JUPITER MORTGAGE » Need

Dr. Marion on KCAL 9 News – 3in4 Need More Tour

Wed, 28 Dec 2011 19:04:30 +0000

Dr. Marion speaks to the 2nd largest DMA in the nation on KCAL 9 News about the 3in4 Need More tour and the One Reverse Mortgage Home Caregiver Make Over Contest

Loans for Small Business – What You Will Need to Apply

Tue, 11 Oct 2011 19:04:07 +0000

I discuss what lenders look for so you can get loans for small business. Lets face it your are going to have to go out of your immediate circle to obtain loans for small business. bizloansconnections.com I address what lenders will look at in order to obtain a franchise loan, loan for…

What You Need To Know About Title Insurance

Sat, 10 Sep 2011 19:05:36 +0000

marti reeder, john l scott, PMI, private mortgage insurance, title insurance, real estate lawyers, property owner protection, marti-realtor.com, heir, current homeowner, property liens, property claims, claims on the property

Business Loan And Business Finance – What You Need To Know

Tue, 06 Sep 2011 19:06:00 +0000

Business finance for commercial real estate and businesses varies from residential financing in more than 25 different and critical ways. It is clear that residential real estate investors are evaluating business financing and commercial real estate opportunities. This commercial mortgage and business opportunity financing report should be helpful to new commercial investors in educating them about important commercial loan and commercial real estate loan factors. SBA Loan Financing The availability of SBA loan programs is an important and useful aspect of many business financing strategies. There are also critical limitations and potential problems with Small Business Administration business finance programs. Some commercial borrowers will benefit significantly from SBA loan financing, and it is equally likely that many business borrowers will either not qualify or should avoid such business loan programs. Business Opportunity Financing – Business Finance Strategies Because it involves the financing of a business without real estate, a business opportunity business loan can be difficult to arrange. Traditional business finance approaches are not workable. Several terms such as down payment requirements will be different in comparison to a commercial mortgage with commercial property as collateral and there will be fewer qualified lenders. Balloon Payment Business Finance Requirements Balloon payments are used by some commercial lenders as a replacement for a valid long …

Mortgage Life Insurance – Do you need it?

Thu, 25 Aug 2011 19:03:03 +0000

Mortgage Matters with Mike Morisset – Episode #18 Do you need it? Do you want it? What does it really cover? What happens if I need to use it? These are questions that I answer on every mortgage I write. What are my answers? Well, generally, it is absolutely a good idea to have some form of Mortgage Insurance/Life Insurance. On an individual basis, the answer is: “It depends on your situation”.Mike Morisset is a Mortgage Advisor with Silverman Mortgage Group & works actively in the communities of Langley, Surrey, South Surrey & Abbotsford. If you would like to read more of Mike Morisset’s blog postings or watch his podcast: Mortgage Matters with Mike Morisset, you can find him at www.themortgageblog.ca

Question of the Day – Why Do Home Buyers Need to Know This Information?

Fri, 29 Jul 2011 19:02:32 +0000

Mike King of Mike King Real Estate informs potential home buyers that the cost of borrowing will be going up in April.

Real Estate Weekly: Why you need an outdoor kitchen

Mon, 30 May 2011 19:07:49 +0000

Real Estate Weekly: Why you need an outdoor kitchen
The outdoor kitchen is becoming a coveted home feature for those who love a good cookout. Chef Rick Bayless explains what he loves about his setup, complete with grill, running water, refrigeration and more.

Why you need a Reverse Mortgage in your plan

Sun, 26 Dec 2010 19:06:57 +0000

As a Senior who owns a home it is more important today to make a plan for the future and have a Reverse Mortgage in that plan for the your golden years

What First Time Home Buyers Need to Know About the Mortgage Process

Fri, 24 Dec 2010 19:06:10 +0000

What First Time Home Buyers Need to Know About the Mortgage Process

Free Online Articles Directory

Why Submit Articles?
Top Authors
Top Articles
FAQ
AB Answers

Publish Article

0 && $.browser.msie ) {
var ie_version = parseInt($.browser.version);
if(ie_version Hello Guest
Login

Email

Password

Remember me?
Lost Password?

Home Page > Finance > Mortgage > What First Time Home Buyers Need to Know About the Mortgage Process

What First Time Home Buyers Need to Know About the Mortgage Process

Edit Article |

Posted: Oct 21, 2008 |Comments: 0
| Views: 272 |

]]>

Buying a home for the first time can be confusing. There are so many things to consider and so many things that must be done the right way before you sign your name on the dotted line. Understanding the steps of the mortgage and home buying process can make it much easier to navigate. Here’s a brief guide to what first time home buyers need to know about the mortgage process.

Before you look for a home:

Decide if you’re financially ready to buy a home. When you compare rents side by side with mortgage payments, buying a home may seem like a great bargain, but it’s important to consider all the costs that come along with owning a home.
Learn about the different mortgages available and figure out which is best for you. T
Get your financial information together. In order to be approved for a mortgage, you’ll need to document your income, your assets, your employment, your residence and your existing debt.
Get pre-approved. A pre-approval letter will give you a firm idea of your prospective price range for a new home, and it will tell your real estate agent and home sellers that you are serious about buying a home and financially capable of managing it. Pre-approval is a more formal and in-depth process than pre-qualification. A pre-approval letter is a formal certificate from a lender saying that you are qualified for a mortgage up to a certain amount. While it is not an agreement to give you a mortgage, it is one step closer to having the cash in hand to buy a house.
Find a real estate agent. Your real estate agent will work in your best interest and help guide you through the rest of the process.

Once you find your house:

Work with your agent to determine a fair offer price. A written offer will include the price you’ll pay, any conditions that must be met, amount of earnest money, complete legal description of the house, down payment and financing details.

Earnest money is included with your offer to show the seller that you are serious. If your offer is accepted, the earnest money becomes part of the down payment. If your offer is rejected, the earnest money is returned to you. If you pull out of the agreement for reasons other than those stated in the offer, you’ll forfeit the earnest money.
Once your offer is accepted, make a formal application for a mortgage. At this point, you will usually have to pay a mortgage application fee. If your mortgage is approved, it generally locks in the mortgage rate you are offered for 30 to 90 days.
Your lender will arrange for a home appraisal to determine that the house is worth the amount you are asking to borrow in order to purchase it.
You or the lender will order a home inspection, which is not the same as a home appraisal. A home inspection will point up any problems with the home that may have been missed by a casual inspection.

Insurance Policies that You Will Need

Get home owners insurance and provide proof of coverage to your lender.
Private mortgage insurance is a policy that will pay off your mortgage if you should default on the loan under specific circumstances. Most lenders require that you carry PMI if you make a down payment of less than 20%. Generally, the cost of PMI is added to the amount financed.
Title insurance is a policy that guarantees a clear title to the house. When you purchase title insurance, the insurance company will do their own title search. If any issues of ownership related to title arise after you have taken over the house, the insurance company will pay all legal and other costs related to the title issue.

Closing on Your New Home

Your lender will let you know in advance how much the closing cost will be. This is generally a “good faith estimate”, and may vary slightly from the actual amount when all costs are totaled.
You will be expected to bring valid identification and certified funds or a cashier’s check for the amount of the closing costs.
The closing costs will include any loan fees, prepayment of interest (points), copying fees and administrative fees charged by the lender.
You will have a chance to read over all the documents concerning your mortgage and your home. The closing attorney will give you concise explanations of each document that you are asked to sign, but you have the right to read each one over yourself as well.
Once all the papers are signed, you will endorse the check to the closing attorney, and receive the documents that make the home yours. The closing attorney will see to the disbursement of funds – paying off any remaining mortgage, payment to the current owners, and any other associated costs.

Retrieved from “http://www.articlesbase.com/mortgage-articles/what-first-time-home-buyers-need-to-know-about-the-mortgage-process-610919.html”

(ArticlesBase SC #610919)

Liked this article? Click here to publish it on your website or blog, it’s free and easy!

Shawn Thomas -
About the Author:

Shawn Thomas is a freelance writer who writes about topics pertaining to the mortgage industry such as first time home buyers who are working with from a mortgage company.

]]>

Questions and Answers

Ask our experts your Mortgage related questions here…200 Characters left

How long does the first time home buyer credit last ?
Will there be a new first time home buyers stimulus program for 2011?
I am a short sell home buyer with a sales contract with the owner. I was told that the package has been sent to an investor for approval. How does this step affect me?

Rate this Article

1
2
3
4
5

vote(s)
0 vote(s)

Feedback
RSS
Print
Email
Re-Publish

Source: http://www.articlesbase.com/mortgage-articles/what-first-time-home-buyers-need-to-know-about-the-mortgage-process-610919.html

Article Tags:
real estate, mortgage quote, adjustable rate mortgage, credit, line of credit, home equity, mortgage rate, mortgage insurance, home mortgage lender, mortgage loan, mortgage backed securities, mortgage fees, home loan, first time homebuyer

Down Payment + what forms + How much do I need with Vancouver Canada mortgage broker BC Mark Fidgett

Wed, 15 Dec 2010 19:16:27 +0000

www.notapennydown.com . Mark Fidgett, a mortgage broker in Vancouver Canada, explains down payment in Vancouver. How much do I need, what form can a down payment take.