Imagine you have found the perfect house for your family. The yard, the finished basement, the two-car garage, all the bedrooms, and bathrooms -- it’s the ideal space. But there is a problem. The standard 20% down payment is more than you can afford.
A considerable number of home buyers require a mortgage to realize their dream of home ownership. However, this does not imply that lenders easily give them out to anyone who asks. As a buyer, you should know the process and requirements that must be met to get the mortgage you’ll need.
If you are buying a home, it may be helpful for you to know that mortgage lenders allow financial gifts to be used towards a mortgage down payment. Gifts can be a valuable tool for people trying to finance their first home, and knowing how to correctly apply a mortgage gift to your down payment is important if you’re planning to receive a gift...
Just because a mortgage is typically paid once per month, doesn’t mean you have to stick to the traditional one payment per month mortgage model. A sometimes overlooked way of making mortgage payment is the bi-weekly payment option.