Earnest money is a good-faith deposit buyers make when submitting an offer on a home. It’s designed to show the seller they’re serious about the purchase and typically ranges from 1% to 3% of the purchase price. The money is held in escrow and is typically applied towards the buyer’s closing costs or down payment.

The short answer Most buyers will need to earn between $50,000 and $65,000 per year to afford a $200,000 home. This assumes average interest rates, a standard loan term, and a modest down payment. However, your exact income needs will vary depending on your debt, credit score, and where you’re buying. If you’re thinking about

When you’re house hunting, getting pre-approved for a mortgage is an essential first step. But how long does that pre-approval actually last? Whether you’re browsing homes for sale in Austin, TX or planning to make an offer on a home in Seattle, WA, knowing the timeline for a pre-approval can help you plan your next

Does staging help sell a house? Yes, most of the time, it does. While it won’t magically raise your home’s value, strategic staging can make your space more appealing to buyers, helping it sell faster and potentially a higher sale price. Whether you’re staging your home in Shreveport, LA or Abilene, TX, the impact can

Key takeaways:  You can legally submit offers on multiple homes Once an offer is accepted, it becomes a legally binding contract Use offer contingencies and time your submissions Submitting multiple offers can be a helpful strategy in competitive markets  Yes, you can put in offers on multiple houses, but it’s important to understand how this

Buying a home comes with a lot of responsibilities, including the risk of unexpected repairs that can quickly become expensive. That’s where a home warranty comes in—it’s a service contract that helps cover the cost to repair or replace major systems and appliances if they break down due to normal wear and tear. Whether you’re

The number of American houses worth $1 million is at an all-time high, as home prices continue to hit new records.  While million-dollar homes are out of reach for the vast majority of Americans, they are no longer just being bought and sold by the ultra-wealthy. In San Francisco, the median-priced home sells for more

Key takeaways Review the condo association’s finances and documents closely to ensure stability. Inspect the building and individual unit thoroughly for any maintenance issues. Understand the HOA rules and fees to ensure they align with your lifestyle. Buying a condo can be an exciting step toward homeownership, offering convenience and amenities. However, just as you

When you make an offer on a home, you’ll usually include earnest money – a deposit that shows the seller you’re a serious buyer. This good-faith payment, typically 1% to 3% of the purchase price, is held in escrow and applied to your down payment or closing costs if the sale goes through. That means

Paying upfront to lower your interest rate may help if you want lower payments or plan to stay in your home long-term. Buying a home is one of the biggest financial decisions you’ll make – and the interest rate you lock in can significantly affect your monthly payments and total cost over time. One way