Key takeaways Your down payment is not included in your closing costs; they’re two separate expenses you pay during the homebuying process. The down payment goes toward your home’s purchase price and helps build equity from the very beginning. Closing costs cover all the fees and services needed to finalize the sale, such as the appraisal, title insurance, and lender fees. You’ll typically pay...
Buying a home is rarely just about the purchase price. Behind the scenes, dozens of smaller numbers (think loan fees, taxes, insurance, and escrow deposits) add up to one of the most important figures in the transaction: your cash to close. It’s the lump sum you’ll need to bring to the closing table to finalize your home purchase. Many buyers assume it’s the same as the down payment, but it’s...
If you’re planning to flip a house – buy a property, renovate it, and sell it for a profit – understanding your financing options is essential. In this Redfin article, we’ll break down the most common types of loans for flipping houses, how to qualify, and what to watch out for when borrowing. Whether you’re renovating a home in Detroit, MI, or transforming a fixer-upper in San Antonio, TX, this...
Buying a home with a VA loan can be one of the most affordable paths to homeownership for eligible service members, veterans, and surviving spouses. But what if you’re eyeing a foreclosed property? Can you use your VA benefits for that? In this Redfin article, we’ll break down everything you need to know about using a VA loan to buy a foreclosure, including how it works, what to watch for, and key...
If you’ve built up equity in your home, you might be wondering how to tap into it without selling. A cash-out refinance lets you do just that by replacing your existing mortgage with a new, larger one and taking the difference in cash. In this Redfin article, we’ll explain what a cash-out refinance is, how it works, its pros and cons, and when it might make sense for you. Whether you’re renovating...
There’s nothing quite like the thrill of getting the keys to your new home and imagining how you’ll furnish it. The perfect sofa, a dining table for hosting, maybe new bedroom furniture to match the space. But that excitement can fade fast when you realize your dream sofa is on back order for 12 to 18 weeks. Between shipping delays, limited inventory, and long lead times, it’s hard to feel...
Key takeaways: Most agents only get paid when a sale closes: If no home is bought or sold, you typically owe nothing. Your contract is key: Certain clauses can require payment if you back out after an accepted offer. New NAR rules add transparency: Agents must disclose fees upfront, so you’ll know exactly when commissions apply. You’ve spent weeks working with a real estate agent to find your next...
Key takeaways Most homeowners should have enough homeowners’ insurance to cover the full replacement cost of their home. Policies should include dwelling, personal property, liability, and additional living expenses coverage. Tools like insurance calculators and professional appraisals help estimate how much homeowner’s insurance you really need. Review your coverage limits each year, especially after...
In the competitive world of real estate, effective marketing is crucial for success. For realtors looking to stand out and attract more clients, a strategic approach to marketing can make all the difference. This Redfin real estate article explores key marketing tips for realtors to help realtors enhance their visibility and engage potential buyers and sellers while they sell a home in Evanston or...
Quick answer: The due diligence period is the time between an accepted offer and closing, when a buyer investigates the property, schedules inspections, reviews disclosures, and ensures it meets expectations before finalizing the purchase. You put an offer on a home and it’s been accepted, now the due diligence period begins. In real estate, the due diligence period is the time between an...
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