It’s a new year and a new chance for many people to become homeowners. There are several mortgage products that are designed for first-time buyers; the FHA loan is especially helpful. Here’s what you need to know about them and the changes that have been made for this year.
Buying a home is a major financial purchase. In fact, it is often the largest investment many people will make over the course of their lives. So, no pressure, right? The fact that it is a weighty decision with real consequences can cause a lot of anxiety for many potential homebuyers, sometimes even paralyzing them from pulling the trigger on a home purchase. If you worry about the size of your down payment, and what happens if you can’t make your mortgage payments, you are among the millions who face the same fears every year. While buying a house can be daunting, it can also be smart and rewarding. Here are some tips for helping to get past those first-time home buyer anxieties and to feel like you are truly ready to jump into the market.
Read MoreWhen you buy a home or refinance, your lender will talk about setting up an “escrow” account. They may also refer to the charges in that account at “impounds.” If you are new to mortgage loans, you may not understand what these terms mean. And even if you’ve been around the mortgage block a few times, you may wonder if you’d be better off handling the impounds yourself.
Read MoreAs a first-time home buyer, you will hear lots of words that you may not be familiar with. Just like every industry, the real estate market has its own lingo, and it can be confusing for newbies. Here is a list of the most common mortgage jargon to help you navigate the home loan process.
Read MoreWhile there are plenty of homebuying pitfalls, here are the top 6. But, with the help of real estate and mortgage professionals and a little of your own homework, you can avoid the major mistakes and make a successful home purchase.
Read MoreHome prices have been on the rise for a while now and news stories abound with first-time homeowners being priced out of the market. As breaking into the housing market seems daunting today, some people may ask themselves if reaching for the goal of homeownership is truly worth it. The answer is yes! And here are the top 6 reasons why…
Read MoreWhen buying a home, there are several factors that affect how much mortgage you can afford. Two of the most important are the property prices and current mortgage interest rates. Is it better to search for the absolute lowest rate or is it more helpful to choose a less-expensive home? Here’s how the two factors are related and how to make the right choice.
Read MoreOnce you get serious about buying a home or refinancing your current mortgage, you will probably hear the term “loan-to-value ratio” mentioned by your lender. What is this ratio and how does it affect your mortgage?
Read MoreThe federal government has aimed to help increase homeownership for decades. One of the Federal Housing Administration’s many programs to help Americans in their homeownership dreams is the Energy Efficient Mortgage program (EEM). Many homes, especially older ones, could be much more affordable if they were updated to be more energy efficient. The EEM allows borrows to make those updates and save money as new homeowners.
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