One of the best things you can do when deciding to buy a home is understand your options for a mortgage loan. As you will discover in this article, each loan type is very different since people have different factors that come into play. Once you understand what each loan is, you will have a much better chance of knowing the direction in which you need to go. * FHA – An FHA loan is insured, not funded, by the Federal Housing Administration or FHA. This organization is a division of the United States Department of Housing and Urban Development, … Continue reading →

As a part of buying a home, you have to come up with the down payment. This money is used when securing the loan, taking some of the risk off the lender. In addition, the down payment is deducted from the closing amount of the home. For instance, if you found a home for $150,000 and you were able to put 10% down, you would end up financing $135,000 plus any additional fees. However, the key with a down payment is that the more you can put down the less interest rate you will pay. For most homebuyers, the challenge … Continue reading →

As discussed in part one of ways for coming up with a down payment, if you are serious about buying a house, you have some great options to help you succeed. Typically, these options require dedication and sometimes, hard work but once you are settled into your new home, you will agree it was well worth it. For starters, you can accept a cash gift from a family member. In this case, tax laws permit this type of gift consisting of several thousand dollars each year without any type of fees for the person giving the gift or the person … Continue reading →

If you have your home on the market to sell, you have a number of options, which include having the buyer become approved through a qualified lender, or financing the buyer yourself. Sometimes, people want desperately to buy a home but due to poor credit or low down payment, they find it impossible. However, these challenges do not mean the people are bad buyers, just not in a good position. Although financing buyers is not for everyone, you might find yourself in the position to offer this option to a couple wanting to buy. When you offer financing options, you … Continue reading →

When it comes time to secure a home loan, you will be overwhelmed with so many choices. However, the three primary options include an Adjustable Rate Mortgage (ARM), a Fixed Rate Mortgage (FRM), and a Balloon loan. The key with any loan is to make sure you lock into a good interest rate and that you end up with a monthly payment you can afford. With your new home being a huge decision, it is important to take appropriate steps to ensure everything falls into place. For this reason, we wanted to provide you a summary of the three most … Continue reading →

Although using a roommate for buying a home is not a traditional approach, it is something considered more and more by single people wanting to own a home but who need some assistance with the month mortgage. In this case, you might have someone who has the down payment and can even qualify for the mortgage. However, to keep up with the mortgage, maintenance, and other debts, it would be extremely difficult. Therefore, by brining a roommate into the home to share some of the mortgage and utilities, owning a home becomes much more reasonable. Today, the number of people … Continue reading →

With so many mortgage loans currently on the market, trying to choose the one that best matches your needs can be difficult. Since buying a home is not only a huge financial investment but also an investment that will require your time and effort when it comes to upkeep. Therefore, you want to start the buying process off right by choosing the best possible loan. For starters, you want to determine how many years you expect to stay in the house. Now granted, sometimes situations arise in which plans change but at least put a plan together so you have … Continue reading →

When thinking about buying a home, you have a number of home financing options. For years, financing was somewhat limited but with new governmental programs now available and even more being created, people who had trouble qualifying for a home before are now being able to move into their dream house. One of the most popular home financing options is with a program called Fannie Mae. This innovative program is used by lenders from around the country. In this case, no money is loaned directly to the homebuyer but resources are provided when looking for the right lender. In other … Continue reading →