The housing market is hot right now, but buyers need to be careful not to make mistakes. Everyone likes getting a deal, but a seller's market is not the time to search for a great one. Another mistake right now relates to home inspections. Normally, buyers want sellers to accept an inspection contingency, but this may not be practical in a seller's market. It's also not a good time to go without a … [Read more...]

When you are looking to buy a home, it's a good idea to get a loan for it, but there are many people that you can see. It can be hard to find out who the right person to talk to is. When you start, you should look for the Broker because he will find the best deals for you. The Loan officer will provide all of the documents to the Lender, so they can give you the money. Key Takeaways: A … [Read more...]

There are many things that you should do before you start to own a home. It is highly advised that you make sure you are out of debt. See how the local job market it is if you are moving far away from where you were last living. Sometimes it might be easier to rent a place than to own it if you know that you won't be living there for the rest of your life. Key Takeaways: Check around the … [Read more...]

It is a good idea to start saving for a down payment as soon as possible, but it may be hard if you have a lot of bills. The first thing you should do is to get out of debt as fast as possible and try to minimize the use of a credit card. Another good alternative is to see if you can make some side money off of the hobbies that you enjoy the most. Key Takeaways: Try to see if the hobby … [Read more...]

During the mortgage application process, pre-qualifying comes before pre-approval. Pre-qualification uses data the borrower supplies to obtain a ballpark estimate on how much they can borrow. It's quick, but it isn’t a sure thing. Pre-approval is more definitive. The lender does a thorough credit and financial background check and can pre-approve a mortgage up to a specific dollar amount. In some … [Read more...]

Mortgage pre-qualification is a good first step on the road to homeownership, but pre-approval goes further. Pre-qualification is based on an informal evaluation of the borrower's finances. Pre-approval comes after a more thorough examination and results in an offer to lend a certain amount of money. A pre-approval letter is given to the borrower. To get home loan pre-approval, review your credit … [Read more...]

When you are buying a home there is something that needs to be taken care of as soon as possible. And that one thing is the closing cost. The closing costs usually consist of lender's fees, and third party fees. Some of the things that affect the direct cost would be something like your down payment, and your mortgage lender rates. Even the type of home loan will affect it. You current credit … [Read more...]

Buying a house can be pretty expensive, so it is necessary to consider both upfront and other costs associated with purchasing a new home. You first should consider the down payment and the closing costs. Ongoing homeowner expenses also apply. These include mortgage pay,ents, property taxes, homeowners insurance, mortgage insurance, and extra money set aside for repairs and utility costs. It is … [Read more...]

When you are looking for a home, it's much more than just finding the home and getting the loan. When you are looking, you need to make sure that you have all of your bases covered. There are many home affordability calculators that you can check. When you are looking at the expenses of the home, you need to make sure that you are planning for the long term speed bumps that you may come across. … [Read more...]

When you are looking to purchase a home, there are some things that you should really consider before you make the purchase. First, you must make sure you are ready to put down a sizable down payment for the home. Look at various interest rates for your loan. There are very many to choose from. There is a cost to closing a home, so make sure you pay that off immediately. And ask if there is any … [Read more...]