When you apply for a mortgage loan, lenders typically like some sort of down payment, which is the cash you pay up front when financing the remaining amount. The amount you need varies among lenders and loan programs, but depending on the type of loan, a down payment typically ranges from ZERO to 20 percent…
What is a Down Payment? A down payment is the cash you provide upfront when you buy a home. It helps secure your loan, since few people can afford to pay cash for an entire property. There are some types of loans, such as VA loans, that don’t require any down payment, but in general,…
How to Get a Lower Interest Rate for Your Mortgage If your budget is stretched to the breaking point, you’re not alone. Interest rates and home prices seem to rise constantly, leaving many homebuyers searching for ways to cut costs. To stretch your hard-earned funds, take steps to get a lower mortgage interest rate, which…
Tax Day is quickly approaching! Many employers have already released their 2022 tax forms therefore allowing employees to get a head start on filing. There are many online services that guide you through your taxes (some are even free!), so it’s a great idea to get started as soon as you can and not put…
We understand that sometimes the road to homeownership can be challenging. That is why my team and I work hard to try to find solutions for every one of our clients to be able to buy the home they want at a price that works for their financial picture. When the down payment is the…
Throughout the past tumultuous years in real estate, the team at GoPrime of West Asheville has been working within the community to find new ways to help area residents reach their dream of homeownership. One agency that we value in our community is the North Carolina Housing Finance Agency. As stated on the NCHFA website: …
No April Fools: What is Mortgage Insurance and Do You Need It? PMI. What is it and do you need it? PMI stands for Private Mortgage Insurance and the answer is “sometimes.” Before you get preapproved for a mortgage or make an offer on your next home, it may be helpful to better understand PMI and how…
While you can find a slew of homebuyer programs that allow you to put very little down payment on a new home — sometimes as low as a zero percent down payment — generally, it’s better to put down at least 20 percent in cash. A higher down payment equates to lower monthly mortgage payments…
What to do with gifts for down payment. Gift Funds and How to Verify Them Maybe you’re looking to buy a new home, but you’re hoping to get some help over the holidays from your family. You can definitely use these monetary gifts fore down payment of a new house. But you need to be aware…
Can you afford three percent down? In Asheville, NC, and in the Bay Area of Northern California, rents can be exorbitant. Many people don’t think they can afford a house, so they continue to make those high rental payments, putting money in someone else’s pocket. But if you can afford to put just three percent…