Did you know that less than 10% of home buyers are unmarried couples? While it’s not very common for unmarried couples to buy together, it can be a great way to make homeownership more affordable. However, unmarried couples face some challenges that married couples do not when it comes to homeownership. For example, your state…
The median home price in the United States is $405,300, according to the Federal Reserve Bank of St. Louis. However, if you live in a state with a high cost of living, you can expect to pay much more for a home, perhaps even double. That’s why it’s important to crunch the numbers when buying…
As a homeowner, you know that financial obstacles aren’t just about paying your mortgage. Owning a home also comes with nearly $16,000 in annual housing costs, on average, including homeowner’s insurance, taxes and maintenance. That works out to an extra $1,325 a month in homeownership costs on top of your mortgage payment, according to an…
For decades, the retirement script was simple: the mortgage would disappear, expenses would fall, and savings would finally have room to breathe. However, consider a hypothetical retiree, Tom. He is 64 years old and plans to stop working at 66, but he still owes $185,000 on his mortgage. Your monthly payment, including taxes and insurance,…
Your income can play a big role in your home buying prospects, influencing not only your budget but also your ability to qualify for a mortgage. To know if you’re well-positioned to get a $500,000 home loan, you’ll need to look at your income. The monthly payment on a $500,000 mortgage depends on many factors,…
When you buy a home, a larger down payment can give you better terms on your mortgage. A 20% down payment is considered the gold standard, but it is out of reach for many homebuyers, and a 20% down payment is not required. Many lenders accept a down payment of 5% or less. Let’s see…
Your home is one of your greatest assets and leveraging the equity you’ve built doesn’t have to be difficult. You can convert funds into cash needed to achieve an important life goal or cover a major expense. Home equity loans, home equity lines of credit (HELOCs), and cash-out refinances are the most common ways to…
