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15 vs 30 Year Loan
A 15-year loan is usually made at a lower interest rate. Equity is built faster because early payments pay more principal. In ... |
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203(b) Loan
This is the most commonly used FHA program. It offers a low down payment, flexible qualifying guidelines, limited lender's ... |
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203(k) Loan
This is a loan that enables the homebuyer to finance both the purchase and rehabilitation of a home through a single mortgage. ... |
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Adjustable Rate Mortgages
Payments increase or decrease on a regular schedule with changes in interest rates; increases subject to limits. Types: ... |
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Application Timeline
It usually takes a lender between 1-6 weeks to complete the evaluation of your application. It's not unusual for the lender to ... |
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As Is Homes
A home for sale "as is" often means repairs will be necessary. Don't write these properties off, the work may not be as bad as ... |
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Back-Up Offer
If you're bid for a house comes in second, be sure to make a backup offer. This puts you next in line if the first offer falls ... |
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Begin the Buying Process
Start by thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment? ... |
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Buyer Responsibilities
To ensure you won't fall victim to loan fraud, be sure to follow all of these steps as you apply for a loan: Be sure to read ... |
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Buying Compromises
If you find that today's home prices require you to make compromises (as is probably the case for most first-time buyers) look ... |
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Buying Issues
Always check to see if the house is in a low-lying area, in a high-risk area for natural disasters (like earthquakes, ... |
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Buying Plans
Have a time frame in mind when you buy a home, and let it guide your purchase. If you plan to start (or expand) a family in ... |
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Buying vs Renting
The two don't really compare at all. The one advantage of renting is being generally free of most maintenance ... |
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Choosing a Lender
Choose your lender carefully. Look for financial stability and a reputation for customer satisfaction. Be sure to choose a ... |
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Choosing a Loan Program
Your personal situation will determine the best kind of loan for you. By asking yourself a few questions, you can help narrow ... |
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Closing Costs
Closing costs are the fees for services, taxes or special interest charges that surround the purchase of a home. They include ... |
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Closing Costs
There may be closing costs customary or unique to a certain locality, but closing costs are usually made up of the following: ... |
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Closing Day Events
You'll present your paid homeowner's insurance policy or a binder and receipt showing that the premium has been paid. The ... |
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Closing Documents
You should receive the following documentation at closing: Settlement Statement, HUD-1 Form (itemizes services provided and ... |
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Community Resources
Contact the local chamber of commerce for promotional literature or talk to your real estate agent about welcome kits, maps, ... |
