HomeLight

APRIL 18, 2025

A bridge loan could be the piece that helps everything come together. This short-term loan is designed to help you buy your next home first, and then sell your current home afterward. In this guide, well break down how bridge loans work in NYC and when it might make sense to use one. How does a bridge loan work in NYC?

Equity

Redfin

JULY 9, 2025

Key takeaways New construction homes pros include modern design, energy efficiency, lower maintenance, and customizable options. Existing homes pros include faster move-in options, lower initial costs, more design options, and are typically in developed neighborhoods. What is an existing home?

New Construction

HomeLight

JULY 28, 2025

A bridge loan could be the solution to help everything fall into place. In this post, we’ll explain everything you need to know about bridge loans in Scottsdale so you can decide the best path forward for your situation. Buy Before You Sell What is a bridge loan, in simple words? What are the drawbacks of a bridge loan?

Equity

Marco Santarelli

DECEMBER 29, 2024

Mortgage News This Week In the week ending December 22, 2024, there has been a notable increase in mortgage rates, pushing 30-year fixed-rate loans to an average of 6.91%. This upward trend in rates can be attributed to renewed investor interest and adjustments in long-term bond yields, which are closely linked to mortgage rates.

Mortgages

The Close

NOVEMBER 25, 2024

Simply put, it’s a residential building with more than one unit designed to house multiple families. However, it’s undeniable that the upfront costs can be pricey. Multifamily mortgage loans typically require 20% of the property price for a down payment, and there are inevitable maintenance and property management costs.

Purchase and sale agreement

Redfin

JUNE 27, 2025

Don’t skip critical steps like the home inspection or negotiating closing costs. Not getting pre-approved for a home loan before starting your search A common mistake for first-time homebuyers is jumping into the search without first getting pre-approved for a mortgage. For instance, on a $350,000 mortgage, a 3.5%

Pre-approval

Marco Santarelli

DECEMBER 22, 2024

Understanding Refinance Rates Refinancing your mortgage means that you take out a new loan to pay off your existing mortgage, often with the intention to secure a more favorable interest rate, reduce your monthly payments, tap into home equity, or adjust your loan term. 15-Year Fixed Refinance 5.94 -0.10 5-Year ARM Refinance 5.94 -0.04

Mortgages

Redfin

JULY 30, 2025

Which loan is right for you? Conventional loans: You have a credit score of 620+, stable income, and can put at least 3% down. FHA loans: You have a credit score of 580+ (or 500+ with 10% down) and a higher DTI ratio. VA loans: You’re an eligible veteran, active-duty service member, or surviving spouse.

Loans

Marco Santarelli

DECEMBER 21, 2024

It can be about your financial goals and how a new loan structure can help you reach them. Switching loan terms: Perhaps you want to go from a 30-year mortgage to a 15-year mortgage to pay it off quicker. Switching loan terms: Perhaps you want to go from a 30-year mortgage to a 15-year mortgage to pay it off quicker.

Debt-to-income ratio

Redfin

JULY 18, 2025

These house hunting tips are designed to keep your search focused, realistic, and ultimately successful. The down payment The amount you’ll need for a down payment depends on your loan type. While 20% down can help you avoid mortgage insurance, many buyers put down less – especially with FHA or conventional loans.

Pre-approval

Marco Santarelli

DECEMBER 31, 2024

Fixed-rate Mortgages Description: Fixed-rate mortgages provide stability; your interest rate remains constant throughout the entire loan term. However, its essential to consider: Fees and Costs: Refinancing can incur closing costs and fees, which can offset potential savings from a lower rate. 20-Year Fixed 6.48% -0.10

Mortgages

The Mortgage Report

JULY 9, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? Check your home equity loan options. How Much Home Can I Afford?

Equity

Marco Santarelli

MARCH 4, 2025

There are so many different types of loans, lenders, and economic factors that play a role. This reflects the perceived risk involved in refinancing an existing loan versus originating a new one. It offers a stable, predictable monthly payment over the life of the loan. Why Did Rates Drop (Even Slightly)? ARMs can be risky.

Mortgages

Redfin

JANUARY 28, 2025

Assumable mortgages offer a unique alternative, allowing buyers to take over the sellers existing loan – potentially locking in a lower interest rate and saving money over time. From evaluating the loan terms to understanding the hidden costs, assuming a mortgage isn’t a decision to take lightly.

Loans

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

The Close

APRIL 3, 2025

When you need to finance a house flip, you need a loan that offers a repayment term that fits your project timeline, can close quickly, and, of course, doesnt have unrealistic eligibility requirements. This also allows it to close in as little as seven days.

Loans

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

The Mortgage Report

JULY 24, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford? Down payment assistance can be a great option.

FHA 203k rehab loan

Redfin

JULY 24, 2025

According to Redfin Real Estate, the minimum down payment for first-time homebuyers varies depending on the type of loan. Many loans offer down payments as low as 3% or even 0%. Here’s a quick breakdown: FHA loans, for example, typically require 3.5% VA and USDA loans may offer 0% down for eligible borrowers.

FHA loan

Redfin

MARCH 4, 2025

Step 1: Get pre-approved If you’re buying with a loan, include a pre-approval letter with your offer. A mortgage pre-approval can also reassure the letter that your financing is likely to be approved during closing. But generally speaking, the more costs you ask the seller to pay, the less appealing your offer becomes.

Pre-approval

Redfin

JULY 23, 2025

Key takeaways for your down payment strategy 20% isn’t required: You don’t always need a 20% down payment to buy a home, thanks to various loan options. The amount you’ll be required to put down may vary depending on the loan program you use to finance the home purchase. What is a down payment?

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. USDA loans , backed by the U.S. Am I ready to purchase a home?

Pre-approval

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

This often leads prospective homebuyers to consider a “down payment loan.” ” But is it really a good option to get a loan for a down payment? While securing a down payment loan isn’t impossible, it’s generally not the most straightforward route, and many mortgage lenders view it with caution.

Loans

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 31, 2025

Lean on trusted experts: A great real estate agent, lender, and the right loan choice are key. Skipping the home inspection or even small oversights can delay the closing date or have long-term consequences. This ratio significantly impacts your FICO score, and can lead to a higher interest rate on your loan.

VA loan

Redfin

AUGUST 5, 2025

If you dream of building a large home, a jumbo construction loan may be in your future. Jumbo construction loans are designed to finance constructing a new home up to a certain threshold. What is a jumbo construction loan? Construction-to-permanent loan: The construction loan converts to a mortgage after construction.

Construction

Norada Real Estate

JUNE 7, 2025

Over the life of a 30-year loan, even a quarter of a percent can add up to significant savings. 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.

Mortgages

The Close

JULY 1, 2025

However, some will struggle with getting approved for a loan, which is something that could result in the transaction falling through for you as a real estate agent. That’s where FHA loans can save the day for everyone. This makes it possible for buyers who might not qualify for traditional loans to still secure financing.

FHA loan

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. Financing contingency : The buyer can’t secure a loan despite reasonable efforts.

Earnest money deposit

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. FHA loans : Often feature lower down payment and credit score requirements.

Marketing

The Close

MARCH 11, 2025

Various financing options exist for FSBO properties, like traditional mortgages, hard money loans, and private investors. It’s crucial to evaluate the cost, flexibility, and duration of each option. Rehab loans: Specifically designed to finance both the purchase and renovation of under-maintained properties.

Sales

Redfin

MARCH 4, 2025

You can tap into your home equity with a home equity loan or a home equity line of credit (HELOC). Step 5: Calculate your loan-to-value ratio (LTV) A key calculation in understanding your home equity is the loan-to-value ratio (LTV). LTV is the ratio of your current mortgage loan to the homes appraised value.

Equity

The Mortgage Report

JULY 22, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford? Check options to remove a name from your mortgage.

FHA 203k rehab loan

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). The housing costs cannot exceed 29% and total debt cannot exceed 41%.

Closing costs

AAOA

MARCH 24, 2025

They may face functional issues, have outdated designs, or require maintenance and renovations. Speaking of maintenance of multifamily units, a good rule of thumb is to budget for 10-15% of the net operating income (NOI) for a small multi family building and between 5-10% of NOI for larger buildings with 50+ units as maintenance cost.

Property Management

HomeLight

MAY 15, 2025

This can extend to dual agency, designated agency, and more, and in states like New York, this is mandatory. These companies can help sellers cash out quickly, and many will cover a sellers closing costs. Whitney adds that there are many layers of complexity to agency.

As-is