Informational Resources for First-time Homebuyers

By -
As a first-time home buyers, you’re likely overwhelmed with the amount of information available to you. There are several different loan options, pros and cons for each, and a myriad of other financial considerations to keep in mind. This week we’ve done our best to curate a collection of articles designed to help you gain a better understanding of the market. At the very least, you’ll be able to approach your potential lender with a list of realistic questions.

So what have we found?

  • Top Tips for First-Time Home Buyers, by Amy Fontinelle at Investopedia, offers a list of concepts you should consider before you even begin the buying process. What’s your ideal home type/size? What’s the difference between the type of mortgage you qualify for and what you can actually afford?
  • Pros and Cons of First-Time Homebuyer Loans, by Angela Colley at Realtor.com. This article talks about what first-time homebuyer loans really are while exploring the pros and cons of taking advantage of this type of option. There are drawbacks, so make sure you take them into consideration.
  •  5 first-time homebuyer mistakes, by Polyana da Costa at Bankrate. Taxes, insurance, and doing things in the wrong order will all get you into trouble if you aren’t paying attention to your actual needs. In short, make sure you get a professional (like Sam Fine) to help you out with the process.
  • First-Time Home Buyer and Low Down Payment Mortgages, from BB&T. Your loan options include Affordable Housing Loans, FHA loans, CHIP, Rural Housing Loans, and more. What are the differences and what should you ask your loan officer?
  • Top 10 mistakes of first-time buyers, by SmartMoney at MSN Real Estate. This article talks about the pitfalls of foreclosures, not having a good buyer’s agent, and so much more.


While there are millions of articles online, nothing really takes the place of a face-to-face conversation with a mortgage specialist. Please give Sam Fine a call at 800-923-0031 extension 187 to set up a free, no pressure consultation!

Comments

Post a Comment

Popular posts from this blog

FHFA Extends High LTV Refinance Program into 2011

By -
Homeowners who hope to refinance existing mortgages that are "underwater" just got a reprieve that will allow them another year to do so. The Federal Home Financing Agency announced Monday that its Home Affordable Refinance Program (HARP), which was originally set to expire on June 30, 2010, will be extended to June 30, 2011. HARP, part of the Making Home Affordable Program, is designed to expand access to refinancing for otherwise qualified borrowers who cannot move into more affordable mortgages because of a lack of equity in their homes. Unlike other homeownership assistance programs, HARP guidelines are designed for borrowers who are current on their mortgages. The program was originally designed to help homeowners with a loan-to-value (LTV) ratio up to 105 percent including those with some equity but not enough to refinance without private mortgage insurance. Last October that LTV figure was revised upward to 125 percent. Acting FHFA Director Ed DeMarco said tha...
Read more

3 Tips for Negotiating a Lower Mortgage Interest Rate

By -
Image
If you're shopping for a mortgage, you're probably hoping to get the best interest rate possible. Getting the best mortgage interest rate requires a little bit of work on your part. Check out these tips for negotiating a lower rate for your mortgage interest. Do Some Shopping You wouldn't settle on the first price thrown at you for a car would you? Don't settle on the first mortgage rate you are given. Shop around for quotes from other banks and credit unions. You might even want to contact a mortgage broker for a quote. Once you have these in hand, you are in a better position to negotiate to get the best rate possible. Know Your Stuff Don't approach a mortgage without knowing what you're doing.
Read more