Recent News:
Source: BankRate.com
You’ve found your dream home, settled on a price with the seller and secured a tentative commitment from the lender on a mortgage. Yet, as you approach the closing, you’re concerned about mounting expenses and those pesky closing costs, and looking for ways to make some of these costs go away — or, at least, to reduce the damage.
The answer is to negotiate. Charged by the lender and other vendors, closing costs typically total 2 percent to 4 percent of the home price. Fortunately, you can talk down these costs if you prepare properly.
Source: Forbes Advisor
One of the most difficult feats to homeownership is having enough cash upfront for a down payment, particularly when home prices are skyrocketing. And it’s even harder if you’re a first-time homebuyer or on a tight budget.
A down payment can easily reach $10,000 or more—on top of required cash reserves, deposits and money for closing costs. For example, if you buy a $300,000 home and have to put 10% down, you’ll owe $30,000 upfront. And that’s not including closing costs, which can be anywhere from 2% to 5% of the loan amount, or between $6,000 and $15,000 more.
Unless you get a low down payment loan that allows you to roll closing costs into the mortgage, buying a house can be prohibitively expensive for first-time homebuyers.
Source: GreenPath Financial Wellness
Our certified counselors talk with people about why credit matters, and why it’s a key building block to overall financial health and wellness.
Understanding your credit is easier than you may think. Building it properly has its benefits. It can help with everything from buying a car, house, to getting a job. Yes, even getting a job. That three-digit number can be an important building block in establishing a solid financial foundation.
