1. Plan Your Move-In Day Like a Pro Before you pull up with the moving truck, make sure you’ve set up your utilities—electricity, water, internet, and gas should be up and running. Pack a “day-one” essentials box with things like toilet paper, cleaning supplies, phone chargers, and snacks. Trust us: the little things matter when […]
First-Time Buyer Guide: Understanding FHA vs. Conventional Loans and Which One Is Right for You 💡 When you’re choosing a mortgage, understanding the difference between FHA loans and conventional loans can have a significant impact on your home-buying experience. As a first-time homebuyer, it’s crucial to understand the advantages and potential drawbacks of the mortgage
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
1. The Closing Disclosure Lists All the Final Terms of Your Loan The closing disclosure (CD) is a detailed summary that includes all the final terms of your mortgage, such as: Monthly payments: What you’ll pay each month Interest rate: The rate that will apply to your loan Closing costs: Any fees due at closing, including lender fees, title insurance, and
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
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. 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