First-Time Home Buyer

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

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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Do I have to buy appliances for my new home?

With a newly constructed home sold by a developer, appliances are included as part of the purchase price. If you are buying a resale home, any built-in appliances, such as ...
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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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What is the difference between a coop and condo?

Co-ops and condos might look the same, but there are differences. When you buy a condo, you own everything included within the walls of the unit, and a homeowners association ...
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Is Austin, Texas a great city for millennials to buy a home?

demerzel21/ Many young adults are on a budget and need to find a home for a reasonable cost that fits the majority of their needs. Despite its popularity, the cost ...
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How to fire your realtor?

Firing your real estate agent can be a challenge. Many times, you are locked under contract and simply cannot walk away. You can part ways with your real estate agent ...
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What is the Homeowners Association?

Planned housing communities, condominiums, and townhomes usually have a homeowners association (HOA). This is a legal entity, which is responsible for the common areas of a housing development. HOAs are ...
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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 ...
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Can I skip a mortgage payment?

Your lender may make you an offer allowing you to skip a mortgage payment. Just like deferring a car loan payment, you aren’t really saving any money. You’ll pay additional ...
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