Buying a Home

Homeownership is the American dream and with the recent real estate collapse many experts agree this is a very good time to buy a home. Although forecasted home values are not expected to rise in many markets over the next year the bottom certainly is pretty close to being reached in many, if it hasn’t already. This could make buying a home today a very good long term investment for those people/families who buy today.

Who can buy a Home?

Believe it or not but many people still ask this question. Do you need a full time job? Can you qualify with part-time income? How much of a down payment will you need? Almost anyone (of legal age) can buy a home and the more you understand about the mortgage industry and your home loan options, the more often you can find better financing terms.

Qualifying for a home loan is a little tougher than a few years ago although for most people with a decent down payment, good credit and verifiable income there are still many home loan options for buying a home. Even those with less than perfect credit and minimal down payments still have options, the trick to getting approved however starts with basic education of how home loans work and contacting multiple lenders about your mortgage options.

Can I get a mortgage for a Short Sale or Foreclosure Purchase?

Short sales and foreclosure sales account for up to 30% or more of all real estate sales in some areas and not everyone pays with cash. Many mortgage lenders will approve financing for a short sale property but the process can be longer and a lot more tedious, however if saving money is your primary goal sometimes it’s worth the wait.

Should I Buy or Rent?

The rising real estate prices (followed by the current foreclosure crisis) has really brought this question to the forefront again. The answer however is not black and white. For some people renting may be a better option while others can benefit from buying a home. While homeownership is certainly an American dream its wise never to commit to a mortgage loan without understand all the true costs of owning a home.

What are Today’s Mortgage Rates?

Mortgage rates fluctuate daily and are based on your unique profile including your debt to income, credit score, loan to value and more. The good news is that mortgage rates are at some of lowest historical levels and many borrowers have access to a wealth of low rate mortgage loan options.

Compare Mortgage Rates online