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From Keeping Current Matters Published April 15, 2024Have you been saving up to buy a home this year? If so, you know there are a number of expenses involved – from your down payment to closing costs. But did you also know your tax refund can help you pay for some of these expenses? As Credit Karma explains: “If one of your goals is to stop renting and buy a home, you’ll need to save up for closing costs and a down payment on the mortgage. A tax refund can give you a start on the road to homeownership. If you’ve already started to save, your tax refund could move you down the road faster.” While how much money you may get in a tax refund is going ...

From Keeping Current Matters   | January 24, 2004If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale. The Mortgage Rate Lock-In Effect Over the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up. An article from Freddie Mac explains: “The lack of housing supply was partly driven by the rate lock-in effect. . . . With higher rates, the incentive for existing homeowners to list their property and move to ...

By We are the RSo, you’re in the market for a new house? There’s a lot to do, a lot to consider, and it may not always be clear which steps you should take first. Wherever you are on your homeownership journey, here are six financial tips that can help you make sure the home you buy will be the home you love.Don’t borrow more than you can pay As a rule of thumb, no more than one-third of your gross income should go to housing. When calculating how much of a mortgage payment you can afford, be sure to remember the cost of taxes and insurance on top of your mortgage’s principal and interest. Remember, there are other expenses related to owning ...

By Keeping Current Matters / January 10, 2024If you’re getting ready to buy a home, it’s exciting to jump a few steps ahead and think about moving in and making it your own. But before you get too far down the emotional path, there are some key things to keep in mind after you apply for your mortgage and before you close. Here’s a list of things to remember when you apply for your home loan. Don’t Deposit Large Sums of Cash Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any cash into your accounts, discuss the proper way to document your transactions with your loan officer. Don’t Make Any Large Purchases It’s not just home-related purchases that could disqualify you from your loan. Any large purchases ...