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Home Purchase Articles

Buying a Home - Things to Consider
Buying a home is likely to be the largest, most significant purchase of your life. While it is part of the "American dream," it can be equally as stressful as it is exciting for many homebuyers. Securing the right home mortgage loan involves the consideration of many...
Mortgage Application Checklist
In today's volatile underwriting world, lenders will require many documents from you to feel comfortable approving you for a home loan. Below is a list of standard documents that are required for just about everyone.. However, every situation is unique and you may be...
How to Choose a Realtor
Interviewing several potential real estate agents is key for finding the right one for you. Good agents are often just as selective when choosing their clients, since their reputation in the industry is what garners much of their business. They want to serve you to the best of...
Making the Decision to Buy a Home
Becoming a homeowner has without question been glamorized as the American dream. To make reality of this dream, you will endure risk, sacrifice and commitment. Keep your head up, only through risk will you receive the most reward. Before making this life changing decision, let...
5 Ways to Qualify for a Mortgage as a Young Adult
In our economic climate, home loans can be difficult to obtain for young adults. For recent college grads and other young adults looking to own a home, the mortgage approval and financing process can be complicated and confusing. . However, with some knowledge and some...
Home Sales Tax Break: Making the Most of Home Sale Profits
According to economic statistics, home prices have begun to rise slightly this year. In particular, 84 of the top 100 markets have seen an annual home value increase of 3.3%. While not a drastic rise in prices, this increase provides some relief for the troubled housing market...
7 Tips for Selling Your Home in a Down Market
It’s always been challenging to sell your home and recently it’s become even harder. Even after trying the latest ways to improve your home’s appeal, there are always more ways to make your property standout to home buyers.. We have spoken with many real...
Making the Decision to Buy a Home
Becoming a homeowner has without question been glamorized as the American dream. To make the dream a reality, you will endure risk, sacrifice and commitment. Keep your head up - only through risk will you receive the most reward. We will help you make this life-changing...
What is a Conventional Loan?
The term conventional loan describes any mortgage loan that is not guaranteed or insured by the Federal Government. These loans typically follow the loan limits and guidelines set forth by the Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac, in which...
USDA Loan Requirements
The USDA loan program, also referred to as the Rural Development loan, or Rural Housing Loan, is a unique loan product offered by the United States Department of Agriculture (USDA), targeting residents and prospective residents of rural communities. USDA loans provide...
Buy a House After Short Sale
Following a short sale, borrowers may find it challenging to obtain mortgage loans. With a significantly lower credit score, borrowers who qualify for a mortgage loan will probably not be able to secure the most advantageous rates or acquire their optimal loan type.. In some...
What are Closing Costs?
The term closing costs generally refers to all the costs associated with closing a home purchase or refinance. A more accurate term to reflect these costs is settlement costs. Settlement costs include 4 categories: lender fees, third party fees, prepaid items and...
What is an FHA Loan?
An FHA loan is insured by the Federal Housing Administration. Since FHA guarantees to pay the balance in the event of a loan default, rather than the lender having to write it off, FHA loans are open to people with little to no credit history, poor credit history or to those...
Factors That Influence Mortgage Interest Rates
Mortgage rate values are determined by a host of different factors including the economy, stock and bond markets and the borrower financial standing. The most important bond to watch is Mortgage Backed Securities (MBS) (which are heavily determined by 10-year treasury...
Buying a Condo ? Consider These Tips
Purchasing a condo can be very much different from purchasing a single family home. One of the most important criteria for deciding whether or not to go with this option is know the monthly maintenance (HOA) fee.  Many buyers are priced out of range due to the high fees that...
Who Pays Closing Costs? Buyers or Sellers?
When you buy a home, there's more that comes out of your pocket than just the down payment. Closing costs make up a large chunk of the money you'll have to put out to purchase a house. They can include origination fees, appraisal fees, title policies, recording fees,...
Definition of an Adjustable Rate Mortgage (ARM)
An Adjustable Rate Mortgage is a type of loan where the initial mortgage rate remains fixed for a time --typically 3, 5, or 7 years. After this period, the rate begins to shift up or down depending on changes in the mortgage marketplace. . ARM rates are bound to an...
FHA Inspection Checklist
Qualifying for an FHA loan for your new home must first satisfy a strict FHA inspection, including criteria for health, safety, and security. These inspections are a supplement to the FHA-approved appraisal. . Use this FHA Inspection Checklist to familiarize yourself...
What Is a Co-Borrower ?
Following the housing market collapse at the end of the last decade, you may have found it increasingly difficult to acquire home mortgage loans, partly due to stricter lender criteria regarding borrower income, assets, and other factors. . As a result, you may choose...
Conventional Loan Requirements
A conventional loan is a loan that is not back by the government. A conventional conforming loan, on the other hand, is a loan backed by the government. These government-backed loans are commonly known as Fannie Mae or Freddie Mac.. While both types of conventional home...
What is an Interest-Only Mortgage?
With an interest-only mortgage, the borrower takes out a 30-year mortgage, electing to pay interest only for a set period of time, such as 3, 5, 7 or 10 years. After the end of the interest-only period, the monthly payments readjust to include the principal, and the loan is...
Which Closing Costs Are Negotiable?
For home buyers securing a mortgage loan, closing costs can represent a significant expense, especially combined with the price of a down payment. As such, borrowers must save up a sum of money before a home purchase to cover these expenses.  However, with some sound...
Buying a Home after Bankruptcy
In the face of bankruptcy, buying a home may seem like an impossible endeavor. Many people believe that low credit scores prevent them from ever qualifying for a mortgage loan in the future. Although buying a home after bankruptcy is not without challenges, qualifying for a...
Qualifying for a Mortgage when Self-Employed
Due to heavier regulations steering the lending industry, the self employed and others without typical, W-2 incomes could find themselves having a hard time getting a home loan.. Simply because of the varied income from year to year, high business expenses and the lack of a...
5 Common Mortgage Approval Blunders
Unless you plan to purchase your home with cash, it’s likely that you will need to secure a mortgage loan. Depending on your financial situation, the process of receiving a mortgage loan can be painless, or it can be a drawn-out and difficult process. Pay close attention...
Advantages of a Larger Down Payment
When moving forward with a home purchase, the most costly consideration for borrowers is how much to put forward as a down payment. Many borrowers attempt to secure loans with minimal down payment requirements, but paying more money up front can have numerous advantages.. Pay...
Advantages of an FHA Loan
As a result of the recent housing market decline, the Federal Housing Administration (FHA) loan financing program has exploded in popularity, becoming one of the most popular loan choices available. With so many advantages to the FHA program coupled with conventional...
How to Tour an Open House Like a Pro
If you are new to the uber-competitive spring home buying market, there are several trade secrets that can exponentially improve your chances of finding a home you love that fits your price range.. Nobody said buying a home was going to be easy. For first time buyers, the process...
How to Buy a Home in the Spring Season
With the approach of spring comes the annual spring buying season, when home buyers flock to desirable neighborhoods and sellers experience the added benefits of a competitive market. With 2013 housing inventory continuously shrinking, sales are expected to be unusually...
VA Hybrid ARM (Adjustable Mortgage)
The VA Hybrid ARM loan, combines the qualities of both fixed and adjustable rate mortgages. Essentially, the mortgage begins as a fixed rate mortgage for the first 3, 5, 7, or 10 years with interest rates locked into place. Following this period, the mortgage becomes an...
Finding the Best VA Lender
When a borrower is thinking about taking out a VA home loan, one of the most important pieces of the puzzle is selecting the right lender with whom he or she will be taking out the loan.  A home purchase is easily one of the biggest purchases a borrower can make, as a result, the...
USDA Guidelines Updated 2013
USDA loans, just like FHA and VA loans are insured by the federal government, specifically the United States Department of Agriculture (USDA). Also known as rural development loans or Section 502 loans, the full name of the USDA loan program is the USDA Rural...
Know Your Home Buyer and Borrower Rights
If you're planning a home purchase and you've never bought a home before or owned real estate of any form, you may be unaware of the rights you have as a home buyer and a borrower.  The real estate and mortgage industries are at least partially regulated by...
What is an Option ARM Loan?
This loan program is an adjustable-rate mortgage with added flexibility of making one of several possible payments on your mortgage every month, in order to better manage your monthly cash flow. Its low introductory start rate allows you to make very low initial...
Top 10 Myths About Mortgages
Experienced and first-time home buyers often make the same mistakes when selecting a mortgage loan. Fail proof your mortgage application process by reviewing this list of the Top 10 Myths about Mortgages:. 1. Always select the loan package with the lowest interest rate.It...
8 Expenses to Expect When You Purchase Your Home
If you're a first time home buyer, you may not know what to expect when starting the home purchase process.  You may know that it's generally a better financial move to buy a home than rent one.  You may have decided you need additional space.  You may be...
Considerations for Building a Home
Project Future ProblemsWhen deciding on a lot or neighborhood, homebuyers should be future-minded to rule out any possible deterrents to home buying. For example, even though the home has not yet been built, homebuyers should sit down with builders to make sure that...
4 Ways HomePath Mortgage Helps Todays Home Buyers
Home buyers in today’s housing market are scared. News reports touting doom and gloom with stories like “Home buyers need 20% down payments” and “Interest rates are rising” are adding to their anxiety. Fortunately, it’s not as bad as...
5 Ways to Get the Money for Your Down Payment
If you’re a first time home buyer, you likely don’t have access to any established equity to fund the down payment on your new home.  There are ways around this obstacle, however.. 1.  Adjust your budget and save. “Adjust” is a tame word...
Getting A Home: Your Guide To Common Questions
Mortgage rates are sitting near all-time lows, with 30-year, fixed mortgage rates falling steadily. And while they're likely to increase, rates should remain attractive throughout 2012, experts say.. So, perhaps one morning you wake up and realize that buying a...
Get a Mortgage with Bad Credit
The American Dream is still alive for many people, but with a huge downfall in the economy, bad credit has become a normal issue for people looking to purchase a home or refinance their mortgage.  If you are worried that bad credit will prevent you from being approved for...
First Time Home Buyer Loans
When searching for a first time home buyer loan, you may be confused and filled with doubt or intimidation.  This is normal.  We understand.  Purchasing a home is a major financial decision, and it’s good that you’re not taking it lightly. It...
Social Benefits of Homeownership
. Owning a home does not necessarily make anyone a better or happier person. However, recent research from the National Association of Realtors (NAR) shows notable correlations between social characteristics and owning a home that may point to the kind of stability...
FHA Home Loans
FHA Loan AdvantagesMinimum down payment is 3.5% (escrow required).. Minimum credit score is 580.. No penalties for pre-payment of the loan.. Closing costs may be covered in the loan repayment.. Low interest rates are available, similar to conventional.. Short waiting period to...
Infographic: Your Road to Homeownership
#1: Find a Lender.. Before you start the whole process of buying a home, you're going to need to find a reputable lender who will give you the home loan that will let you buy your home.  Make sure to do your research and compare at least two or three lenders to see how they...
Infographic: Mortgages and the Gender Gap
This infographic examines the differences in mortgage and home buying practices between men and women. Women and men not only buy for different reasons, but they focus on different issues during the mortgage loan process. Check out this infographic to find out the stats..
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