One of the biggest challenges facing first-time homebuyers is coming up with that coveted down payment. Those fortunate enough to have parents willing and able to help out will have a big hand up.
Owning a home is part of the American Dream, yet standards on income, credit and debt are making it tougher to buy a home than it was 10 years ago. Even though requirements are relaxing, only three out of five borrowers get approved.
Confused about lending terminology? Don't be. Use this easy glossary to build your borrower's vocabulary.
Ever wonder how a lender decides the interest rate you qualify for when you apply for a home loan? Mortgage rates are partially a function of overall market levels, which are significantly affected by decisions of the Federal Reserve. If market rates are in the 5 percent range, for example, then most borrowers won’t get rates of 3 percent or 8 percent.
Title insurance protects the rights of owners and lenders against unexpected claims, liens, and encumbrances. Examples include unrecorded sales, old mortgages, unpaid lines of credit, tax liens or contractor’s liens.
Making the decision to buy a home is an exciting one. For many, homeownership is the key factor to achieving their American Dream.
If you’re a first-timer homebuyer, the whole process of closing on your mortgage may seem complex and perhaps even intimidating, but millions of homes go to settlement each year and there are a lot of people in place to help you.
Buying a home is an exciting venture, but as thrilling as it may be, as a first-time homebuyer you should take some crucial steps before and during the process if you plan to use a mortgage loan to purchase the home.
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