5 Things You Need to Know Before You Finance a New Home

Unless you have a suitcase full of cash, chances are you’ll need a mortgage loan to help buy your dream home. If you plan to buy a home with financing, you may feel overwhelmed by everything you need to learn about the process. Here are five key points to get you started. Understand the full cost of owning a home There are four main categories of a homeowner’s monthly housing payment — principal, interest, taxes and insurance (P.I.T.I.). Principal and interest comprise your monthly mortgage payment. The principal pays down your loan balance monthly, and the interest pays your fee for borrowing …

5 New Year’s Resolutions That Can Help You Buy a Home in 2018

New year, new home? Whip your financial resume into shape to improve your home-buying odds. Thinking of buying a home this year? We compiled five New Year’s resolutions that can help you keep your financial resume in tiptop shape. 1. Avoid job hopping Employment history and income are two of the biggest factors lenders look at when evaluating a mortgage application. A new job may be a good career move, but if you plan to buy a home in 2018, know that it can be a red flag to some underwriters — especially if you’re moving to a different industry. A …