Helpful Home Buying and Home Loan Articles
Buying a Home
The Costs of Homeownership
(Read
full article)
First-time home buyers tend to focus their attention on
their monthly mortgage payments and the other costs associated
with buying a home. But owning a home entails new expenses
as well. Here are some of the items that belong in a typical
household budget:
Buying a New Home
(Read
full article)
Buying a newly built home from a developer can give you
the best of both worlds: You get to have your very own
custom-built dream home without the potential headaches
involved in contracting a house from scratch. Houses in
new developments can bring their own set of problems,
however. Here’s what you need to know before you
shop for new construction.
Home Buying Mistakes
(Read
full article)
There are some common errors people make when buying a
home. Be aware of the following home buying mistakes so
that you can avoid them yourself.
Fees and Costs of
a Home Sale (Read
full article)
Many home buyers and sellers are mystified by the long
list of expenses associated with buying or selling a home.
Items like title insurance, recording fees and doc stamps
may be especially unfamiliar to first-time buyers.
Mortgages
Low-Credit Score
Loans (Read
full article)
A mortgage is a major expense. But it can be even more
costly when your credit score is less than perfect as
you may end up being charged a higher interest rate for
a subprime mortgage.
Credit Score Needed
for a Mortgage (Read
full article)
You may still get a mortgage with a score as low as 500.
In fact, some lenders specialize in loans to borrowers
with low scores. However, the lender will likely ask you
to produce extra documents such as bank statements and
W2s to support your application, and you may have to pay
a higher interest rate. Also, Fannie Mae offers special
Expanded Approval mortgages and Freddie Mac offers A-minus
mortgages to those with lower credit scores.
Mortgages: It's NOT
All About the Monthly Payment (Read
full article)
No one wants to make too-high monthly mortgage payments.
But becoming so mesmerized by a low payment that you ignore
the other aspects of a new home loan can be a costly mistake.
That's because a home loan isn't just a payment; rather,
it's a package of benefits and obligations that could
be yours for a very long time.
What is PITI?
(Read
full article)
Principal: This is the actual amount of your loan. A portion
of the principal is usually paid off with each mortgage
payment thereby gradually reducing the outstanding balance
you owe and increasing your home equity (the portion of
the home you own). The principal component of each payment
is typically very small in the first few months, but increases
during the life of the mortgage as the mortgage balance
drops. Some types of loans do not have principal payments,
including interest-only mortgage, which does not include
any principal repayment in the monthly calculation.
Top 8 Things to Know
About a Mortgage (Read
full article)
Deciding what type of home loan is best for your needs
is an integral part of the home-buying process. But it’s
not always easy. Here are the most important factors you
should compare when shopping for a mortgage.
Mortgage Refinance
Mortgage Refinancing
Basics (Read
full article)
Your mortgage may have a 30-year term, but not many homeowners
stay with the same loan for that long. In fact, the average
American refinances his or her mortgage every four years,
according to the Mortgage Bankers Association. That’s
because paying off your present mortgage and taking out
a new one can mean big savings over several years. However,
mortgage refinancing comes with a price in the short term,
so it’s important to consider both the costs and
benefits before making your decision.
12 Questions to Help
You Pick a Loan Officer (Read
full article)
A savvy loan officer can make a huge difference in your
loan-shopping experience, regardless of whether you want
to buy a home, start a remodeling project or refinance
an existing mortgage. Here are a dozen questions you can
ask to get the conversation started.
How to Lower Your
Mortgage Payment (Read
full article)
If your financial circumstances have changed or you need
to free up money for other purposes, you may want to consider
refinancing your mortgage to lower your monthly payment.
Of course, it’s important to weigh both the benefits
and the risks.
Cash-Out Mortgage
Refinancing (Read
full article)
Your house is a potentially large source of ready money
if you are willing to sacrifice some of your equity in
return for liquidity. Cash-out mortgage refinancing is
one way to access this cash.
How to Lower Your
Interest Rate (Read
full article)
Advertisements for home loans are packed with eye-catching
interest rates that oftentimes seem to be too low to be
true. And in fact, those rock-bottom rates aren't available
to most borrowers.
First Time Home Buyers
First-Time Homebuyer
Programs (Read
full article)
If you’re a first-time homebuyer struggling to come
up with enough to make a down payment on a home, you should
be aware of the following:
