Marco Santarelli

MARCH 20, 2025

VA Loans – A Benefit for Veterans: Backed by the Department of Veterans Affairs, VA loans offer significant advantages to eligible veterans, active-duty service members, and surviving spouses. These loans often come with no down payment requirements and competitive interest rates.

Mortgages

Marco Santarelli

FEBRUARY 26, 2025

And look at those VA loan rates if you're eligible for a VA loan, those are some seriously attractive numbers, especially the 15-year VA at just 5.30%. 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.

Mortgages

Redfin

JULY 24, 2025

It represents the portion of the home’s cost not covered by the mortgage. Reduces the mortgage principal, leading to lower monthly payments and total interest over time. Acts as a risk mitigant for lenders by lowering the loan-to-value (LTV) ratio. Typically expressed as a percentage of the total purchase price.

Principal

HomeLight

MAY 14, 2025

These companies can help sellers cash out quickly, and many will cover a sellers closing costs. Be aware of minimum property standards for certain loans When you place your home on the market, its hard to predict if your top offer will come from a cash buyer or a buyer pre-qualified for a home loan.

As-is

Redfin

JULY 30, 2025

Loans and programs for first-time buyers Loan Who qualifies Minimum down payment Minimum credit score Key qualifications Conventional loans Borrowers with good credit and stable income 3% 620 Strong credit, steady income, low DTI ratio FHA loans Borrowers with lower credit scores and limited savings 3.5%

Debt-to-income ratio

Housing Wire

NOVEMBER 7, 2023

In the aftermath, one of the most contentious issues in the minds of mortgage professionals is how the ruling might affect FHA and VA mortgage borrowers. FHA loans are a popular option for first-time homebuyers or those who don’t have a lot of cash saved for a down payment, because the loans require a minimum of 3.5%

VA loan

HomeLight

APRIL 20, 2023

Editor’s note: This post will help answer the question: How much are closing costs in New Jersey (NJ)? The example costs provided are based on median home prices and typical fees. Your closing costs may differ depending on your circumstances and the terms of your home purchase. What are closing costs?

Closing costs

HomeLight

NOVEMBER 1, 2021

In Kentucky, the average closing costs for sellers are approximately 2% of the sale price or $3,000 for a $150,000 home (which is the average selling price across the state) and the agent’s commission, which is 5-6% of the sale price or up to $9,000 on a $150,000 home sale for a total of approximately $12,000 in costs.

Closing costs

Realty Biz

APRIL 4, 2023

The US Department of Veterans Affairs offers all kinds of help to US military veterans, but one of the most helpful is certainly how vets looking to purchase a property can rely on the VA’s loan program to access highly affordable mortgage lending at attractive rates. What Are VA Loans?

Lending

Point2Homes

DECEMBER 15, 2021

As a result, you will need to meet the lender’s requirements when it comes to credit score and credit history, income and debt-to-income ratio to qualify for a loan. Once the lender approves your mortgage assumption application, you will take over the title of property as well as the seller’s remaining principal balance. In the U.S.,

Debt-to-income ratio

HomeLight

NOVEMBER 20, 2023

Along with the obvious advantage of a lower interest rate, an assumed loan can also come with fewer transaction fees and greater speed. Instead of securing a new mortgage with higher rates, a buyer can assume the home seller’s existing interest rate, principal balance, repayment period, and other terms of the lending agreement. “A

FHA loan

HomeLight

NOVEMBER 10, 2021

Due to its popularity and coastlines, the cost of housing in Florida can be exceptionally high, but that also depends on where you’re searching. The nationwide demand for housing has also increased during the coronavirus pandemic, pushing up housing costs even more. An FHA loan , for example, requires a minimum of 3.5%

Closing costs

HomeLight

JULY 7, 2022

If you can’t afford a 20% down payment on your home and apply for a conventional loan, you’ll have to have private mortgage insurance (PMI) to cover the costs, or just plain mortgage insurance for a government loan (FHA loans or VA loans , for example). PMI will typically cost between 0.5%

Debt-to-income ratio

HomeLight

AUGUST 31, 2021

A note about lenders, brokers, and no-closing-cost loans. Another common option that allows a borrower to potentially save on upfront costs – but will cost a bit more over the life of the loan – is the no-closing-cost loan. Source: (Backgroundy / ShutterStock).

Mortgages

HomeLight

JUNE 22, 2023

If you’re going to buy a home, you’ll need enough savings for a down payment, closing costs, and financial experts advise that you should also have enough money left over in your savings accounts to cover at least three months of expenses in case of an emergency. Q: What’s included in my monthly mortgage payment?

Debt-to-income ratio

HomeLight

NOVEMBER 29, 2021

Plus, down payment and closing costs in New Jersey can set you back thousands of dollars. Many people can make their monthly house payments, but it can be difficult to come up with the money for a down payment and closing costs to buy a new home in the first place. Types of down payment assistance available in New Jersey.

Land

HomeLight

AUGUST 31, 2021

PMI can be dropped when you reach 20% equity by paying down your loan principal. Mortgage insurance requirements: No mortgage insurance requirement, but there is a “guarantee fee” of 1% of the loan amount, and an annual fee of 0.35%. They might include your estimated monthly mortgage payment , or even projected closing costs.

FHA loan

HomeLight

AUGUST 26, 2020

If you continue to pay $1,250, that extra $250 will go toward your principal balance, the amount still owed on your loan, which means the loan will get paid off faster. VA IRRRL (interest rate reduction refinance loan). When you refinance at a lower mortgage rate, your monthly payments could go down.

Fixed-rate mortgage

HomeLight

JANUARY 27, 2021

Don’t forget to budget for closing costs. Closing costs are one-time costs that go along with your home purchase, and you pay them on — you guessed it — closing day. A lot of times people have no idea until they get the Loan Estimate that they have $15,000 to $20,000 worth of closing costs,” Ortman explains.

Closing costs

Lab Coat Agents

NOVEMBER 20, 2024

If you are the buyer, this means you inherit the loan’s principal balance, interest rate, and repayment terms. When you assume a mortgage, you do not apply for a new loan rather take over the existing owner’s loan. This lower rate can lead to significant savings over the life of the loan.

Purchase and sale agreement

HomeLight

AUGUST 16, 2021

First-time homebuyer loans can help make it easier on first-time homebuyers , offering access to special mortgage programs with low down payments. Sometimes you’ll even find grants to help you with closing costs and down payments. You can qualify for loans with as little as 3.5% Sound great? Sure it does!

Loans

Redfin

SEPTEMBER 6, 2024

This percentage covers the principal, interest, property taxes, and homeowners insurance. Additionally, the rule suggests that your total debt payments, including your mortgage, credit cards, and other loans, should not exceed 36% of your gross income. Loan type and terms Different types of loans have varying requirements and terms.

Debt-to-income ratio

Redfin

AUGUST 12, 2024

As a borrower, you’re entering a legal contract to repay your loan, with interest, over a set amount of time. Your monthly mortgage payment generally consists of four components: Principal : The amount of money you borrow to buy the home. Interest : The cost of borrowing the money, calculated as a percentage of the principal.

Loans

Realty Biz

JUNE 15, 2022

Department of Veterans Affairs (VA) loan. Check with your loan officer to see if you qualify for any first-time buyer programs. But with a downpayment less than 20%, a lender typically requires the buyer to take out PMI — which generally costs between 0.4% Your Only Upfront Costs Are a Down Payment.

Debt-to-income ratio

HomeLight

MAY 31, 2021

If you qualify for one of those programs, it doesn’t make sense to put 20% down yourself — instead, put down 10% and save the rest for an emergency fund (which lenders are going to want to see), closing costs, or plan to use it for a lump sum payment on the loan principal after you own the house. Get a 15-year loan term.

Mortgages

Marco Santarelli

FEBRUARY 24, 2025

Here's a snapshot of today's mortgage rates by Zillow , giving you a clear view of where things stand: Mortgage Type Current Rate 30-Year Fixed 6.50% 20-Year Fixed 6.25% 15-Year Fixed 5.83% 5/1 ARM 6.50% 7/1 ARM 6.45% 30-Year VA 5.98% 15-Year VA 5.48% 5/1 VA 6.06% What's the takeaway? Those extra costs can really add up.

Mortgages

HomeLight

DECEMBER 30, 2021

It’s very possible to secure a mortgage with just 3% down — even if you’re a first-time homebuyer — and there are viable options for zero down payment loans, too. The advantages of putting more money down include a smaller loan principal , a potentially lower interest rate , and a better chance of avoiding mortgage insurance (MI).

VA loan

HomeLight

JANUARY 31, 2022

Conventional loans can be approved with as little as 3% as a down payment. USDA loans are available mostly in rural areas and enable buyers to put down zero percent of the price. VA loans enable eligible active duty military personnel and veterans to buy a home with zero percent down. principal payment each month.

Loans

HomeLight

MAY 27, 2021

Average closing costs in 2020 were $6,087, including prepaid taxes, according to ClosingCorp data. These costs vary widely by state, and you may be able to roll the closing costs into the loan — although that means paying interest on the closing cost amount for the life of the mortgage.

Loans

Redfin

AUGUST 29, 2024

However, there are a lot of things to learn about how to buy a house, like current mortgage rates, your credit score, home inspections, and closing costs. A mortgage calculator will estimate your mortgage payment, including the principal and interest, taxes, insurance, HOA, and PMI. VA loan: Backed by the U.S.

Earnest money deposit

HomeLight

AUGUST 31, 2021

You’ll want to be sure you’ve kept the home long enough to recoup your transaction costs — real estate agent fees, closing costs, and any repairs or maintenance done to the home to prepare for sale. Homeownership is a way to hedge against inflation by keeping housing costs static and predictable.

Closing costs

HomeLight

OCTOBER 29, 2021

In January 2021, the average time to close was 58 days. Conventional loans closed in an average of 47 days in July 2021, while FHA loans took 51 days, and VA loans required an average of 52 to close. The closing process takes so long because so much happens in those six-to-eight weeks.

Closing

HomeLight

OCTOBER 15, 2020

If you’re a would-be homebuyer searching for a home in a rural or even suburban area, you could potentially qualify for a United States Department of Agriculture (USDA) loan. These loans — like FHA and VA loans — are backed by the government. Submit the loan application. Among its attractive features?

Loans

Redfin

FEBRUARY 11, 2021

If your down payment is less than 20%, PMI is non-negotiable for most loan types. The good news is that you can discontinue this payment when you have paid off 20% of the loan’s principal amount – the equivalent of that 20% down payment. 4) Pursue a VA loan if you qualify. How to calculate PMI.

Debt-to-income ratio

Redfin

JULY 11, 2023

Essentially, a mortgage enables individuals to become homeowners by providing the necessary funds upfront, with the property serving as security for the loan. You then make monthly payments, including principal and interest, over an agreed-upon term (usually 15 to 30 years) until the loan is fully repaid. What are closing costs?

Pre-approval

HomeLight

JUNE 30, 2022

When shopping for lenders, compare first-time home buyer programs , lender requirements, interest rates, and loan terms to make sure you are getting a good deal. Be sure to also compare closing costs such as application fees, appraisal fees , and origination fees. Don’t forget about closing costs.

Purchase and sale agreement

HomeLight

MAY 31, 2021

The VA backs a portion of the loan against default, which makes banks more willing to finance. VA loans are a benefit for enlisted military members, veterans, and their qualifying spouses. There are two basic interest rate options for most buyers: fixed-rate or adjustable-rate loans. What about those closing costs?

Mortgages