First Time Home Buyer

2. First-Time Home Buyers

What Do Appraisers Look For? | How the Home Appraisal Process Works

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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 […]

2. First-Time Home Buyers

What Is a Home Warranty, and Should I Get One?

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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

2. First-Time Home Buyers

What Is a Co-Signer, and When Might I Need One?

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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

0. The Stairway Process, 2. First-Time Home Buyers

What Is a Closing Disclosure, and Why Is It Important?

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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

2. First-Time Home Buyers

What Is a Mortgage Broker? | Mortgage Broker vs Lender Explained

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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

2. First-Time Home Buyers

FHA vs Conventional Loan | What Is the Difference and Which Is Right for You?

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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

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