Category Archives: First-Time Buyers

10 Questions to Ask the Lender When Applying for a Mortgage

Preparing to buy a home? We encourage buyers to ask prospective lenders these 10 important questions at or prior to mortgage application. (1) What are your qualifying guidelines? Ask about requirements relating to your income, employment, assets, liabilities and credit history. Qualifications for 1st-time homebuyer programs, Veterans Affairs loans and other government-sponsored mortgages are typically less stringent. […]

Life Expectancy of Common Household Items

Many factors affect the life expectancy of housing components and need to be considered when making replacement decisions, including the quality of the components, the quality of their installation, their level of maintenance, weather and climatic conditions, and intensity of their use. Some components remain functional but become obsolete because of changing styles and tastes […]

Tips For First-Time Home Buyers

For many people, buying their first home is a rite of passage and ownership is part of the American dream. And while many excited hours are spent planning interior color schemes, choosing new furniture and dreaming of moving day, many first-time buyers spend equal amounts of time fretting the home buying process. Let’s face it, if […]

10 Things You Should NOT Do While Buying a Home

So you’ve made a decision to buy a home and intend to apply for a mortgage to fund your purchase. From now until you close, there are a number of simple, yet important mistakes you want to be sure to avoid. Even if you have good credit, there are things you can do to make lenders think […]

Using a FHA Mortgage to Buy a Home

In recent years FHA loans have taken on renewed importance for today’s mortgage borrowers. Simply stated, an FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if […]

Three Events That Will Result in the Forfeiture of Your Earnest Money

An earnest money deposit is a specific form of security deposit made in real estate transactions to demonstrate that the applicant is serious and willing to demonstrate an earnest of good faith about wanting to complete the transaction. Earnest money deposits are one of the most misunderstood parts of the home-buying process. Depending on where you live, you can expect to […]

Employers Can Now Contribute to Workers’ Down Payments

A new program allows employers to help workers’ down payment on a home, similar to how companies contribute to a 401(k). HomeFundMe, a Fannie Mae and Freddie Mac-approved down payment crowdfunding platform, allows borrowers to crowdfund their down payment from several sources, including their employer. CMG Financial, a mortgage banking firm, created the HomeFundMe program. Employers can […]

When Is My First Mortgage Payment Due?

When you buying a home, your first mortgage payment is due on the first day of the month after the first full month that you’ve owned the home. For example, if you close the sale of your new home on January 25, the first full month you spend in the home will be February, so your […]

How to Compare Mortgage Loan Offers

When you decide to purchase a home, one of the first tasks is to talk to a couple of lenders and choose which lender and loan are best for you. With all the loan variables, this is often easier said than done and it’s often quite difficult to compare one lender to another. If you’ve decided to work […]