Finding the right lender is an important part of the homebuying process. With so many to choose from, how do pick? This article will give you tips to find and choose a lender.
Have questions on financing your newly built home? We have answers — Mike Kelly, senior vice president for new homes of Prospect Mortgage, answers common financing questions.
Here’s a short guide to help you understand home construction loans and how they may be the best financing option for the construction of your new home.
Your current home isn’t working for your family anymore, but you can’t decide between building a custom home or remodeling an existing one. Which would cost less to do? We look at how these two options stack up cost-wise to help you determine how much you’re willing and able to spend.
Although mortgage rates have increased, that doesn’t mean home ownership is out of reach. Here are 5 strategies for buying a new home even with higher rates.
Financing a custom home doesn’t have to be a nightmare. In fact, lenders experienced with the process say borrowing money to fund your perfect home, while it does require a couple of extra steps, is similar to financing any home purchase. Here’s how it works.
Have you always wanted to build your dream home, but are afraid of the costs associated with it? Not all custom-built homes are large and extravagant; in fact, these homes can be built for your exact needs. We break down the costs of building your custom home.
There are advantages and disadvantages to being the very first buyer in a new community. So does being one of the last buyers. We break down the reasons why buying a new home last may be just as good as buying a new home first.
Thinking of buying a home with a friend, relative or significant other? There are three key issues you need to consider before taking that big step, and we take you through them one by one.
For those who live in flood-prone areas, flood insurance is a must. But, for those whose new home is in a low- to moderate-risk area for flooding, is flood insurance necessary? A veteran real estate journalist presents the options so you can make an educated decision.
Many people spend months shopping for a new home, but leave the decision about homeowners' insurance until just before closing. One word about that: Don't. Here's what you need to know to fully cover your new home and belongings, before you have a claim.
With higher rents and lower mortgage rates, some renters may be considering breaking their lease early to buy a home, but what are the consequences of doing so? Learn how to work with your landlord to get out of your lease and moving forward into a new home.
Please sign at the bottom, initial here and initial there. Wait up! Before you make your mark on your new-home sales contract, do you understand your new-home sales contract? Take some time to understand your contract with these professional tips.
Three little numbers — your credit score — determine whether you can obtain that new home mortgage, how much you can borrow, and what interest rate you'll pay. Here's what you need to know to obtain, manage and even improve your credit score.
Finding and securing a home mortgage can be daunting, but it doesn't have to be. This step-by-step look at the mortgage process includes a checklist of action items. Both will demystify the process and make finding the right mortgage for your needs simpler and easier.
Financing a condominium is similar to financing a single-family home, but there are a few differences. Here is what you should know about getting a mortgage to purchase a newly built condo.
Home loan lingo got you lost in some kind of limbo? Release yourself with this home loan glossary, which defines dozens of terms pertaining to the home loan process.
While the closing process can be stressful, preparing in advance can greatly ease the undertaking. Here’s what happens during the closing process and what you should be aware of to make the process smooth.
Finding the right lender is an important part of the homebuying process. With so many to choose from, how do pick? This article will give you tips to find and choose a lender.
Financing a new home can be a smooth process when you know what to expect. Ken Harney, a mortgage expert and nationally syndicated columnist, provides a step-by-step guide to the info you'll need to gather and the questions you'll be asked as you obtain a mortgage.
Some homebuyers may be passing up the opportunity to buy a home because they don’t believe they qualify for a home loan or have enough of a down payment. But the right down payment assistance program may get first-time buyers into a home sooner than they thought — here’s how.
(Video) More single women are choosing homeownership. Why? Just like anyone else, single female want a place of their own and they want security. What better place to find both than in a new home? Here’s more on why purchasing a home may be the right choice for single women.
Knowing the difference between the terms “pre-qualified” and “preapproved” can mean the difference in getting the home you want. Here are the differences and why they matter to you.
Millennials may be foregoing homeownership for all sorts of reasons. But, the dream of homeownership may not be lost. Here’s why Millennials should build a new home.
When you build a home, you might finance your home with a home construction loan. Here’s a short guide to help you understand home construction loans and how they may be the best financing option for the construction of your new home.
When buying a home, how do you know which offers better protection from home repair hassles and costs, a builder’s warranty or resale home service contract? It depends, so NewHomeSource has outlined the differences to make it easier to understand.
Did you know there are government lending options for homebuyers looking to settled down in more rural areas? If you fit that demographic, read this article to find out what loan options may be available in your area.
Simultaneous home closings can be challenging and expensive upfront. Moving twice can help you avoid such a situation, but there are ways to ease such a quick transition. NewHomeSource has detailed three ways to make the transition out of an old home and directly into a new home much easier.
If you buy a home, does it matter when you close? Yes, depending on how much money you want to spend now – or later – and how quick you want the process to be. NewHomeSource has detailed what to consider when picking a closing date for your new home.
Reverse mortgages can offer relief for cash-poor individuals who have lots of home equity, but how do you know such a loan is a good option? NewHomeSource has dissected the ins and outs of reverse mortgages to help you make a decision.
If you’re self-employed, applying for a home loan may feel daunting, but if you are prepared and know what to expect, it’s not an impossible task. Here’s what you should know about how the process will go for you.
If you’re wonder if you can continue to write off the interest paid on home equity financing, the answer is yes. This article looks at changes in tax laws to help you navigate mortgage deductions.
Financing your home depends heavily on your credit score. Here’s why credit scores are important, how to manage yours and how to repair it if it’s less than stellar.
Obtaining a mortgage is no cakewalk in today’s financial climate, but is it really impossible? Exploring the little-known realities of obtaining a mortgage can help you to plan properly and make yourself a more marketable mortgage candidate.
When you’re a first-time home buyer, you may encounter many new and sometimes confusing words and phrases relating to real estate transactions. Here’s a list of the most common mortgage terms and phrases and what they mean.
Home insurance is a crucial part of homeownership, but it’s difficult to know if you’re receiving adequate coverage. Learn what to ask, what to look for and what extra items should be included in your coverage.
The latest federal budget signed into law in early February means an extension to the flood insurance program and changes to mortgage debt programs and mortgage insurance premiums. Here’s a primer to help homeowners understand how the changes affects them.
Getting approved for a home loan is a process that involves planning and a good understanding of your credit. Here are some things to do when buying a new home — and some things not to do so that you won’t risk approval of your home loan.
Owning two homes in retirement may be ideal for homeowners who want the best of both worlds. But, it’s important to consider the costs and responsibilities associated with managing two homes in retirement. Here’s what you should know if two homes are right for you.
Most of us dream about retirement, when our days are left to fulfilling lifelong dreams, travel or simply staying at home, enjoying hobbies. But, as you get closer to retirement age, are you ready for the big leap? If not, here’s how to know if you’re ready to retire.
A Home Equity Conversion Mortgage (HECM) for Purchase loan is one more financial tool to explore when planning for your retirement. Here’s more on what an HECM for Purchase loan is and what you should know.
As you get closer to retirement age or are already retired, you may wonder how to live a regret free retirement. One way to do that is to own a home. Here’s how to retire regret free through homeownership.
Do you want to purchase a home, but your credit score is low? NewHomeSource brings you tips from a finance expert to help you build or repair your credit score and you’ll be on your way to an improved score, better interest rates and a new home.
As many Millennials forego homebuying because of student loan debt, Lennar and its subsidiary Eagle Home Mortgage are partnering on a program to help get these buyers into homes. Eagle’s Student Loan Debt Mortgage Program will pay up to 3 percent of the purchase price of a home to pay off buyer’s student loan debt.
A recent survey shows that U.S. adults believe they need to save more than what’s required for a new home down payment. Here’s the lowdown on how much it really takes to get a new house.
An escrow account will help keep you on track — that's why many mortgage lenders require them. An escrow account can help you stay current on property taxes, homeowners insurance and even homeowner association dues.
For those who are thinking of building a new home and are over the age of 55, many questions about financing may leave them hesitant to purchase the home. However, there are plenty of home financing options for those over 55 and here’s why they should be considered.
With higher rents and lower mortgage rates, some renters may be considering breaking their lease early to buy a home, but what are the consequences of doing so? Learn how to work with your landlord to get out of your lease and moving forward into a new home.
Are you renting and looking to build a new home? In some cases, builders will help you time up your home purchase or buy out your lease so you won’t have to pay rent and a mortgage at the same time. Here’s more.
Virtual mortgages can be a faster, more secure, way to your new home. This article discusses what virtual mortgages are and how they can be beneficial for homebuyers.
Run across a mortgage-related term you don't know? The NewHomeSource.com Mortgage Glossary can define many key mortgage terms for you, helping you to finance your new home.
New credit standards mean the use of trended credit data could help some potential homebuyers purchase the home of their dreams. Here’s more on trended credit data and what it means for homebuyers.
Folks need top notch credit these days to obtain a mortgage. Yet most people don't look for mistakes in their credit report. That could mean paying a higher interest rate or not getting a mortgage at all. Here's how to get a free credit report and what to do if you find mistakes.
Title insurance is one way that homeowners can protect themselves — and their homes — in the case of mechanic’s liens, disputes over fences or mineral rights and other issues. Here’s why title insurance is a good idea for homebuyers.
You will need homeowners insure if you are building a new home, particularly if you are building a custom home and using a C2P loan. Here’s more on why you need homeowners insurance when building a home.
Buying a newly built home comes with the expertise and advice of your builder’s sales team. But, there are more folks to add to your home purchase team. Here are just a few of the folks who will help you along the way and the role they will play in your homebuying experience.
You’ll soon close on your new home and are eager to move into a place to call your own. But, is it yours, really? That depends, in part, on how you title your home.
When you buy a new home, what should you put on your mortgage? Should you try to save money by purchasing certain items? This article will help you decide what to include on your new mortgage.
When building your new home, you can opt for a construction-to-permanent, or C2P, loan — single-close financing where you, rather than your builder, take out a construction loan that automatically switches to permanent financing once the home is completed.
For some, the traditional route to a home may not be an option. Millennials have to get creative when it comes to finding ways to save for a down payment for a home. We found a few ideas you might not have considered.
New federal rules starting on Oct. 3, 2015, are designed to help clearer disclosures of loan fees and settlement charges reach your hands in a timely manner. Here's what you can expect from the new rollout!
If you are thinking about purchasing a new home — and are already a homeowner — you will have to consider if you should sell your current home first and then buy or buy the new one first and then sell. Here’s what you should know if you are caught in that dilemma.
As senior vice president for new homes for a top independent mortgage originator, Mike Kelly of Prospect Mortgage is uniquely qualified to help you achieve your Dream Home.
Negotiations between resale and new homes will differ, but by how much? If you're buying new, here are some things to keep in mind about the negotiations process.
Intra-family financing may be an option for those who cannot obtain a mortgage through traditional lenders. Here’s what intra-family financing is and how it may be the right option for your and your family.
Once you’re comfortable in your new home and with your new monthly house payment, you may think about paying off your mortgage sooner rather than later. Here’s what you need to know before you pursue a mortgage-free life.
Saving money on your homeowner’s insurance doesn’t mean sacrificing for coverage. In fact, reducing your coverage to save on your monthly premium can actually prove more costly in the long run. Industry expert, Lew Sichelman, shares tips for getting the best price on your homeowners insurance.
For those who live in rural areas, a recent program from the Rural Housing Service may help them obtain a mortgage to build their dream homes. Here’s more on the Rural Housing Service’s construction-to-permanent loan program and who’s eligible for the loans.
Once your finances are in order, there's still a little wiggle room when it comes down to your grand total. Here are some tips on how much money you'll really need, what's included in your base price, and how to negotiate.
The most intimidating part of the new home process is actually buying your new home. Lucky for you, New Home 101 is here to guide you through it all, from finding the right location to negotiating down to the final dollar.
If you are a current homeowner – or are considering buying a home – you may be familiar with the mortgage interest deduction. It helps homeowners reduce their taxable income. It's also a factor in determining the market value of your home. Here's what you should know about possible changes to the deduction.
In many cases, today’s mortgage qualifying standards may be different or higher than in the past. As a result, not all buyers may qualify on their first application. Here’s what to know (and do) next to pursue a home loan and the home of your dreams.
With student debt looming over many Millennials, homeownership may seem a long time away. But, it’s never too early to start preparing yourself to buy a new home. We spoke with financial experts from around the country for tips on how to do just that.
Homeowner’s insurance is a fact of the homebuying process. It’s important to get the right amount of coverage for your home, while also making sure you don’t go overboard. Real estate columnist Lew Sichelman gives you the lowdown on how to get just the right amount for your home
When choosing a financial institution to help with the purchase of your next new home, it isn't always wise to just go with the first one you see down the road. Follow these tips to help make sure you choose the right one for you.
Buying a home is an important financial commitment. As most buyers find out, it’s important to prepare yourself — and your credit — to qualify for a home loan before your decide to buy. Here are some steps to take to make sure you qualify for a home loan.
You've heard a lot of numbers including ratios that promise to provide you with a guide to how much home you can afford. Mortgage expert Ken Harney and NewHomeSource give you the insider's view on how large a mortgage you can comfortably afford.
Knowing your credit score before purchasing a home is just one part of the financial equation. Knowing how credit scores are tabulated means you’ll know what steps to take when building or working on your credit.
Chances are, you may have received a pre-approval or pre-qualification letter from a lender. What’s the difference — and how do they affect your chances of securing a home loan? A mortgage expert has the answers to these questions and more.
Your home is the setting for many of your most important memories. It's also one of your largest assets, so insuring it adequately is important. Here's how to get the best coverage at the best rates.
It took a threat of hurricane to make Diane Hamilton wonder if she needed to buy a rider on her family's homeowner's insurance to cover her husband's guitar collection. Do you need a rider to cover unusual or big-ticket items? And is a home inventory a wise idea for you?
In the world of singledom, there’s no reason to believe you can’t buy a home on your own. In fact, you’re never alone because New Home Source is here to help. Check out our short guide to homebuying tips for the single buyer.
Making the transition from renting to home ownership? Take heed of this survey by Rent.com: Up to 25 percent of renters don’t receive their security deposit back from their landlord. Here are steps you can take to improve the odds you’ll get your deposit back.
Many potential homebuyers are disqualifying themselves from buying a home because they think they might not qualify for a home loan and other reasons. The truth is that there’s no reason to fear applying for a loan – here’s why.
So you’ve been approved for a mortgage? You’ve entered what is known as the “quiet period,” which means just that. Don’t take on new debt or make changes to your financial profile until you've closed on your home — here’s why.
Now that your new home is ready for you, it’s time to move. But, did you know there may be some tax benefits to moving? Here are some tips on deducting moving expenses and when you can – and can’t – do so.
When it comes to down payments, there are some myths out there regarding new homes, especially among first-time buyers. With professional advice, you can find the truth.
How do you know when you’re ready to buy a new home? The answer involves serious self-assessment, but here are some things you should ask yourself to help determine if renting or buying a home is the right choice for you.
What are closing costs and how do they apply to builder’s incentives when buying new? Here’s a guide to builder closing cost incentives that can benefit you in your home purchase.
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