Buying Your First Home? Don’t Skip These Starting Steps Buying your first home can feel like stepping into a maze—credit scores, mortgages, listings, offers… where do you even begin? A lot of people assume the journey starts with browsing homes online. But the real first step is about getting your financial foundation solid. And good […]

1. A Mortgage Lender Is the Direct Source of Your Loan A mortgage lender is a financial institution, such as a bank, credit union, or online lender, that provides the loan directly to the borrower.  Key points about mortgage lenders: They fund the loan and handle the approval and underwriting process. You work directly with the lender to secure your mortgage. Mortgage lenders

Not Sure How Much House You Can Really Afford? Start Here. Before you fall in love with that perfect house online, there’s one crucial question to answer: how much home can you actually afford? Most first-time buyers make one of two mistakes—aiming too high and getting overwhelmed, or aiming too low and limiting their potential.

1. Property Taxes Are Often Paid Through an Escrow Account If your mortgage includes an escrow account, part of your monthly mortgage payment will go toward paying your property taxes.  Your lender will collect these payments from you each month and then pay the property tax bill on your behalf when it’s due This means you don’t have to worry

1. A Co-Signer Is Someone Who Agrees to Take Responsibility for Your Loan A co-signer is someone who signs the loan agreement along with you and agrees to take responsibility for the mortgage if you’re unable to make the payments.  Most often, a co-signer is a family member or close friend The co-signer’s credit score and income are considered by the lender

1. A Home Warranty Covers Major Home Systems and Appliances A home warranty is a service contract that helps cover the repair or replacement of major systems and appliances in your home, such as:  HVAC systems Kitchen appliances (dishwasher, oven, fridge) Plumbing and electrical systemsIf one of these systems breaks down due to normal wear and tear, the warranty can help cover

1. A Jumbo Loan Exceeds Conforming Loan Limits for High-Priced Homes A jumbo loan is a mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. Conforming loans are those that meet the guidelines for government-backed financing. If you’re buying a property in an area where home prices are high, you might need a jumbo loan to cover the cost. Jumbo loans

1. A Balloon Mortgage Starts With Low Payments—Then Ends With One Big Lump Sum With a balloon loan, you typically get a low monthly payment for 5 to 7 years. But when that period ends, you owe the entire remaining loan balance all at once.  That large final amount is called the “balloon payment” It’s due whether or not you’re ready Most

1. A Licensed Appraiser Assesses the Property’s Market Value Once you’re under contract, your lender will order an appraisal from a licensed, independent appraiser. During the visit, they’ll evaluate:  The home’s location The size, layout, and features The condition of the home and any upgrades Recent comparable sales (aka “comps”) in the areaThe goal? To estimate fair market value based on data—not emotion. Understanding what you can

Homeowner & Buyers Guide: 3 Reliable Ways to Find Out What a Home Is Worth  Whether you’re buying, selling, refinancing, or just curious—knowing your home’s value is a powerful piece of the puzzle.  But not all estimates are created equal. Here are three ways to get a solid sense of your property’s worth—plus when to