First-Time Home Buyer


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

What kind of house can I afford if my income fluctuates?

You can try to qualify for a mortgage in this case by showing the paychecks you get, maintaining a high credit score (this varies by lender), and showing that you ...
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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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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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What is a mortgage broker?

A mortgage broker deals with a variety of lenders in order to get his client the best rate for a loan. They act as go-betweens for applicants and lenders, doing ...
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How soon should I apply for another mortgage loan if I was already denied?

How long you should wait to reapply for a mortgage loan depends on the reason you were denied. Some problems are quick fixes, and some take more time. If you ...
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Pre-approval vs pre-qualified mortgage?

Although these terms sound interchangeable, they aren’t. A pre-approval is a much more thorough process, as the lender has already verified the applicant’s credit, assets and income. Pre-qualified Pre-qualified comes ...
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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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What is the best time of the year to buy a home?

Fall might be famous for jack-o-lanterns and crisp mornings, but there’s another reason why this time of year is something to look forward to. Fall is the best and cheapest ...
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Do my taxes decrease if my property value decreases?

Your property taxes, in theory, should decrease if the value of your property decreases. Typically, jurisdictions assess taxes annually. That means your property taxes should fluctuate from year to year ...
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