Points, APRs, and Other Homebuyer Fees
WHAT ARE POINTS? Points are fees your lender charges, usually 1 or 2 percent of the total loan amount. It's important to factor in points when shopping for mortgages as a loan with a higher interest rate and no points could ultimately be cheaper than a lower interest rate with points. It’s also possible to negotiate that the seller pays points.
How To Get A Mortgage If You’re Not A US Citizen
If you were born outside the US and want to become a homeowner, here’s what challenges to expect and how to overcome them. Citizenship is not necessary to purchase property nor is it necessary to qualify for a home loan. However, getting a loan if you aren’t a “traditional borrower” can prove to be difficult. Here are a few difficulties you may face when trying to find a mortgage loan as an non-citizen, and what to do.