Posts with tag 'Down Payments'
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Taking Control of Your Credit Score: House-Hunting Tips
The third Thursday in October is National Get Smart About Credit Day in the United States. Taking the right steps with your credit a few months before you look for a home could significantly raise your credit score. Our expert real estate agents here in Mobile and Baldwin County know that questions about financing are a big part of any first-time homebuyer's concerns. Even if you've done it all before, it never hurts to take action and get your credit into the best shape it can be. A few points can save you thousands over a mortgage's lifetime.
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Saving for a home? Check out these tips.
Saving for a new home can feel incredibly overwhelming, especially if you are at the beginning of your savings journey. However, being prepared with a reasonable down payment is a vital part of the home-buying process. The recommended amount to save for a down payment on a home is 20% of the property amount. Though it's not required, "Putting at least 20% down on a home will increase your chances of getting approved for a mortgage at a decent rate and will allow you to avoid mortgage insurance," according to Nerdwallet.
When creating a savings plan, it's important to factor in the amount of time you're willing to wait before purchasing a home and figure out your monthly savings goal. Remember most experts recommend your housing expenses not...
