Blog
What Is Included In A Monthly Mortgage Payment?
The monthly mortgage payment mainly pays off principal and interest. But most lenders also include local real estate taxes homeowner's insurance, and mortgage insurance, if applicable.
If you are refinancing compare what is and isn’t included in your financing optio...
Can I Pay Off My Loan Ahead Of Schedule?
Usually, Yes. Like the guy in the video says, by sending in extra money each month or making an extra payment at the end of the year you can accelerate the process of paying off the loan.
When you send extra money, be sure to indicate that the excess payment is to be ...
What Is Earnest Money, And How Much Should I Set Aside?
Like the video shows, “earnest money” is money you put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price though the amount can vary with local customs...
Are There Special Mortgages For First-Time Homebuyers?
Yes. Like the video shows, lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past.
Lenders may now be able to help borrowers who don't have a lot of money saved fo...
What Should I Look For When Walking Through A Home?
As we show you in this video, in addition to comparing the home to your minimum requirement and wish lists use the HUD Home Scorecard and consider the following:
Is there enough room for both the present and the future?
Are there enough bedrooms...
What Questions Should I Ask When Looking At Homes?
As you’ll see in this video, many of your questions should focus on potential problems and maintenance issues.
Does anything need to be replaced? What things require ongoing maintenance like paint, roof, heating and AC, appliances and carpet?
Also ask about the hou...
How Can I Keep Track Of All The Homes I See?
There are some great tips in this video, like:
if possible, take photographs of each house: the outside, the major rooms, the yard and extra features that you like or ones you see as potential problems.
Write things down as you go. And don't hesitate to return for a...
How Do I Begin The Process Of Buying A Home?
Remember these pointers from the video: start by thinking about your situation.
Are you ready to buy a home?
How much can you afford in a monthly mortgage payment?
How much space do you need?
What areas of town do you lik...
How Do Lenders Decide The Maximum Loan Amount That Buyers Can Afford?
As you’ll see in the video, the lenders consider your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses.
Non-housing expenses include such long-term debts as car or student loan payments, alimony, or ch...
How Does Purchasing A Home Compare With Renting?
Like the guy in the video says, the two don't really compare at all.
The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity take advantage of tax benefits and protect yourself a...