For most people, buying a home means borrowing a large amount of money. That loan is called a mortgage. If you have never had a mortgage before, the terminology can make the process feel much more complicated than it needs to be. Principal, interest, escrow, APR, fixed rate, adjustable rate, preapproval... suddenly buying a house comes with its own vocabulary. A mortgage is simply a loan used to buy a home. You borrow money from a lender, agree to repay it over a set period o

Saving for a down payment is one of the first major financial steps toward buying a home. It can also be one of the most confusing because there is no single amount every buyer needs to save. You may have heard that you need 20% down, but many buyers purchase homes with much less. The amount you need depends on the home you want, the mortgage you qualify for, available assistance, and how much money you can reasonably put toward the purchase. The bigger question is how much y

Buying your first home can feel impossible when you start adding up everything that comes with it. There is the down payment, closing costs, credit requirements, inspections, insurance, taxes, and the mortgage itself. It is easy to look at those numbers and decide you simply cannot afford to buy. Before making that decision, it is worth looking at the programs available to homebuyers. There are federal mortgage programs, state housing programs, local assistance programs, and

For many people, buying a home is one of the largest financial commitments they will ever make. A home is not only a place to live, but often one of a person's most valuable assets. Because of this, protecting that investment is an important part of financial planning. Homeowners insurance is designed to provide financial protection when unexpected events damage your home, belongings, or create liability issues. However, many homeowners misunderstand what their policy actuall

Quoting a homeowners policy is far different than quoting a vehicle. A home policy has more complex questions, requirements, and coverages compared to other types of insurance. In the process of buying a home, having to quote a homeowner policy is something you are likely to come across. The First Step The first step is to determine if you actually need a homeowner's policy. A homeowner policy is one that covers both the interior, and the exterior including the roof. It is us