Embark on the exciting journey of home buying with confidence. Our articles cover everything from the basics of house hunting to the intricacies of mortgages, ensuring you’re well-prepared every step of the way.
Buying a house can be a stressful time, so it is important to be organized and understand what the credit requirements are up-front for the various mortgage programs in the United States in 2024. Read on to see what home financing programs are available and what the home loan minimum credit scores are set by… Read More »
Getting pre-approved for a mortgage is a crucial first step in home buying. Many potential first time home buyers make the mistake of running out to look at homes before getting pre-approved for a first time home buyer mortgage. This is understandable but is a mistake. A mortgage pre-approval is necessary for two reasons. First,… Read More »
First time buyers who put a contract on a house are doing something very exciting. It is your first home, and you are about to take part in the American dream! But as soon as you submit the contract, you should order a home inspection. A home inspection is essential to ensure that the home… Read More »
More and more renters are considering home-ownership. Banks and mortgage lending companies have announced new finance options for first time home buyers. In many instances, the guidelines have been loosened and the credit rules have been eased. This year appears to be a great year for consumers to stop renting and make the plunge to… Read More »
Working well with your mortgage loan officer is critical to your home ownership dreams. He or she is the one that can make your mortgage a reality or deny the application outright. So, it is essential to have good communication with your loan officer from the start and before you sign mortgage disclosures. But many… Read More »
Reduced documentation and stated income home loan programs almost disappeared after the last financial downturn. Too many people who had questionable income sources were not fully verified and vetted by mortgage loan companies, and many could not afford to pay their mortgage payments when interest rates increased almost a decade ago. After the mortgage meltdown,… Read More »
Owning a home can be a bit of a double-edged sword. Sure, it comes with a great sense of security and achievement. After all, you don’t have to pay rent or worry about getting in touch with a landlord before making updates and cosmetic changes. However, it also comes with one big drawback due to… Read More »
One of the biggest barriers to buying a home for many Americans is the down payment. But many first-time home buyers have misconceptions about the down payment that is required, as well as what credit scores are needed. According to the National Association of Realtors, 85% of first time buyers think they need 10% down… Read More »
Subprime loans were the bane of the last financial downturn. The Subprime mortgage product, which are home loans to people with bad credit mortgage, low down payments and little verifiable income, were partially responsible for the mass of mortgage defaults that left the US and world economy reeling in 2008. Most subprime lenders have transitioned… Read More »
There are many reasons to buy your own home and stop renting. But there are many factors to consider before deciding to make the plunge into home ownership. It worth considering this question carefully; one of the reasons for the last financial downturn was too many people had mortgage they could not afford. When millions… Read More »
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