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If you find yourself sitting in a strange hallway, waiting for a stranger in a suit to size you up and decide if you’re worthy as your palms sweat and your breath gets just a little bit harder to push out, you might be waiting for your appointment for your mortgage pre-approval. You’re one step closer to owning your own home, but this one is a doozy.
Land can be a good investment, whether you intend to build a house or business on a particular lot or simply want a place where you can stretch your legs and breathe a bit more deeply. After all, they’re not making any more of it (ok, technically this isn’t true, but you’d need to be volcano adjacent to get dibs on brand new land).
While you’re dreaming about your Starter Home, don’t forget that you’re going to need a Starter Mortgage to pay for it. The mortgage programs offered through the Department of Housing and Urban Development’s Federal Housing Authority can be easy ways for borrowers with limited or lightly bruised credit to enter the housing market with confidence.
Just imagine it! Waking up to the sound of sea and surf pounding the sand right outside your very own home. You don’t have to call ahead for reservations, you don’t need to ask anyone for a key or have a check-out time. It’s all yours to do with as you will, and you’re going take advantage of it constantly because now you own your very own vacation home.
You’ve finally done it! You have a house under contract and you’re doing the paperwork to get your mortgage lined up. When your Realtor calls to ask you who you want to use for your home inspection, you freeze. Your brain has to go back and repeat that part. You get to pick your own home inspector? How do you even go about doing that?
Shopping for a house can be stressful, but choosing a loan has the potential to be just as bad. There’s a lot to know, a small window in which to figure it all out and a 30 year commitment to a loan product that might just not be right for you for to worry about. All in all, it might be easier to remove your own inflamed appendix than to pick a mortgage.
Sure, owning a house is pretty cool, but sometimes you feel like you could do better. Take your hall closet, for example. It’s small, there’s no place to put linens and barely enough room for heavy winter coats. What’s it even good for? Your house has served you well, but you had no idea how awkward the little (and almost impossible to fix) things, like that closet, could be.
Whether you’re thinking about buying your first home or you’ve been contemplating an upgrade, you probably already know that there are several different kinds of home mortgages, some that seem pretty much alike at face value. FHA, VA, USDA -- what does it all mean?! We’re about to take all the stress out of choosing the mortgage that’s right for you and your family (even if that family is just you and Spot the cat).
Deciding you’re ready to buy a house is a big moment in your life, whether it’s a first time purchase or you’re snatching up yet another investment property. The home buying process is fraught with dangers, both real and imagined, as well as very real financial risks.