Buying a House without 20% Down
It’s true. There are fewer no money down mortgage options today than there were a few years ago, but if you’ve heard that today you need 20% down to buy a house, you’ve been misinformed. In 2007, the mortgage industry was thick with mortgage lenders offering 100% financing. There were different rates and different PMI [...]
7 Deadly Sins of Mortgage Lending
Posted in: First Time Homebuyer, Loan Process, Purchase
On paper, mortgage approvals are easy. If you have a good credit history, enough income to pay the mortgage and other bills, a house with the required value and equity for your loan program and all the little details can be verified – you’re approved. Staying approved can be a whole different matter. There are [...]
Giving Gifts – the Downpayment Kind
Posted in: First Time Homebuyer, Loan Process, Purchase
Just like presents during the Holidays, there’s a right way and a wrong way to give and receive gift funds for the downpayment on your new home. If you don’t follow the rules, you could jeopardize your mortgage approval. Verifying funds – especially gift funds – is an exercise in “follow the money.” Every step [...]
FHA vs Conventional Loans
Posted in: FHA, First Time Homebuyer, Loan Process, Purchase
Chances are, if you’re looking for a fixed rate mortgage in New Hampshire, you may qualify for more than one type of loan. If you’re a first time homebuyer in particular, you may qualify for several. Finding the one that’s best suited for your needs may be more complicated than asking your neighbor what mortgage [...]
Don’t Get Prequalified for a Loan Amount
Posted in: First Time Homebuyer, Purchase, Truth in Lending
When you’re about to get serious about shopping for a new home, the common logic is to contact a mortgage lender, and provide some information about your income and credit in the hopes of learning what purchase price you can be qualified for. The problem with this model is that you aren’t qualifying for a [...]