Before you start looking at homes, you'll need to have some estimate of how much you can truly afford to spend each month on your new home.
It can save you a lot time and heartache by making sure you are looking in the correct price range to start with. (Calculators).
With a long list of charges at settlement, it's important to know what the closing costs on a house are before you start to buy.
The quick answer is 1.5% - 4% of the purchase price of the house. The biggest determining factor as to whether you get to pay the 1.5% or closer to the 4% is your credit and your knowledge of the loan process.
When you’re in the market for a new home, you can be overwhelmed by the process. This is especially so if you’re a first time home buyer.
You may not know what to do, where to go and who talk to so that the entire experience is a success. The goal here is to empower you with the necessary information and resources that will give you the financial help and confidence you need to make the dream of buying and owning your first home a reality.
The average loan officer usually makes a 40%-90% commission with no salary or hourly rate. The difference in commissions is usually based on experience and whether or not leads and/or advertising are provided by the mortgage company.
PMI is insurance lenders require from most home buyers who need loans which are more than 80 percent of their new homes value.
How would you like free money to put down as a down payment or handle closing costs for the acquisition of your first home? If you’ve answered yes, then you’ll be glad to know that you can get this money.
There are all kinds of free money to help the first-time home buyer pay for a down payment or closing costs.
There are many problems with the mortgage industry, most are caused because loan officers know far more than the average borrower. Knowledge is your best defense against these mortgage scams and tricks.
This game is played by many industries including the mortgage industry. In the auto industry, they advertise a sports car in the paper but when you show up it suddenly turns into a Yugo.
Locking your interest rate gives you the best chance of receiving what you spent all that time shopping for.
Generally, the terms you are quoted when shopping among lenders represent the terms available to borrowers who are closing their loans immediately.
The quoted terms you receive may not be the terms available to you at closing; weeks or even months later.
The Yield Spread Premium is a payment by the lender to your mortgage broker for having the consumer agree to a higher interest rate then what is known as par.
Par is the interest rate provided by the lender to the mortgage broker for zero cost. Meaning the broker will receive no additional (hidden) payment from the lender for the interest rate being offered to you.