The first-time home buyer tax credit is a program that was put into effect by the federal government that allows first-time homebuyers to receive a tax credit up to $8000 if you meet the qualifying income levels and have never owned a home in the past. This program is at the end in December of [...]
This article will help you understand how the mortgage interest rate works. As part of being an informed borrower, you certainly don’t need to be a finance expert to understand rates but you should have a general idea of how rates are quoted and how the process works. The Mortgage Brokers and the Banks When [...]
One of the main benefits of having a home mortgage is that it creates equity you can then use to borrow against for home improvements, unplanned expenses or other important needs. The method by which you can borrow this equity is usually in the form of a home-equity loan or a home-equity line of credit. [...]
Qualifying for a bad credit mortgage is certainly more difficult than getting a home loan if you have perfect credit but, it’s not impossible. The main things you’re going to have to deal with when getting a bad credit mortgage are higher interest rates. These higher rates however may offer you an opportunity to do [...]
It doesn’t matter if you’ve got a Harvard Education or you never finished High School, most people have trouble understanding the mortgage loan process. Because of this, it’s easy to make mistakes and unfortunately, with home loans, mistakes cost money. Here are a list of 8 common mistakes people make during the loan process: Failing [...]
When you first begin looking at home loans, an adjustable rate mortgage (ARM) can be very appealing since the monthly payments will likely be lower. This is due to introductory rates that start low but “adjust” to higher rates at a set interval. It is important that buyers be aware of the difficulties that these [...]
When it comes to getting a mortgage there is one main concern that lenders have: can you make the payments and ultimately repay the loan? In order to qualify you for a home loan, they will take a look at many factors including your credit rating and history, your current monthly income and what size [...]
Owning a home is one of the main goals for nearly everyone. However, one question that many people fail to ask is “Can I afford the home I want to buy and the costs that go along with it? Buying a home is perhaps the largest and most expensive purchase you will make. This section [...]
