The spring homebuying season is kicking in! See how much income you'll need to afford a median-priced home in any of the 50 largest metro areas.
Costs and fees can vary depending upon mortgage lender policies and certain of the choices you make when you get your loan. For planning purposes, you should figure on 2% to 4% of the loan amount as a working figure, but total out-of-pocket expenses for funding escrow accounts and buying needed insurance policies can push that figure higher. If you're refinancing, you can finance those costs in a couple of different ways.
Capital gains taxes as they apply to your principal residence can be found in IRS Publication 523.
Read MoreThe owner of the loan is most often the "investor" -- the entity who put up the actual funds to make your mortgage happen.
Read MoreCredit life insurance is sold to homeowners as a means to pay off the mortgage in the event of the death of the homeowner.
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