31 Aug 2023
By RESCO Realty

What Are The Pros And Cons Of ‘No-Deposit’ Mortgage Deals For First-Time Buyers?

Real Estate, ,
"No-deposit" mortgage deals for first-time buyers refer to mortgage options that allow buyers to purchase a home without having to put down a deposit or a down payment. Here are the pros and cons of such deals: Pros: Lower upfront costs: The most significant advantage of a no-deposit mortgage is that it eliminates the need for a substantial upfront deposit. This can be beneficial for first-time buyers who may struggle to save a large sum of money for a deposit. It allows them to enter the property market sooner. Increased affordability: With a no-deposit mortgage, first-time buyers can purchase a…
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30 Aug 2023
By RESCO Realty

Reasons You Need an Insurance Binder and How to Get One

Real Estate, ,
An insurance binder for mortgage loans is a document that provides proof of insurance coverage for a property that is being financed with a mortgage loan. Mortgage lenders require borrowers to have insurance coverage on their property to protect their investment in case of damage or loss. When a borrower applies for a mortgage loan, the lender typically requires proof of insurance coverage before they will approve the loan. An insurance binder is a document issued by the insurance company that provides temporary proof of insurance coverage until the official insurance policy is issued. The insurance binder for mortgage loans…
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21 Aug 2023
By RESCO Realty

Will Buying A New Car Impact The Ability To Buy A New Home?

Real Estate, ,
Making major life decisions often involves a delicate balancing act. Among the most significant choices individuals face are buying a new car and purchasing a new home. Both ventures represent milestones in one's life, bringing excitement and anticipation. However, there is a complex interplay between these two financial endeavors that can significantly impact a person's ability to achieve their dream of owning a new home.  Here are some factors to consider: Debt-to-income ratio: When you apply for a home loan, your lender will consider your debt-to-income ratio (DTI) to determine whether you qualify for a mortgage. Your DTI is the…
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