While it’s true that there isn’t a “first time home buyer” mortgage out there, there are mortgages that have less strict credit score requirements and a lower minimum down payment, making them great options for a first-time buyer.
I was recently asked the question, “how does one go about cancelling their mortgage when they sell their home?” It got me thinking this is probably a question that many people have and just haven’t asked it. Being immersed in the mortgage industry over the last couple of years, I’ve come a long way in understanding how it all works to get people into homes. But most people are only around this information when they are buying their home which, for most, happens only a handful of times in one’s life.
Resolve to Become a Homeowner As we approach the end of the year and move into the next, most people take this opportunity to do more than just swap out their cat meme calendar for one featuring the bird of the month. Many are looking back over what happened this past year and setting goals for themselves for 2019. If you are considering becoming a homeowner anytime soon, why not take steps to make that goal a reality? There are some things to consider and steps to take to be a confident first-time home buyer, lets look at a few:
Private Mortgage Insurance (PMI) lowers the risk to the lender, should you default on your mortgage payments. Please note that PMI does not benefit you, the borrower, but instead protects the lender with whom you are getting the mortgage. PMI is often required with loans that carry a lower down payment. In fact, because of this, it is quite common for people, particularly first-time home owners, to have to pay for PMI.
Shelter, it’s one of our necessities. We all learned that in elementary school, right? Air, water, food, and shelter; our basic needs as humans but we are far from the days of living in caves or chopping down trees to build our own home. Today, we have an option to build (using a licensed contractor), buy, or rent our home/ shelter. If you are considering entering a lease agreement there are a few items that you will want to do before you sign a lease.
If you are thinking about buying a home in Ohio, you are in the right place. I recently had a conversation with our Market Manager in Ohio and he made the statement, “so few people know about the special programs for home buyers, if they did, it might make the prospect of homeownership less daunting.” That’s exactly what I’m striking out to do, share with you just a few of the programs that are available to you as a future homeowner in Ohio!
Did you know that 68% of US households have a pet? However, only 55% of landlords, according to Avail, allow pets. This can drastically decrease the number of rentals available to pet owners. Think about it, you are searching for a rental property and in the search criteria, you indicate you have a pet. This cuts your search options in half, then you find out many of those are unavailable because other renters with pets are desperate for a rental property as well.
From the time you start an application to the time you arrive at the closing table—it can take 30, 60, 90 days or more but why does it take so long? Heck, you can get a car financed in an hour! Stockton Mortgage works hard to get everyone to the closing table as quickly as possible but there are a lot of moving pieces along the way. Let’s look at some of the steps that could cause delays.
It’s only natural to want to make everyone under your roof as comfortable as possible; this doesn’t apply only to those family members with two legs. You know that your love for your pets is genuine when you start considering renovations specifically for them! The best part is, you aren’t alone! The latest generation of homebuyers is said to be buying homes with pets in mind instead of children, as we’d seen from past generations; so, your pet approved improvements should be appealing when it comes time to sell. As a society, we have gone way past the swinging pet door, check out some of the latest home improvements for your pet!
Using a mortgage calculator prior to obtaining a mortgage or starting a home search is a great idea! A good calculator can assist you in finding a home price you can afford. Just as you wouldn’t want to look at a home that is too pricey, you wouldn’t want to settle for a smaller house if you could afford the larger home you were hoping for. After all, if you end up purchasing a home that doesn’t truly fit your needs you could end up needing to resell in just a few short years. A good mortgage calculator can help you find that perfect price that matches in affordability.