Multi-generational living is defined as adults from multiple generations living in the same home. This form of living is on the rise in the U.S. after declining for years and a record 60.6 million Americans live in multigenerational households according to data from Pew Research Center. Reasons include growing racial and ethnic diversity in the U.S., more young adults living at home, economic necessity and a larger percentage of the US population over age 65. Whatever the reason that may be causing you to consider multigenerational living with some planning, you can make this living arrangement work for everyone.
Category: Experienced Homebuyer
You’ve spent weeks, even months searching for your dream home. You’ve viewed countless listings with your realtor and attended several open houses on your own. Finally, your hard work has paid off. You’ve found the home of your dreams and it falls with your budget; however, reality now sinks in. You’re going need to sell your current home in order to make the down payment on the new one and the fear that your dream home will be sold to someone else while this happens becomes real.
Congratulations, you have found your dream home! You and your realtor have worked out all the details with the seller and have finally agreed to the purchase price. Now what?
One of the biggest joys of owning a home is that your mortgage payment allows you to build equity in it. Home equity is the difference between your home’s value and what you owe. Some homeowners enjoy building equity so much; they want to know ways they can build it faster. Here we explore ways you can do that.
Additions and major home renovation projects make your house feel more like a home and potentially boost its functionality and resale value. But unless you are in a position to pay cash for renovations, you’ll be looking to finance them in the form of a loan. There are many different options you should consider based on the scope of your project, amount you are looking to borrow and the equity available in your home. Here we’ll discuss three of the more common ones that are available to borrowers today.
As long-term interest rates remain at near-historic lows, it seems like everyone from casual acquaintances to close relatives has an opinion on how far rates have to drop before it make sense to refinance. With so many different points of view, how does one make a decision that’s right for them? We’ve come up with 5 questions to ask yourself in order to decide if refinancing your home mortgage is right for you.
No matter how experienced you are, buying a new home is always daunting. A main reason is the commitment involved. When taking out a mortgage, you are literally putting your home on the line because failure to make payments puts your home at risk. For that reason, it’s important to determine what you can realistically pay for your next home.
Building a home can be stressful. Figuring out the appropriate mortgage product doesn’t have to be. Most people understand the basics of a standard mortgage, but many don’t understand that there is a different approach when you decide to build a home. We are here to break down the basic characteristics of a construction loan so your dream of building a home can become a reality!
It’s often said that things improve with age. A lot of people don’t realize that this is also true as it pertains to your credit score. Credit scores don’t take age into consideration, however approximately 50% of a credit score is based on length of credit history and payment history.
Your life is constantly changing and sometimes that means having the opportunity to review your mortgage loan to fit your needs. Here are some factors to help guide you toward a decision.