22 Aug 2024
By RESCO Realty

Financing Home Improvements with Renovation Loans

Home Mortgage Tips, ,
Homeowners and buyers are always looking for ways to finance their home improvement projects. Renovation loans offer a fantastic solution, enabling you to upgrade and personalize your home while incorporating the cost into your mortgage. We will explore the different renovation loan options available, such as FHA 203(k) and Fannie Mae HomeStyle, to see how they can help you achieve your dream home. FHA 203(k) Loan The FHA 203(k) loan is a government-backed mortgage that allows you to finance the purchase of a home and its renovation costs with a single loan. This loan is ideal for buyers looking to…
Read More
21 Aug 2024
By RESCO Realty

Managing Your Debt During the Homebuying Process: A Guide for Homebuyers

Home Mortgage Tips, ,
Embarking on the journey to homeownership is an exciting milestone, but it also requires careful financial planning. One crucial aspect is managing your debt effectively. I want to ensure you have the tools and knowledge to navigate this process smoothly. Let's discuss some essential strategies for managing your debt while purchasing a home. Understand Your Debt-to-Income Ratio Firstly, it's essential to understand your debt-to-income (DTI) ratio. This ratio compares your monthly debt payments to your gross monthly income and is a critical factor lenders consider when approving a mortgage. A lower DTI ratio indicates you have a healthy balance between…
Read More
20 Aug 2024
By RESCO Realty

House Hacking Pros And Cons Explained

Homebuyer Tips, ,
Have you ever heard of house hacking? It’s a real estate strategy that allows you to live in a property while renting out part of it to generate income. This approach helps offset your living expenses and can even pave the way to financial independence. Here’s a breakdown of what house hacking entails, along with its benefits and drawbacks. What Is House Hacking? House hacking involves purchasing a property, living in one part of it, and renting out the other parts. The most common setup is buying a multi-family property (like a duplex or triplex) and renting out the other…
Read More