Explore our blog for insights on buying, financing, remodeling, and taking care of your home.
If apartment living is getting old, or you've outgrown your parents' basement and house rules, you may be thinking about buying your own place. For this reason, you may be interested in learning about home loans that offer low and no-down payment options and have flexible lending requirements. One of these is the FHA loan. Let's take a closer look.
From blog comments to social media posts to emails, we get lots of questions about buying and financing a home. We do our best to answer them privately and publicly, in hopes of helping the person asking but also anyone looking to buy. We recently received the question below: My wife and I are currently beginning to think about buying our first home. Would it be in our best interest to save for a down payment or pay off some bills before a purchase is attempted?
Wondering what you need to do if you're planning on buying your first home? It's simple. Have the best credit score possible. With a good credit score, you'll almost always qualify for the best interest rates and terms on your home loan. And the less money you pay in interest, the faster you'll pay off the mortgage.
The HSH Blog article today focuses on mortgage interest rates and points, with special emphasis on first time home buyers. We've talked about ultra-low interest rates before, and cautioned first time buyers about these deceptive advertisements. However, we didn't cover points. It's an important part of the mortgage process, and you need to know about it.
How much can I expect to pay in closing costs? That's a common question, and a good one, especially from first-time homebuyers. Closing costs are fees that you pay to get a mortgage. These can include appraisal, title services, credit report, attorney and underwriting fees. Closing costs typically run between two and five percent of your purchase price.
Equal Housing Lender
A division of Amerifirst Financial Corporation
950 Trade Centre Way, Suite 400
Kalamazoo, MI 49002
NMLS ID #110139
This is not a commitment to lend. Not all borrowers will qualify; contact us for more information on fees and terms.
