Most real estate transactions come down to a buyer being able to acquire a mortgage. If a potential buyer signs a contract for a new home and then discovers they can’t secure financing, that’s when a mortgage contingency can come into play. A mortgage contingency – also known as a financing contingency or a loan […]
It likely doesn’t come as a surprise that there are no certainties in any real estate transaction. Each one has an element of uniqueness regarding how the process will play out because every seller, buyer, situation and house is different. As a buyer, you want to protect yourself against the unexpected. That’s why most home […]
First-time home buyers need to know the cost of buying a house can add up quickly. Many first-time buyers fixate on the listed sales price – a significant number to concentrate on – but often overlook other fees and expenses when buying a house. To help first-time home buyers prepare for all the costs they’ll […]
First-time home buyers need to know the cost of buying a house can add up quickly. Many first-time buyers fixate on the listed sales price – a significant number to concentrate on – but often overlook other fees and expenses when buying a house. To help first-time home buyers prepare for all the costs they’ll […]
How Much Does It Cost To Buy A House In 2023? The median single-family sale price in the U.S. in May of 2023 was $401,100, according to the National Association of REALTOR. While this number is a helpful reference for home buyers planning to buy a house in 2023, the cost to buy a house […]
What Is A Mortgage Pre Approval? Mortgage pre-approval is the process of determining how much money you can borrow to buy a home. During the mortgage pre approval process, lenders like The Lending Mamba look at your income, assets and credit score. This information determines what loans you could be approved for, how much you […]
As you prepare to apply for a mortgage, you’ll come across terms like “prequalification” and “preapproval.” It’s essential to understand what these terms mean – they’ll guide your home search and help you focus on homes you can afford. When the time comes, they can also help you decide how much to offer and show […]
1. Refinance With A Lower Interest Rate A lower interest rate can mean big savings. For example, on a $200,000 30-year-fixed loan, reducing the interest rate 1% can mean a monthly savings of almost $120. If you’re looking to lower your mortgage payment, keep an eye on the market. Look for rates that are lower […]
Buying a house is a bit like choosing a spouse. If you’ve chosen well, it can be a match made in heaven. But if you’ve gotten carried away on a romantic whim or have been oversold on the benefits of the match, unhappiness can ensue. The expressions “house poor” and “house broke” refer to the […]
Looking to make some major home improvements? Consider a cash-out refinance. Refinancing is a low-interest way to get tax-free cash for remodelling your kitchen, finishing your basement or anything you choose. Let’s look at how cash-out refinancing works, and what you need to know about using cash from your home for repairs and renovations. Refinance […]