Before lending you a large sum of money to purchase a home, it is understandable that your lender will want to know a little bit about you and your ability to pay back the loan. If you are a first-time homebuyer, or if it has been a while since you last spoke with your lender, it is helpful to be prepared for some of the questions you may be asked and to have some responses in mind. Below are some general examples of questions you may expect to hear when applying for a home loan:

Employment and income
• Where do you work?
• How much do you make?
• How long have you been at your job?
• How is your income derived — steady salary or irregular income? (if it’s the latter, plan on providing more details so that you get a favorable interest rate)

Outstanding debts
• What recurring debts do you have?
• How much do you pay a month for auto loans?
• Credit cards?
• How much of your monthly pretax income do these debts consume?
(more…)

Buying a home can seem like a frightening prospect. Whether it’s your first home, or your fifth, so much is at stake — your savings, your credit rating, your financial freedom.
It’s difficult to get up the courage to sign on the dotted line, even if you want that home very, very badly.

How do you determine whether or not the purchase of a home makes sense?
What’s the easiest way to examine the whole picture, from emotions to economics? I suggest that you read this entire article before you go house hunting. You’ll learn how to separate whims from true needs. You’ll discover how to prepare a game plan for your real estate venture, how to research effectively, choose wisely, finance appropriately and survive the whole procedure with your smile intact.

By the time you’ve done your homework and completed the suggestions, you will have an excellent overview of how to find and buy the home of your dreams. And you’ll have plenty of confidence to back up your decision to buy that special home, too.
(more…)

The home buying process may seem daunting to someone who has never purchased a home before. But, with the right information, a first-time home buyer can obtain a better understanding of their financing options, leading to a more positive home buying experience.

Whether you’ve been dreaming of owning a home for years or you’ve just decided it would be a smart financial move to make, your first home buying experience will be a memorable one. It’s important to learn about your financing options in order to find the mortgage that’s right for you. Here are 7 mortgage tips for first-time home buyers:

1. Educate Yourself About the Mortgage Process
By taking the initiative and learning about the mortgage process, you can be more confident in the financial decisions you are making. It’s important to learn about different types of mortgages, how much you can afford, how your credit impacts your interest rate, and the benefits of home ownership.
(more…)

Why Do I Need A Home Inspection?
There’s a lot more to know about the home you are about to purchase than location, location, location. Licensed Professional Engineers who specialize in pre-purchase home inspections will tell you that there is nothing more important than structural, structural, structural. If the home you are about to purchase does not have the structural integrity to give you peace of mind, you may be buying into a money pit and sleepless nights.

A home consists of many complex components including structural framing, physical components, electrical, plumbing, heating, and air-conditioning systems. Wow! I thought finding the home of my dreams was a job, how can I determine what’s under the cosmetics. Sure, the bathrooms and kitchen are good looking, the wallpaper is not my taste but I can take it down along with the paneling in the playroom, but what’s happening beneath the surface, is everything cool? This is exactly the reason why you need a competent home inspection engineer to assist you with the evaluation of the home’s major systems.
(more…)