What is a construction loan? A construction loan is a temporary, higher-rate loan (6-10% APR) that provides the funds required to build a custom home or property. Construction loans typically require a down payment of 20% and transition into a traditional mortgage...
The below historical mortgage interest rate data is STRICTLY for INFORMATIONAL PURPOSES ONLY. (Rates shown do not show all the data – just the highlights). If you want up-to-date interest rates, we recommend talking with a professional mortgage lender. 1970s: Rates...
Prequalified vs. Preapproved: What’s the Difference? The difference between preapproval and prequalification can depend on the creditor and the type of loan or credit card—some creditors may even use the terms interchangeably. In either case, a creditor has done an...
Assessed Value vs Market Value: Understanding the Difference It can be very confusing distinguishing what is meant by the terms “assessed value,” and “market value” when either buying or selling a home. The assessed value is often much less than the market value so...
How Much Are Typical Closing Costs? What Home Buyers and Sellers Can Expect How much are typical closing costs for a buyer? These are the fees paid to third parties that help facilitate the sale of a home, and they vary widely by location. How much are typical...
It’s extremely important to go into the home buying process with a realistic expectation of your budget. You don’t want to fall in love with a house, only to realize that you can’t actually afford it when it comes time to pay the down payment....
