You know you want to buy a house, but you have no idea what type of mortgage will suit you. There may even be more loan programs than you realized. Keep reading this guide to learn which programs are available and what you have to do to qualify for them.Get Matched with a Lender, Click Here. Conventional Loans are the Most Common When you think of a mortgage, you likely think of conventional loans. You may know them as Fannie Mae or conforming loans too. In order to qualify for this loan, … [Read more...]
Should you Rent or Buy a Home?
It’s a big debate when you decide you are ready to get your own home. Do you rent or do you buy? Both sides have advantages and disadvantages.Compare Offers from Several Mortgage Lenders.The best way to tell is to gauge your situation. Below we provide you with questions to ask yourself to help you determine which option is best for you. How Long Will You Stay? Where are you at in life? Are you in a career that will keep you where you are for a long time or have you not quite decided … [Read more...]
Can Seller Concessions be Used for a Down Payment?
Many loans that are available today allow for seller concessions. This is money the seller contributes to your purchase to help you with things like closing costs or even prepaid interest.Get Matched with a Lender, Click Here.One area a seller cannot help any buyer, though, is the down payment. Lenders consider the seller an interested party. If the seller were able to help a buyer with their down payment, it would be like coercing the buyer to buy this particular home.What can … [Read more...]
Can Closing Costs be Included in a Home Loan?
If you haven’t thought about closing costs on your mortgage loan, you might be in for an unpleasant surprise. Closing costs can cost as much as 3% to 5% of your loan amount. On a $200,000 loan, that means $6,000 to $10,000. This is in addition to the money you put down on the home.Get Matched with a Lender, Click Here.What if you can’t afford the closing costs? Can you wrap them into your home loan?The answer is that it depends. The lender must approve it and the parameters of the … [Read more...]
Can you Get a 100% Mortgage?
Does the lack of a down payment keep you from securing a mortgage? You aren’t alone. The down payment keeps many people from buying a home. What if you were able to secure a 100% mortgage, though? Would it change your mind?Get Matched with a Lender, Click Here.Some people will be lucky enough to obtain a 100% mortgage through either the USDA or VA. Keep reading to see if you may be eligible. The USDA Loan The USDA loan is a rural mortgage program meant for low to moderate-income … [Read more...]
Who is Considered to be a First-Time Homebuyer?
You hear of loan programs where you have to be a first-time homebuyer to qualify. Just what makes up a first-time homebuyer? How do you know if you qualify for the program?Get Matched with a Lender, Click Here. Typical First-Time Homebuyers Your typical and most obvious type of first-time homebuyers are those that have never owned their own home before. Whether you move from your mom and dad’s house or you rented an apartment prior to purchasing a home, it’s your first home, so you are a … [Read more...]
What Can You do if a Seller Rejects Your Purchase Offer?
It’s a scenario you never want to think about, but it happens all of the time, so you should prepare yourself. Sellers often reject purchase offers that they receive. Does this mean it’s the end of the road for you? Do you have to find another home?Get Matched with a Lender, Click Here.The answer truly depends on your situation. In some cases, it may make sense to just walk away from the home. In others, though, you may have some choices. Keep reading to find out what … [Read more...]
Tips for Finding Amazing Residential Real Estate Bargains
It’s no secret that real estate is expensive. It will likely be one of the largest investments you make in your lifetime. That doesn’t mean that you have to buy a home that is out of your price range or sacrifice features in order to get an affordable home, though. There are a few simple ways that you can find great deals on real estate in your area.Get Matched with a Lender, Click Here. Look for Properties on the Market for a Long Time Sellers expect to sell their home in a short amount … [Read more...]
How Much Does it Cost to Close on a House?
Buying a house means paying more than just the cost of the house. You’ll pay various fees to the mortgage lender, title company, appraiser, and other third parties. These fees are all in addition to the actual cost of the home.Get Matched with a Lender, Click Here.If you want a ballpark figure, it’s good to estimate between 2% and 5% of the home’s purchase price for closing costs. Estimating on the high-end will help you be the most prepared. While you can shop around for lenders and … [Read more...]
Down Payment Requirements for Rental Investment Homes
Are you ready to invest in real estate? Maybe you’ve already maxed out your retirement investments and are ready to move onto something bigger. Investing in homes can be a great way to build the wealth you desire. Before you do, though, you should know the down payment requirements for these types of loans. They differ because of the higher the risk lenders take offering you money on a home that you don’t live in as your own.Get Matched with a Lender, Click Here. What’s the Required Down … [Read more...]