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Affordability A measure of whether someone earns enough to qualify for a loan on a typical home based on the most recent price, income, and mortgage rate data. When home prices and mortgage rates are higher, it can impact affordability. Appraisal A report highlighting the estimated value of the property completed by a qualified third party. Lenders rely on appraisals to validate a home's value and ensure they're not lending more than the home is worth. Closing Costs The fees required to complete the real estate transaction. Paid at closing. Ask your lender for a complete list ,of closing cost items, including points, taxes, title insurance, and more. Credit Score A number ranging from 300-850 that's based on an analysis of your credit history. This helps lenders determine the likelihood you'll repay future debts. Down Payment Down payments are typically 3.5-20% of the purchase price of the home. Some 0% down programs are also available. Ask your len...

You've finally found your dream home. It's perfect - spacious, sunlit, and beautiful. The home is close to everything you enjoy, and far away from everything you don't. You call your agent, you settle on a price, you make the offer. The seller replies... "No." Is there anything more disappointing? Just a moment ago you were excited and eager, anticipating your new life in your new home. But instead... "No." I'll be honest. Rejection happens. It's always disappointing, and frustrating, and a little demoralizing. And most of the time, it can be avoided. Here's how: Make a Strong Offer It's often wise to begin by making an offer below the seller's asking price. That's how negotiations work. They name a price, you name a lower price, and then somewhere in the middle you find a price that satisfies everyone. But if your price is  too  low, a savvy seller might decide you're unlikely to come up to a reasonable amount. This is where ...

If you're thinking about retirement or have already retired this year, it's a good time to consider if your current house is still a good fit for the next chapter in your life. Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about as you decide whether or not to sell and make a move. How Long You've Been in Your Home From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the  National Association of Realtors (NAR) , that number is rising today, meaning many homeowners are living in their houses even longer  (see graph below) : When you live in a home for a significant period of time, it's natural for you to experience a number of changes in your life while you're in that house. As those life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you. H...