Buying a home can be a long and complicated ordeal. This is probably the biggest purchase of your life, and as such, takes careful consideration because you (and your family) will be making it your home for years to come.
To assist you in this process, McGee Lane Self Storage is pleased to provide comprehensive online home buying tips and resources. Whether a first time home buyer, or someone who has “been around the block”, if you have any other questions regarding your home purchase, please contact us today.
All mortgage plans can be divided into categories in two different ways. Firstly, conventional and government loans. Secondly, all the various mortgage programs may be classified as fixed rate loans, adjustable rate loans and their combinations.
The Home Buyer Checklist identifies many important factors to consider when choosing a home. In addition to the general items listed below, be sure to make a detailed comparison of various homes that you have an interest in buying so that you select the one that has the most features and advantages your desire.
RESPA is a HUD consumer protection statute designed to help homebuyers be better shoppers in the home buying process. RESPA requires that consumers receive disclosures at various times in the transaction and outlaws kickbacks that increase the cost of settlement services. RESPA is enforced by HUD.
It's a financial guaranty that insures lenders against loss in the event a borrower defaults on a mortgage. If the borrower defaults and the lender takes title to the property, the mortgage insurer (MGIC, for example) reduces or eliminates the loss to the lender.
Your title insurance owner's policy will describe the property and outline any recorded limitations on your ownership. It will also set forth the title insurance company's responsibilities should any claim covered by the policy terms arise.
Most states do not require persons performing home inspections to be license. In these states, anyone can call themselves a home inspector, so it is important to screen and qualify an inspector before hiring him.
Some lenders, especially mortgage brokers, charge a loan origination fee. This is the mortgage company's fee for securing financing for you. This fee varies from lender to lender and is (or should be) negotiable based on the amount of work the lender has done for you.
There are a number of types of primary mortgage lenders that you may encounter when shopping for your mortgage loan. Mortgage Bankers typically originate loans and then sell these loans to the secondary mortgage market shortly after funding. (The mortgage banker may or may not sell the servicing of the loan.) Often mortgage bankers have attractive loan programs and rates.
In today's increasingly automated society, your ability to pay can be reduced to a single number. All the years you've been paying your mortgage, car payments, and credit card bills can be analyzed, with the results summarized into a single numeric indicator of whether you're likely to meet your future obligations.
At McGee Lane Self Storage, we know that for many buyers, applying for the home mortgage loan can be one of the more stressful aspects of home buying. By following a few easy steps, you can reduce, or even eliminate this stress as you move through the loan application process.
You might have an idea of the loan payment and mortgage you can afford, but will the bank agree? It's always best to pre-qualify for a home mortgage so you know exactly how much a financial institution would be willing to lend you.
At McGee Lane Self Storage, we know that buying a home is one of the biggest personal financial decisions you will ever make. It's only natural that you might be a bit afraid or intimidated by the whole home-buying process - especially if your are buying your first home.