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A Friend In The Business
Being a multiple time home buyer myself and going through the process before I was a real estate agent. I understand the stress, unknown, and where the heck do you find the information or how do you ask questions if you don't know what to ask!?!?
As I was searching information to help out a client I came across a website called www.investopedia.com
It had such good information I just had to share!
Below are the links to the article I felt would be most helpful to home buyers. But feel free to check out Investopedia and other articles. There is way more than just Real Estate!
11 Mistakes First-Time Homebuyers Should Avoid
You're almost there and it's a huge relief. Before you entirely close the deal, use this checklist to make sure you haven't accidentally made a newbie move that could cost you serious money down the road. So many factors could contribute to your paying more than you need to for your mortgage. Our last section has all the details, point by point. Read More
Your credit score, the number that lenders use to estimate the risk of extending you credit or lending you money, is a key factor in determining whether you will be approved for a mortgage. The score isn’t a fixed number but fluctuates periodically in response to changes in your credit activity (for example, if you open a new credit card account). What number is good enough, and how do scores influence the interest rate you are offered? Read on to find out.
A conventional mortgage or conventional loan is any type of home buyer’s loan that is not offered or secured by a government entity, such as the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA) or the USDA Rural Housing Service, but instead is available through or guaranteed by a private lender (banks, credit unions, mortgage companies) or the two government-sponsored enterprises, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
Are you interested in buying a fixer-upper, but don't have the cash to remodel it? Or maybe you have saved money for remodeling, and you've found a house you love, but your lender won't allow you to buy it because the house isn't considered habitable without toilets. There are always properties on the market that weren't maintained by cash-strapped former owners, were treated poorly by renters or were deliberately trashed by formers owners who were foreclosed on. Shouldn't there be a way for someone like you to fix up these neighborhood eyesores and bring them back to life?
Homebuyers intending to finance a home purchase with a Federal Housing Administration (FHA) loan sometimes receive a nasty surprise: They won't be allowed to purchase a particular property because it doesn't meet FHA requirements. Why do these requirements exist, what are they, and can they be remedied so buyers can purchase the homes they want?
It’s a myth that you need to put down 20% of a home’s purchase price to get a mortgage. Lenders offer numerous loan programs with lower down payment requirements to fit a variety of budgets and buyer needs. If you go this route, though, expect to pay for private mortgage insurance, or PMI. This added expense can drive up the cost of your monthly mortgage payments and, overall, makes your loan more expensive. However, it’s almost unavoidable if you don’t have a 20% or more down payment saved up.
When you're paying closing costs, you'll have reached the stage where you've almost got your mortgage. Be sure you carefully study the fine print before you sign any mortgage deal – two loans that look similar can have very different end costs because of these fees. Here's the information you need to prepare for the true closing costs, plus strategies to reduce them
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