However, the devil is in the details. You have to pay back your 401k loans, with interest – typically at 2% above the prime rate. On larger loans, that means several years’ worth of three-figure monthly payments and several thousand in interest charges. Plus, if you take out a 401k loan before applying for a mortgage loan, your credit utilization ratio will spike, which could raise your mortgage loan’s interest rate or cause the bank to think twice about lending to you in the first place.
For most buyers, this is when the butterflies really show up. Once you’ve found a home you want your agent will work with you to craft an offer. Remember, the listing price is only a starting point. Your agent will understand the market and help guide you to make the most attractive offer, whether it’s below, at or above listing price. Are there any contingencies to your offer? Will you require an inspection? These are all things your agent will help you with. Once you’ve submitted the offer you get to wait. It will seem interminable. You may get neither a simple yes or no but a counteroffer to consider. It can be something of a dance. If you get a solid “no,” it’s back to Step 5. If you get to a “yes,” celebrate!
FHA Loans. FHA mortgage loans are insured, but not originated, by the federal government – specifically, the Federal Housing Administration. Known as 203b mortgage loans, they require just 3.5% down. They can be used on one- to four-family homes and typically carry lower interest rates than conventional mortgage loans, though your exact rate will depend on your creditworthiness and other factors. Underwriting standards are also much looser than on conventional mortgages – you can qualify with a credit score below 600.
If you already own a home, simply call your insurance agent and let them know you’re buying a new home. They will handle writing a new policy. If you don’t have an insurance agent, now’s the time to find one because your lender will require homeowners insurance. Even if you don’t have a mortgage, insurance is a critical part of protecting your investment. You’ll also want to give utility companies your move-in date to establish service. There’s nothing like moving into a cold, dark house because you didn’t get an account with the power company!
Fantastic Lake View Terrace/Sylmar Shadow Mountain Trails TOWNHOUSE! Nicely remodeled throughout – interior location. Three bedrooms, two and a half baths. Newer hardwood floors, formal living area with fireplace. The kitchen features plenty of countertop and storage space, and newer stainless steel appliances, leading to the dining area. A walk in laundry room and powder room round out the main level. All three bedrooms are upstairs, highlighted by a fantastic master bedroom suite with spa like full bath. Two generously sized bedrooms share another remodeled full bath. Oversized direct access garage with tons of storage. Well maintained HOA complex with pool, spa and horse stables availabl
VA Loans. If you or your spouse is a current or former member of the military, your family may qualify for a VA home loan backed by the federal government (Department of Veterans Affairs). On the down payment front, VA loans are even better than FHA loans – they require no money down, though you’re free to put money down and reduce the total amount you must borrow. If interest rates drop after you’ve been in your house for a while, look into VA streamline refinance loans (IRRRL), which can reduce your rates significantly at a lower cost than a conventional refinance loan.
If your offer called for a home inspection, this is a big day. Sure, you get to have a home inspector look over the home to make sure there are no unseen defects you want to negotiate to have fixed. But more importantly, this is the most time you’ll get to spend in your new home until closing. Go ahead and start measuring things and figuring out what goes where. This may be the last time you are inside the home until it is yours, several weeks from now.
The amount you’ll be required to put down on a home depends on the type of loan you get and on the lender’s requirements. Generally, it can be difficult to qualify for a  conventional mortgage loan–one available through or guaranteed by a private lender or either of two government-sponsored entities, Fannie Mae or Freddie Mac–with a down payment of less than 10 percent. Factors including income, cash on hand, credit score and debt-to-income ratio.
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Remodeled top-floor condo in desirable Vista Del Oro area with views of the harbor and mountains. Kitchen has been updated with new white shaker cabinets, quartz counter tops and stainless steel appliances. Laundry is conveniently located inside the unit with washer and dryer included. Kitchen opens to the dining room, living area, and balcony. Both bedrooms have plush carpeting, remote control fan lights and mirrored closet doors. Master bathroom features newer tile shower and new quartz counters. Nice floor plan, 2nd floor entry. Private 2-car garage with storage. Close to parks, schools, restaurants and shopping. Ready to move in! Take your Virtual Tour here: https://my.matterport.com/sh

Per new Corona virus law- no Private showings- VIRTUAL TOUR AVAILABLE. Newly renovated and ready for immediate move-in, this lovely 1 bed, 1 bath condo has everything you need in an amazing Brentwood location. Featuring bamboo floors throughout, a balcony that is accessible from the living room, in-unit hook up for washer/dryer, granite counter tops, stainless steel appliances and travertine tile in the kitchen. The building is fully equipped with a heated pool, GYM, sauna, video intercom system, and gated garage with an assigned parking spot. Close to the best shops and restaurants, this home is not to be missed!
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Deciding whether you want to buy a house involves taking a good, hard look at its structure and its features, but there are many other topics that are every bit as important to your purchase. You might want to consider having a home inspection to flush out hidden problems, or even talk to the neighbors to get firsthand opinions of the neighborhood.
The Balance does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.
Beautifully-maintained LIGHT & BRIGHT Contemporary-style Condo right in the heart of coveted Brentwood. Enjoy the spacious, open Living Room w/ high ceilings & a cozy fireplace. The remodeled Kitchen opens to the Living Room & is equipped w/ stainless steel appliances & granite countertops. Features engineered hardwood floors throughout, recessed lighting, new lighting fixtures, crown molding, central A/C, in-unit laundry w/ new front-loading washer/dryer, double pane windows & a guest bath. Recently remodeled Bathrooms include Quartz countertops & sleek floor tiles. Provides the most ideal layout w/ both ensuite Bedrooms at opposite ends of the unit. Boasts THREE Northwest-facing balconies

In the short and medium run, it’s much safer to invest in FDIC-insured instruments such as traditional savings accounts, certificates of deposits (CDs), and money market accounts. Though these instruments have relatively low yields – currently below 2% APY in most cases (UFB Direct is currently at 2.45%) – the risk of principal loss is extremely low. If you want your down payment to actually be there, in full, when you need it, save investments in FDIC-insured accounts are your ticket.
Because repeat buyers can often put some of the money from their previous home sale towards their down payment, they’re more likely than first-time buyers to put down larger lump sums. First-time buyers, however, are more likely to put down between 3 and 9 percent. According to a Zillow survey, only 37 percent of first-time buyers pay 20 percent or more.
Beautifully-maintained LIGHT & BRIGHT Contemporary-style Condo right in the heart of coveted Brentwood. Enjoy the spacious, open Living Room w/ high ceilings & a cozy fireplace. The remodeled Kitchen opens to the Living Room & is equipped w/ stainless steel appliances & granite countertops. Features engineered hardwood floors throughout, recessed lighting, new lighting fixtures, crown molding, central A/C, in-unit laundry w/ new front-loading washer/dryer, double pane windows & a guest bath. Recently remodeled Bathrooms include Quartz countertops & sleek floor tiles. Provides the most ideal layout w/ both ensuite Bedrooms at opposite ends of the unit. Boasts THREE Northwest-facing balconies
Your credit reports are an ongoing record of how you've managed your finances. You should know exactly what they say about your financial history before you apply for a mortgage. These reports and your credit score play an important role in the loan approval process, and they also determine your interest rate and other loan terms that lenders will offer you.
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