Buying a home isn’t the right choice for everyone, but many renters self-exclude themselves from homeownership based on misconceptions they have about the home financing and homebuying process. If owning a home is a priority for you, don’t let these mortgage and homeownership myths discourage you from making it a reality.
Credit scores are a huge part of the loan approval process. They not only determine your eligibility for home financing but can also determine what mortgage rate you will qualify for. But what if your credit score falls on the lower side of the spectrum?
Buying a home is likely the biggest purchase you’ll make in your lifetime, so it makes sense that preparing to buy one takes a little longer than most other purchases. With that being said, there are several mistakes you should avoid if you hope to purchase a home in the next few months.
Down payment requirements, carrying other monthly debt and building mortgage-ready credit are common hurdles for today’s homebuyers. A relatively new mortgage product addresses these issues and makes home financing accessible to creditworthy low- to moderate-income homebuyers through Fannie Mae’s HomeReady™ program. Here’s how the HomeReady mortgage can benefit first-time homebuyers or homebuyers looking to purchase a multi-generational home.
Your loan has been fully approved and closing day has been marked on your calendar. While anticipating the day your home finally becomes your own, you’ve started to browse for furniture and appliances to deck out your new digs and intend on applying for a store credit card to score a discount. But wait; can you apply for credit when getting a mortgage?
Buying a home is a big financial and lifestyle decision, and if it’s your first home, it can be nerve-racking. Though your mortgage banker and real estate agent will be there to guide you, there are certain things you should be aware of before jumping into your homebuying journey. Here’s our list of the biggest first-time homebuyer blunders and how to avoid them.
You’ve likely dreamed of the day that you would own your home free and clear. If you want to see that day sooner rather than later, you know that making additional principal payments is your route to mortgage freedom. While there are several benefits of paying additional principal on your mortgage, there are several variables that determine whether it's the right choice for your financial situation right now.
Preparing to buy a home should start long before walking through a potential home to purchase, so if buying a home is one of your 2017 resolutions, you will find these tips helpful for building a healthy credit score. Your first official step to buying a home should always be meeting with a lender for a pre-approval, but your credit is a mortgage factor you should be continually working on when you're wanting to achieve home financing.
Buying a home can come with an overwhelming amount of choices. What school district do you want to purchase in? Who should you choose for a real estate agent? How much can you afford to spend on your home purchase? Just like choosing a home style, there are several loan types and programs made to benefit a wide range of homebuyers.
Happy New Year! 2016 was a hot year in the real estate market with high homebuyer demand, low inventory and historically low mortgage rates throughout the majority of the year. If this is the year you want to become a homeowner, here are 7 resolutions to make to set yourself up for the best homebuying and home financing experience.