Category Archives: Home Buying

home inspection contingency

Home Inspection Contingency: Why It Is So Important?

The home inspection contingency gives the buyer an option to cancel the home buying deal given that the home has a major flaw. The laws about this contingency are different across the United States. Most states treat it as a part of the purchase contract, allowing the buying party to renegotiate or cancel the deal. In some states, a home inspection can be done before the two parties agree to any kind of contract. Read More →

couple homebuying

Buying a House Together? Avoid a Financial Heartbreak with These Tips

A couple in love will show their commitment to each other with an engagement ring. But, the trend has changed these days as many couples seal their love for each other with a set of keys to a newly purchased house. Especially, a good number of Millennials consider buying a home together before getting married as a good financial move. Read More →

earnest money

5 Times When You Won’t Lose the Earnest Money

In real estate transaction, everything you hear and all the promises made are just words until they are put into a written contract. It does not mean anything when you shake hand with the seller and say that you will buy the house. You want confirmation that the seller will keep the house for a certain period so that you can have some time to collect the money? Deposit cold hard cash in an escrow, which is known as earnest money. Read More →

down payment vs earnest money

Earnest Money Deposit vs Down Payment: The Differences

When you are in the real estate market, with the intention of selling or buying a home, you will hear many words that you have never heard before. The real estate jargon could be confusing for the amateurs but there are some terms that you should have a clear concept about. Two such important terminologies for buyers and sellers are ‘down payment’ and ‘earnest money deposit’. Is there any difference between them? Let’s do a down payment vs earnest money comparison to give you a better idea of these terms. Read More →

coop vs condo

The Key Differences between Co-op and Condo

Co-ops (short for ‘cooperative’) and condos (short for ‘condominium’) are the types available for the buyers who want to purchase a home in a common building or community. The FHA guidelines allowed financing of condos only in the 1960s. Before that time, all the buildings with more than one owners were co-ops. Read More →

earnest money deposit

Everything You Need to Know about the Earnest Money Deposit

Earnest money is mostly used in real estate transactions. It is a key part of a home buying process, ensuring the seller about the buyer’s commitment to the proposal and providing the latter some time to seek financing and collect the down payment. Both parties jointly hold the deposit in a trust or escrow account. Read More →

buying or building a house

Buying or Building a House? The Pros and Cons

Being the owner of a house is a major part of the American Dream. But, many people get the dilemma of whether to buy or build a home when they finally gather the money and decide to settle in. There are lots of factors to consider before going for house hunting because it’s a huge financial decision. Unless you are rolling in money, you probably want to consider the perks and downsides of both options. Read More →

veterans

Home Buying: The Financial Grants Available for Veterans

Many would-be homebuyers remain sidelined for years because they cannot save up the down payment. In that case, buying a home is more difficult for the veterans, who often struggle not only with the down payment but also mortgage installments. The good news is there are many organizations – ranging from the Veterans Administration to numerous private corporations – that provide financial support including finding a suitable property to covering everything until closing. Read More →

disability program

Financial Assistance for Disabled People for Buying a Home

People can buy a home with disability benefits. But, it becomes difficult to collect the down payment, pay the monthly mortgage installations, and not to violate the restrictions imposed by the Social Security Disability Insurance (SSDI) or a Supplemental Security Income (SSI). Read More →

disability benefits

Can You Buy a House on Disability Benefits?

The prospect of buying a home is slim when you are disabled and living on either a Social Security Disability Insurance (SSDI) or a Supplemental Security Income (SSI) benefit. There’s no legal obligation in using the disability benefits on a home purchase. However, people living on SSDI or SSI benefits should be careful because buying a property could bring some extra hurdles, affecting their benefits in the future. Read More →