Mortgages 101: tips and tools for getting a home loan
Home lending experts weigh in on new mortgage standards, financing for first-time buyers, the basics of securing a loan, and more. Making the decision to become a homeowner can be stressful for many first-time homebuyers. The looming questions of affordability, where to purchase, and job security are all legitimate concerns that warrant serious consideration. The reality is that there?s never a right time or the perfect circumstances to begin this journey, but ultimately, you want to treat house-hunting and the mortgage process as you would other major life events.
Creating a timeline, educating yourself about the market, and understanding your unique financial situation and budget will make the process easier. Here are five key factors every first-time homebuyer must consider when getting a mortgage. 1. Understand the housing market
In a recent S&P/Case-Shiller report, home prices rose 5.2 percent. Even with a stable labor market that supports the price increase, home prices continue to climb faster than inflation igniting competition for fewer available homes. How does this affect first-time homebuyers"
According to Katie Miller, vice president of mortgage lending at Navy Federal Credit Union, the pricing hike "doesn?t necessarily influence the approvability for first-time buyers." In fact, there are some 100 percent financing options available to first-time homebuyers that level the playing field and gives them a chance to participate in the m...
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