Tagged : home buying

Found 8 blog entries tagged as "home buying".

There are many common mistakes first-time homebuyers make. Some are minor, while others can end up being costly. Fortunately, several of these mistakes are avoidable! Please read and share this article with other first-time homebuyers to help them spot these common errors before making them.

Mistake #1: Looking For A Home Before Getting Pre-Approved

When you shop for a home before approval, you run the risk of falling in love with a home that's out of your price range --ruining the whole home buying experience before you start.

Instead, focus on the finances first. Make sure you have enough saved for a down payment and the closing costs and get your pre-approval before you start home shopping.

Mistake #2: Buying More Than You Can

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Owning a home is one of the surest ways to build personal wealth. But you don't need to have "wealth" to get started. There are many first-time buyer home loan programs available – each with its perks and particular qualifying requirements. In this overview, we'll share the 7 most popular first-time homebuyer programs.

Which of these is best for you? Apply online at Legacy Home Loans today to find out fast! 

FHA Home Loan

This mortgage is the go-to for many, especially first-time home buyers and those with less than ideal credit history. An FHA loan is guaranteed by the government, which allows lenders to expand their qualifying requirements. With an FHA, borrowers can also put less money down -- as little as 3.5%!

Low rates also

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Are you considering a 30-year fixed-rate mortgage? We're not surprised. Thanks to an extended repayment period and fixed-rate, homeowners can count on a predictable low monthly payment. Here's what you need to know about a 30-year fixed-rate loan and it’s alternatives!

What is a 30-Year Fixed-Rate Home Loan?

A 30-year home loan is a mortgage that would be paid off entirely in 30 years if you make every payment as scheduled. 30-year mortgages typically have a fixed rate, meaning that the interest rate stays the same throughout the loan's life.

Benefits of a 30-Year Fixed-Rate Mortgage

  • Lower payment: A 30-year term stretches out the loan's repayment, which often translates to a more comfortable monthly payment. 

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Thinking about buying a first home or a second? You have many loan options, and each one varies as far as their down payment requirements. Use this quick guide to get an idea of the amount you'll need to put down on your next purchase.

Is 20% Down Always Necessary to Buy a Home?

The down payment refers to the monies you'll put down during the mortgage closing, and it's often expressed as a percentage of the property price. For example, 20% down on a $200,000 home means paying $40,000 at closing.

20% down can make homeownership feel too out of reach. But take heart, very few loan programs are firm about needing 20% at closing. You can even get a conventional mortgage with as little as 3% down! Read on to learn more.

**Make better

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When it comes to home buying it feels like there are already limitless decisions to comb through of wants, needs, hopes, and budgets. While it can feel like there isn’t an easy way to start narrowing down what you are going to prioritize looking at or searching for, there is one important distinction that, if an obvious choice comes to you, you could easily mitigate a lot of time-wasting in the process. That decision is whether or not you are interested in a new construction home, or a resale home. Below we’ve laid out some of the biggest benefits about each type of home-buying. We hope this helps make your decision even a tiny bit easier! 

Perks of New Construction Homes

The “Green” Aspect

Whether it’s more on a cost basis or an

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When you first took out your school loan, you did it to open more opportunities. Unfortunately, having a significant amount of school debt can challenge those opportunities. If you have a considerable amount of school debt and are left wondering how you can still qualify for a home loan, this article is for you!

The insights we’re about to share with you will help you get a better idea of how to manage your school loan as well as show how it’s possible to be a homeowner despite having student debt. 

How Student Loans Affect Your Home Loan Approval

The first thing to clarify is that student loans themselves don’t prevent you from getting a home loan. However, the debt of student loans can affect your debt-to-income ratio, and a poor DTI can

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If you have bad credit, it may seem like buying a house is out of reach - or at least a couple of years away. But, in reality, struggling credit may not be as much of a roadblock as you may think! 

If you have less than ideal credit and have the goal of buying a home, then this blog is for you! Read on to find out more about loan programs for low-credit home buyers as well as how you can improve your score to qualify for a lower interest rate.

The Truth About Bad Credit and Mortgages

Technically, there isn’t a specific minimum credit score to qualify for a conventional loan. Lenders will set their own requirements since they are the ones that are loaning the funds. As you can imagine, they prefer higher scores as that means less risk.

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Millennials, you’re buying your first homes! Congratulations: it’s exciting to see so many of you settling in. If you’re a millennial who is trying to decide when you’re ready to buy your first house, Parks has you covered with our First Home Purchaser’s Readiness Checklist

Financial Readiness

Financial readiness is, without a doubt, the most important factor in successfully purchasing your first home without experiencing the pangs of buyer’s remorse that are felt by a reported 81% of millennial homeowners. 

Take the following steps to prepare yourself financially for homeownership.

  • Reduce or eliminate all other debt.

High-interest consumer debt, student loans, and sizable car payments will all affect your ability to

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