Being a first-time home buyer is equal parts exciting and stressful. The idea of finding the home of your dreams to start the next chapter of your life is thrilling, but the thought of making such a major financial commitment is nerve-wracking. And once you start the process, your head can go spinning. What are FHA loans? How do I obtain a mortgage? What other types of mortgages are available? What are closing costs?
The best thing you can do as a
first-time home buyer is to take things one step at a time. The first step to buying your first house is obtaining a mortgage. Several factors go into choosing the right one, which you will walk through in this article. Learning the types of loans available to you will help you make an informed decision about your finances now and well into the future.
Posted in: buyer, FHA, first-time, home, loan, mortgage, VA
Congratulations on wanting to take the plunge and become a first-time homeowner in Beloit. Maybe you’ve already done some looking. And just maybe you’ve started wondering how you’re going to afford that dream home. The fact is most people don’t buy a home outright with all their own cash. Typically, you save up enough to make a healthy down payment and then borrow the balance from a lender in the form of a home loan. The amount you borrow is called a mortgage, and you’re responsible for making monthly mortgage payments to pay the loan back.
Posted in: home, mortgage
Building a new house can be an exciting time. You’re preparing to customize your home to suit your needs exactly — maybe you’ve even been dreaming about this house for a long time. To help prepare you for financing a new build, we’ve outlined some key points of home construction loans, so you can move forward with more confidence.
Posted in: a, build, construction, home, loan, mortgage, renovation
A home equity loan is also known as a second mortgage. This type of loan applies to people who have paid off a substantial portion of their first mortgage. As a homeowner, you may borrow against your equity in your home. If you then use the funds to extend or substantially improve the home, the interest on the loan may be tax-deductible, according to the Tax Cuts and Jobs Act of 2017.
Posted in: equity, home, improvement, loan, mortgage, second