First-Time Home Buyer


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

What is mortgage insurance premium (MIP)?

Mortgage insurance premium (MIP) is charged to people who have taken out an FHA loan. It is charged both as an upfront fee at closing of 1.75 percent of the ...
Read More
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 ...
Read More

What does escrow mean when buying a house?

Escrow means having a neutral third-party, a middleman, hold any money associated with the sale of home until the transaction is over. For example, when you put an offer on ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More
Photo - Someone shopping online

What is debt-to-income ratio?

©Ivan Kruk/Fotolia Your debt-to-income ratio is the total portion of your monthly income that goes to debts. For example, if your monthly income is $5,000, your debts should not exceed ...
Read More
Loading...
Numbermode.com Numbermode.com
Responsive Menu Clicked Image