Most important in your process of purchasing a home is making sure you are working with an experienced, professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along […]
First Time
First Time Home Buyer Requirements: Importance of the Down Payment
Though there are many important first time home buyer requirements, perhaps the most significant is the down payment, or the DP. The down payment is important for any purchase, not only a first time buy. A general rule of thumb to remember is that the higher your investment is, or the greater your down payment, […]
Insurance For First Time Home Buyers
A homeowners insurance policy is a package policy that combines more than one type of insurance coverage in a single policy. There are four types of coverage that are contained in the homeowners policy: dwelling and personal property, personal liability, medical payments, and additional living expenses. Homeowner’s insurance, as the name suggests, protects you from damage […]
Home Mortgage Rate: The Difference Between Interest Rate and A.P.R.
Home Mortgage Rate: What is the difference between the interest rate and the A.P.R.? When shopping for the lowest home mortgage rate you’ll see an interest rate and an Annual Percentage Rate (A.P.R.) for each mortgage loan you see advertised. The easy answer to “why” is that federal law requires the lender to tell you […]
Home Buyer Assistance Programs
One of the most frequently asked questions by first time homebuyers is, “are home buyer assistance programs real?” Let’s shed some light on that. The three key elements of any mortgage application is the down payment, income, and credit history. The reason that the down payment is listed first is that banks base their decisions […]
First Time Home Buyer Tips
Many young families contact me asking for first time home buyer tips. My stock answer to them is: “Are you sure you want to buy and not continue to rent?” Even though I feel strongly that buying is more prudent economically, I also know that the decision to buy has to be made at the […]
First Time Home Buyer Guide: Why You Should Get an Inspection
Whether you are buying or selling a home, you should have a professional home inspection performed. A home inspection will look at the systems that make up the building such as: Structural elements, foundation, framing etc Plumbing systems Roofing Electrical systems Cosmetic condition, paint, siding etc If you are buying a home, you need to […]
First Time Home Buyer Advice: Types of Ownership
Before you reach the closing day, you will want to make a decision as to how you will “hold title” to the property. This decision has legal, tax and estate planning ramifications. Therefore, it may be prudent to consult an attorney or certified public accountant (CPA). The following information is supplied for informational purposes and […]