The FHA, one of the country’s leading mortgage insurers has announced that it will be increasing fees, down payments, and restricting the amount a buyer can expect contributed by the seller at closing. What this means for the average buyer is that obtaining an FHA loan may be both more difficult and more expensive. Over […]Important FHA Loan Changes for Home Buyers
Since the collapse of the real estate market a few years ago it has become clear that many buyers simply did not know what they were getting into with their mortgages. Lenders are in the business of selling mortgages, they are making money in a variety of ways from your mortgage amount. Obviously the higher […]How to Avoid First Time Home Buyer Mistakes
In the last article “Obtaining Financing” we talked a little bit about the importance of checking your own credit score before applying for a home loan. There are many reasons why this is a good a idea and why you should do it sooner rather than later. But first you should understand how your credit score is determined.
Your credit score is based on several factors including:
Buying your first home can be a lot of fun. Choosing the perfect house, imagining how to decorate, what color paint you will use and where you place your furniture is all very exciting. But before you get too carried away designing your new home, you need to find out a few things about financing.
The first thing you need to know is how much money you can qualify for. Normally your Realtor will refer you to a reliable lender who can do this for you. But obtaining financing is a pretty intimidating process and something you should prepare for in advance. Many first time home buyers have lost the home of their dreams because they had not put their own financial house in order before approaching the lender.