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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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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What is an adjustable rate mortgage?

With an adjustable rate mortgage, the interest rate changes annually based on market fluctuations. With a traditional fixed rate mortgage, the interest rate stays the same for the life of ...
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3 ways to buy a house with bad credit

Back before the housing crash of 2008, people with bad credit could easily get a mortgage. The problem was that many people were buying overpriced homes that they really couldn't ...
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Why would someone get their home appraised?

When you get your home appraised, you are trying to determine its value. Before you sell a home, it’s a good idea to get it appraised. Other reasons homeowners might ...
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What is a no-cost mortgage?

With a no-cost mortgage, the lender includes typical closing costs, which might add up to 3 to 5 percent of the loan. However, it’s not necessarily a good deal, since ...
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How do real estate agents get paid?

Real estate agents get paid by commission when they close a home for a buyer or seller. The percentage range from 1% to 4% of the transaction. Some agents may ...
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Photo - Happy couple unpacking in new home

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 I need long employment history to buy a house?

The good news is that your credit score is good and puts you in the second-best tier for getting a good interest rate. The bad news is that most lenders ...
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