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Mortgage Tips For First Time Home Buyers
from:Everyone wishes to live in the dream house they always picture in their minds when they were kids. If you have saved up and worked hard throughout the years, then you are just a few steps away from that dream. But reality bites, home buying needs a lot of serious preparation to ensure that everything would come out right.
If you are excited to buy that house you always wanted, be prepared and read through these mortgage tips:
Pay your debt
Instead of saving up for your house, why not pay off your debts first? This is the more sensible thing to do than saving thousands of dollars in your bank. Debts, including credit card debts, actually limit your capability to save. Also, when applying for a home loan, lenders would always look at your credit card record as a reference on how much you can borrow from them.
Evaluate how much money you can afford
There are two things you need to know before buying a home: How much you are willing to cash out as down payment and how much you are willing to borrow. Your mortgage loan, on an annual basis, should never reach 30% of your annual gross income.
Understand Loan Types
There are government-sponsored institutions (Freddie Mac and Fannie Mae) that can offer home loans at a very affordable price. You can also head to private lenders who offer a great package for first-time homebuyers. Going to your bank and applying for a mortgage loan is also a sound option.
Real estate shopping
If you got all your finances all figured out, then you can start shopping for you house. The first thing to do is to get in touch with a reliable real estate agent that can show you a number of options. It is important to choose the right neighborhood for you and your family. Make a quick wish list of the things you want and use this as a reference before you purchase a property. It is important that you personally inspect each house that you are looking at buying.
Making an offer
If you already decided which house to buy, discuss it with your real estate agent and make your offer. Negotiate with the seller with regards to pricing and other terms and conditions. Remember to put everything you settled and agreed on in writing. Be sure to read and reread all the statements in any contracts before you sign them.
Florida Reverse Mortgage Specific links
Florida Reverse Mortgage News
Florida Reverse Mortgage Lender Works to Help Seniors Reduce or ... - 24-7PressRelease.com (press release)
Florida Reverse Mortgage Lender Works to Help Seniors Reduce or ... 24-7PressRelease.com (press release) - Florida Reverse Mortgage Specialist has taken it upon himself to help seniors reduce or eliminate the mortgage taxes that are being charge to seniors when ... |
Florida Reverse Mortgage Lender Reveals 3 Things Lenders Don’t ... - SBWire (press release)
Florida Reverse Mortgage Lender Reveals 3 Things Lenders Don’t ... SBWire (press release), WI - Florida Reverse Mortgage Specialist Timothy Robbins reveals 3 things you should watch out for when shopping for Reverse Mortgages on the Internet. ... |
Reverse mortgages allow equity to work for you - Bradenton Herald
Reverse mortgages allow equity to work for you Bradenton Herald, United States - Reverse-mortgage growth is expected to be concentrated in Florida and California, now the two biggest markets because of their larger senior populations. ... |
Reverse mortgages: Get money now, pay later - Pensacola News Journal
Reverse mortgages: Get money now, pay later Pensacola News Journal, FL - In 2007, Florida recorded 28990 reverse mortgages, second only to California's 72566, according to government data. This year's totals are expected to ... |
LibertyStreet Financial Group Launches New Government-Backed ... - MarketWatch
LibertyStreet Financial Group Launches New Government-Backed ... MarketWatch - On November 6th, 2008, a new law took effect, increasing the federally insured Reverse Mortgage lending limit from $362790 to $417000 for homeowners age 62 ... |
The Truth About Mortgage Refinancing Revealed By Florida Mortgage ... - SBWire (press release)
The Truth About Mortgage Refinancing Revealed By Florida Mortgage ... SBWire (press release), WI - Saint Augustine, Florida based Reverse Mortgage Broker Timothy Robbins reveals mortgage refinancing secrets at a new web site that is full of free reports, ... |
Reverse mortgages aren't for everyone - Pensacola News Journal
Reverse mortgages aren't for everyone Pensacola News Journal, FL - The first requirement of any underwriter working with a client on a reverse mortgage ("Reverse mortgages: Get money now, pay later," Nov. ... |
Stephanie Kirch: Keeping aged at home is often best choice - The News-Press
Stephanie Kirch: Keeping aged at home is often best choice The News-Press, FL - Reverse mortgages typically eliminate the senior homeowners’ mortgage payment, providing them more monthly income and frequently preventing them from having ... |
Lawyer to lenders: Prove you own mortgages - Boston Herald
Lawyer to lenders: Prove you own mortgages Boston Herald, United States - But a Florida federal judge dismissed a class-action lawsuit that claimed that Mortgage Electronic Registration System did not have the right to initiate ... |
Southwest Florida Business Briefs: Nov. 10, 2008 - Naples Daily News
Southwest Florida Business Briefs: Nov. 10, 2008 Naples Daily News, FL - Ruth Ann Gardner has joined Access*E Mortgage as director of reverse mortgages. Gardner has five years experience in reverse mortgages. ... |