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A home of your own means a lot. Wherever you are on your homeownership journey, we're here to help you every step of the way.
A cash-out refinance could help you tap into the home equity you've built up, to pay for home improvements or other goals.
Once you own your home, you may be able to use its value to free up money to make improvements, if needed. It may also help you at tax time.
It’s not just about the products, it’s about people, too. Learn about different types of mortgages and the professionals who can help you throughout the homebuying process.
Finding the mortgage and lender to fit your unique needs and preferences.
Buying your first home is a big deal. Between comparing neighborhoods and reviewing real estate listings, make sure you understand the basics of home financing — from mortgage rates to fees and costs. You can think about how you might pay for a down payment. You can also get prequalified — provide some basic information to get an idea of your home price range.
To buy or to rent, that’s the question. Buying a home potentially has long-term benefits. These include possibly seeing it increase in value over time, which could give you a sizeable return on your investment if you decide to sell it in the future. But unlike renting a home, buying means you’re responsible for maintenance and repair expenses instead of the landlord. And that means it’s important to understand, and budget for those costs. Buying a home may mean more costs than renting a home, but buying a home gives you the potential to build equity in the home and then sell it when you’re ready to move.
Estimate your monthly payments, closing costs, APR and mortgage interest rate today.
Explore how much you may be able to borrow with our home affordability calculator.
Homeowners insurance covers specific aspects of your property, as well as the belongings you keep in your home. It also may help protect you financially if a person is injured on your property.
Private mortgage insurance, which you may be required to get depending on the type of mortgage you get or your down payment amount, is designed to reimburse your mortgage lender if you stop making payments on the home. Both of these items may be rolled into your monthly mortgage payment so you don’t have to worry about making separate payments for them.
You’ll likely pay directly for utilities including water, sewer, and electricity, plus any fuel for heating systems.
Many landlords cover at least some utilities costs, such as water and sewer. The information on your specific rental should be detailed in the lease. The percentage of the overall utility bill that goes toward heating a home on average is 42%, making it the most expensive system in a home.
For a single-family home, you’re responsible for maintenance expenses, such as fixing a leaky roof or replacing a faulty HVAC system. Condos and townhouses have some maintenance covered with homeowners association dues. Your landlord should cover significant repairs and upkeep of the structure.
One rule of thumb is to set aside between 1% and 4% of the home’s purchase price each year for repair and upkeep costs.
You’ll pay property taxes based on the appraised value of your home. These may be part of your monthly mortgage payment if you have escrow, which is when you pay a certain amount each month to your mortgage company and then they hold onto that money and use it to pay your homeowners insurance and property taxes.
You’ll pay no property tax directly. But the costs of property taxes are included within the overall cost of rent. Renters aren’t eligible to claim a tax deduction for the property taxes they pay as part of their rent.
One referrals are eligible for lender credits of up to $1,500 for mortgages and refinancing
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