First-Time Home Buyer


First-Time Home Buyer / Information that first-time home buyers need to know

How much of my gross income should go to my mortgage payment?

Banks generally like to see no more than 28% of your gross income going toward your mortgage payment. This includes not just the mortgage payment, but also the interest on ...
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Should I get a fixed rate or adjustable rate?

When you get a mortgage loan, you generally can choose between getting a fixed rate or an adjustable rate. Your interest rate with a fixed rate stays the same for ...
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Should I pay off my mortgage early?

It’s a great idea to pay off a mortgage early, but there are reasons not to as well. You can write off mortgage interest you pay on your taxes, for ...
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What are some things a first-time home buyer should consider?

Voy/Bigstock.com Always get preapproved – not prequalified – from a lender before you start house shopping. You must know the size of the mortgage for which you qualify beforehand. Consider ...
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How do I find a mortgage lender in my area?

Call each lender in your area and ask what their lowest interest rate is. Once you've gathered several quotes, start interviewing the mortgage lenders with the best rates. Keep in ...
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Why would someone choose a 15 year mortgage over a 30 year mortgage?

If you can afford it, choosing a 15 year mortgage over a 30 year mortgage means you pay considerably less in interest and pay off your mortgage in half the ...
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What do real estate agents do?

Real estate agents, in short, are licensed sales professionals in the real estate industry, who are in many cases, independent contractors. To sell real estate, your agent must wear many ...
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4 reasons why you should put at least 10% down on a house

©shefkate/Fotolia A new home is a big investment and one of your most prized possessions. It’s no secret that buying a new home can take a hit to your bank ...
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Do mortgage interest rates change from city to city?

Interest rates can differ from city to city and from state to state. Although national mortgage rates follow U.S. bond rates, local factors can play a part. For example, in ...
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