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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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?
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.
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.
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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’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.
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.
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.
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.
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!
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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