Tag: homebuying basics
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Home Gallery Product Sneak Peek
Read more: Home Gallery Product Sneak PeekWe recently told you what to expect at our new home design centers, and now we’re taking you deeper with a sampling of specific products from national vendors—available wherever you buy a new Richmond American home! Keep in mind that some Home Gallery selections, like cabinets, are locally sourced and vary depending on region. Be…
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What is a PITI Payment?
Read more: What is a PITI Payment?Buying your first home? Be prepared to learn a list of delightful new acronyms—APR, PMI, FICO, FHA, LTV and DTI, just to name a few. When it comes to establishing your home buying budget, PITI is the first term you should tackle. What is PITI? PITI stands for Principal, Interest, Taxes and Insurance, and calculating…
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Homeowner’s Insurance: Find Out What’s Covered
Read more: Homeowner’s Insurance: Find Out What’s CoveredFor many people, a home insurance policy is like a first aid kit: they know it’s a good thing to have, but they don’t open it up and poke around inside until they need it. Knowing what is and isn’t covered by your homeowner’s insurance, how much insurance you need to protect your property and…
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What is an FHA Loan?
Read more: What is an FHA Loan?If you’re buying your first home, you’ve probably already heard that an FHA loan is THE loan for you. While it’s true that FHA-insured mortgages are an attractive option for many new buyers, it’s not the only option—and FHA loans are not just for first-time homebuyers! Check out our FHA FAQ below, then be sure…
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4 Things a Real Estate Agent Can Do for You (Other Than Show Homes!)
Read more: 4 Things a Real Estate Agent Can Do for You (Other Than Show Homes!)If asked to describe the role of a real estate agent, most people would probably say that it’s to help clients rent, buy and/or sell property. Although technically accurate, this description fails to convey the breadth of a typical agent’s responsibilities. From initial consultation to final transaction, real estate agents often perform countless tasks on…
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3 Reasons to Buy a New Home Now
Read more: 3 Reasons to Buy a New Home NowTrying to decide whether or not to buy a new home this year? Let us help simplify your decision! Following are just a few of the many reasons why now is a great time to buy. Happy house hunting! Rent is on the rise Rental inventory is the lowest it’s been in many years, and…
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New Year’s Resolution: Saving for a Down Payment
Read more: New Year’s Resolution: Saving for a Down PaymentIt’s a new year, and you know what that means. It time, once again, for resolutions. If you resolve to leave your landlord behind—or to move into a larger, more luxurious home—this year, you may have to provide a down payment of up to 20 percent of the home’s sale price, which can be challenging.…
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What is a Conventional Loan?
Read more: What is a Conventional Loan?A conventional mortgage loan is one of a class of generic loans that can be originated by any lender, as opposed to loans guaranteed or issued by a government agency—like FHA, USDA or VA loans. Because more entities originate conventional loans, they can come in a variety of packages. Types of conventional mortgages Conforming May…
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What is a USDA Loan?
Read more: What is a USDA Loan?The USDA (short for United States Department of Agriculture) doesn’t just certify that your favorite cut of beef is fit for the grill; among many other things, it also guarantees or directly provides loans to qualified homebuyers in rural communities. If you’re a low- to moderate-income applicant in an eligible rural area, USDA financing might…
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8 Ways to Help Protect Your Home While on Vacation
Read more: 8 Ways to Help Protect Your Home While on VacationMaking plans to take a well-deserved vacation is an exciting time. When you’re deciding where to go and what to pack, it’s also important to consider another issue—namely, what can you do to help protect your home while you’re away? There’s no full-proof formula for keeping your home safe, but following these tips may give…
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Making the Most of a Mortgage Calculator
Read more: Making the Most of a Mortgage CalculatorA mortgage calculator can be very helpful when you’re deciding how to approach the financial side of buying a home. It can give you a ballpark figure of what your monthly mortgage payment may be so you can estimate expenses. It can also help you decide if you might prefer a fixed-rate or an adjustable-rate…
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5 Mortgage Myths Debunked
Read more: 5 Mortgage Myths DebunkedYou’ve probably heard your share of mortgage legends over the years. It can be hard to know what’s fact and what’s fiction. When you’re in the market for a new home, there’s no better time to learn the truth. We’ve uncovered five myths that have made their way into mainstream homebuying. Myth #1: You must…