(Robert Fairchild)

You May Soon Need Less Of A Down-Payment To Buy A Home

One of the biggest hurdle’s to buying a home is coming up with a down-payment. In order to get a mortgage backed by Fannie Mae or Freddie Mac, you generally need to come up with at least 5% of the total cost. But the federal regulator overseeing Fannie and Freddie says it has reached a deal that would lower that minimum back down to 3% for some borrowers. [More]

Is This The Worst Piece Of Mortgage Advice Ever Given?

Is This The Worst Piece Of Mortgage Advice Ever Given?

For many first-time home buyers, especially people looking to buy in an area where home prices are higher than average, the biggest roadblock can be saving up to make that down-payment. While there are some tried-and-true methods for amassing that cash — a “gift” from your parents is the classic example — here’s one from a mortgage broker we would never, under any circumstances, suggest you try. [More]

Reasons To Save Up For A 20% Down Payment Before Buying A Home

Reasons To Save Up For A 20% Down Payment Before Buying A Home

When it comes to buying homes, the larger the down payment you’re able to plunk down the better. Finance experts advise you to aim for saving up at least 20 percent of the total purchase price, and the number isn’t arbitrary. There are very real benefits to making a hefty initial payment. [More]

When Shopping For A House, Keep The Numbers 20 And 25 In Mind

When Shopping For A House, Keep The Numbers 20 And 25 In Mind

Even in a tight credit market, the fact that you can qualify for a mortgage doesn’t necessarily mean that you can afford it. In order to avoid becoming “house poor,” or in a worse scenario, putting yourself in position to one day deal with a short sale or foreclosure, you need to avoid loans that place you in a position to fail. [More]

Nissan Dealership Won't Refund Deposit

Nissan Dealership Won't Refund Deposit

Jay writes in with a question: how do you get back your deposit from a car dealership when a deal goes sour? The salesman jacked up the price after an initial negotiation, and now won’t refund the deposit: “He said we’d be surprised at what he can make up to keep the deposit.”