is a good-faith deposit buyers make when submitting an offer on a home.

Earnest money deposit

Redfin

JANUARY 28, 2025

VA loans VA loans are specifically designed for eligible veterans, active-duty service members, and certain surviving spouses. Fewer closing costs: Assuming a loan typically involves lower closing costs compared to obtaining a new mortgage. to 1% of the original loan), title fees , and recording fees.

Loans

Redfin

JULY 30, 2025

This also includes setting aside funds for closing costs, unexpected repairs, and moving expenses. Share a genuine compliment about the home’s upkeep or design, why it suits your family or lifestyle, and what excites you most about living there. Keep your requests simple and focus on the essentials.

Earnest money deposit

Norada Real Estate

JUNE 7, 2025

What Will the Closing Costs Be, and What's My Break-Even Point? You'll encounter closing costs, which can typically range from 2% to 6% of your total loan amount, according to The Mortgage Reports. This is the amount of time it will take for your monthly savings to offset the upfront closing costs.

Mortgages

Redfin

APRIL 11, 2025

The initial costs , like a down payment and closing costs, can be a big hurdle for many first-time homebuyers. Unlike renting, you’re responsible for all maintenance and repair costs , which can be unpredictable and add up. USDA loans: Designed for purchasing homes in rural areas.

Marketing

Redfin

JULY 16, 2025

Benefits of a spec home Move-in ready: Spec homes are typically already built or close to being finished, so you’ll be able to move in right away. Pre-designed: Perfect for indecisive folks, the finishes, layouts, and other touches of a spec home are already picked out for you. Can you negotiate on a spec house ?

Pre-approval

Redfin

JUNE 27, 2025

Pros of a new construction home Modern: Most new construction homes come with modern features like layout, design, and smart home technology. Customizable: If the home is still under construction, buyers may have the opportunity to choose design elements like flooring, cabinetry, and other fixtures.

New Construction

The Mortgage Report

JULY 24, 2025

This government-backed mortgage is designed to help low- to moderate-income buyers purchase homes in rural and some suburban areas without needing a down payment. These loans often have lower interest rates and mortgage insurance costs compared to other loans. If you want to put zero down, try applying for a: USDA loan.

FHA 203k rehab loan

Marco Santarelli

MARCH 4, 2025

FHA Loans: FHA loans are insured by the Federal Housing Administration and are designed for borrowers with lower credit scores or smaller down payments. Look Beyond the Interest Rate: Pay attention to closing costs, points (fees paid upfront to lower your interest rate), and other fees.

Mortgages

Redfin

MARCH 4, 2025

Home equity line of credit (HELOC) Commonly called HELOC, a home equity line of credit, allows you to withdraw funds on an as-needed basis for a designated period of time (known as a draw period). Ideally, you would have enough equity to cover commissions, any liens, and closing costs.

Equity

HomeLight

MAY 20, 2025

There is a Solano County transfer tax, and its a good idea for any prospective seller or shopper to get an idea of how it works, as transfer taxes are an essential part of your closing costs. Like other taxes, these are designed to generate revenue. Who pays for transfer taxes?

Title

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). There are national, state, and local programs/grants available for a first time home buyer.

Closing costs

Marco Santarelli

AUGUST 1, 2025

Consider All Costs: Don't just focus on the purchase price. Factor in closing costs, potential repairs, property taxes, and insurance when determining your budget. Discover high-quality, ready-to-rent properties designed to deliver consistent returns. Invest in Real Estate in the Booming Markets of the U.S.

Marketing