Real Estate News - mortgages

Everything You Need to Know About Your First Mortgage

Are you about to buy your first home?

Unless you've been really good about saving, buying your first home typically comes with another major first: signing on for your first mortgage. But, before you sign on for your first mortgage, there are some things you need to know. 

Check out this guide to learn everything you need to know about your first mortgage. 

1. Figure Out Your Credit Score and What it Means for Your Mortgage 

Before you apply for a mortgage, you first need to figure out your credit score. 

Your credit score can play a huge role when it comes to what you can afford for a home and how much interest you'll end up paying. For example, let's say your credit score is 750 and you're applying for a $200,000 mortgage. If you…

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How to Calculate How Much House You Can Afford

Looking to purchase a home and not sure how much house you can afford? In addition to finding the right mortgage for you with monthly payments you can afford, there are other economic factors to consider.

Using a Mortgage Calculator

A mortgage calculator can help you estimate your monthly payments including principal and interest, property taxes, homeowner’s insurance, and private mortgage insurance (PMI). Use a mortgage calculator to help you determine your budget. Use the following steps to help you in devising a practical budget. 

1. Begin your budget by determining how much you (and your partner) earn each month from all revenue streams. Consider if there are other ways you can boost your income to increase your budget.

2. Calculate all…

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Mortgage Tips For First-Time Home Buyers

Co-op or condo? Ranch or multi-story? New construction or good old-fashioned craftsmanship? Buying a home involves countless decisions—but none may be quite so important as the mortgage and mortgage lender you choose to finance your home.

In fact, most experts recommend that you begin shopping for your mortgage even before you start shopping for your new home. Getting pre-approved for a mortgage by one or more lenders can provide you with realistic budget parameters, give sellers confidence in your ability to secure financing, put you in a better negotiating position, and make closing on your home faster and easier.

The right kind of mortgage and the best mortgage lender for you depends on several factors. You might want to start by contacting…

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Just Starting Out: How to Get a Mortgage on a Low Income

The average minimum wage in the United States is only $7.25 an hour, which is only $1,160 a month before taxes. The average mortgage payment is $1,030. Therefore, it's easy to see why it might be difficult for some people to get approved for a mortgage.

However, this problem also applies to those who's income is limited because they're starting a new business. But don't worry, you can learn how to get a mortgage on a low income. Keep reading for some of the most effective tips and tricks.

1. Boost Your Credit Score

Your credit report is a huge factor when it comes to getting approved for any loan, mortgages included. Lenders look at your credit report to see your financial history to decide if they trust you with their money (more or less). 

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How Do You Find a Good Mortgage Lender?

Buying a home is by far one of the largest transactions you'll ever make, so finding the right mortgage company is crucial.

If you're preparing to buy a home, how do you find the best mortgage company for your needs?

This helpful guide explains some of the most important qualities to look for in a good lender, so read on to learn more before you take the plunge.

Understand the Different Types of Lenders

Several financial institutions can issue mortgage loans, but how do you find one that works for you? Large banks can offer you a variety of packages to choose from, but you may not get much in the way of personalized service.

If you're a member of a credit union, they tend to offer their customers low rates, and many will even match the…

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