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Mortgage, Mortgage, Mortgage: What First-Time Home Buyers Need to Know

Realty Biz

Assess Your Finances As you might assume, a good place to begin is by assessing your finances. Having a firm understanding of how much you can afford to spend on a mortgage and the associated costs that come with owning a home will do wonders in helping you find the best potential rates. Let's take a closer look.

Mortgages 102
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Options to Unlock Your Home Equity When Finances Are Tight

HomeLight

To help you examine your equity’s potential to enhance your financial situation, we’ve asked industry experts to explain the options. What qualifications do I have to meet to access my home’s equity? They can expect to pay 2% to 5% of the new loan amount as closing costs, or about $4,000 to $10,000.

Equity 102
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15 Homebuying Terms You Should Know When Searching for Your New Home

RIS Media

The homebuying process is already complex, so understanding certain words and terms in the real estate industry will help you get ahead of the game for when you’re ready to start buying. Closing costs : Fees associated with the purchase of a home due at the end of the sales transaction. The fee, usually 0.3 – 1.5

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Thinking About a Rent-to-Own House? Here’s What You Need to Know

HomeLight

New Mexico agent Valerie Almanzar , who has more than 15 years of experience in the real estate industry, says that while rent-to-own properties aren’t the norm these days, they can and do still happen. “If Additionally, a certain amount of the monthly rent is also typically stipulated to help cover the buyer’s closing costs or down payment.

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20 Home Buying Tips for First- or Second-Time Buyers

HomeLight

4 expert tips before you shop for a home Tip 1: Start planning early Top Las Vegas agent Rebecca McKenna-Inman has more than 22 years of experience in the industry. A buyer could also ask for a closing cost credit, which can offset closing costs.”

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Low Housing Stock and Large Down Payments Stand in the Way of the Next Generation of AAPI Homebuyers

RIS Media

The 2019 – 2020 State of Asia America Report , an annual AREAA publication, provides a snapshot of the state of AAPI homeownership pre-COVID-19. A desire to avoid the additional paperwork and requirements of FHA loans, or sellers’ aversion to working with FHA-financed buyers in highly competitive markets.

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Am I A First-Time Homebuyer? Who’s Qualified … And Who Isn’t

HomeLight

VA loans also offer even more benefits, like better interest rates and less strident qualifications — but as the name indicates, they are only available to current military members or veterans (or their spouses). USDA Rural Development loans also allow for 100% financing (or 0% down). down and a minimum credit score of 580.