You may be just a loan away from your dream home. You just need to learn how to get a mortgage first.

There’s a little more to getting a mortgage than waltzing into your favorite bank and asking for one. After all, your financial life will be much of what helps lenders decide to offer you a loan, not your personality. And unless you have enough cash to buy a whole house, you’re going to need a home loan. Knowing how to get a mortgage long before you attempt to will help your odds of success.

Homes for Sale in Davenport FL

What Is a Mortgage?

A mortgage is a loan from a bank or mortgage lender to help finance the purchase of a home without paying the entire value of the property up front. Given the high costs of buying a home, almost every

…

Low Down Payment Home Loans For First-Time And Repeat Buyers

The biggest barrier to homeownership today is the mortgage down payment. But it doesn't have to be.

Homes for Sale in Davenport FL

According to the National Association of Realtors, 87% of first-time buyers think they need 10% or more down to buy a home.

That’s simply false.

In fact, the average down payment for first time buyers today is just 6%. And, a number of programs require no down payment at all.

If you’re “stuck” trying to raise enough down payment money, you must read this entire article.

What Is A Down Payment?

A down payment is a portion of the purchase price that a buyer pays from his or her own funds. A 10% down home purchase is structured as follows.

…

When you buy a house, it's a jungle out there

Contingencies are magical little contract clauses that can prevent you from losing your shirt when you buy a house. And yet – as home prices have increased and inventory has shrunk – the need for contingencies is increasingly open to question.

Homes for Sale in Davenport FL

After all, if you see a nice house at a good price, won’t it attract multiple offers in today’s hot markets? Doesn’t it make sense to dump your contingencies to out-gun other bidders?

To answer this question we first need to take a basic look at the real estate contracting process.

Offer, acceptance and counter-offer

Picture a property listed for $400,000. A couple comes along and says, "We'll pay you $400,000 for your

…

What affects your mortgage rate?

Your mortgage rate depends on many factors, like your property location, the economy, and loan size. One really influential factor is the amount you pay for your home loan. And fortunately, it's a variable over which you have complete control.

Homes for Sale in Kissimmee FL

When you pay more to have a lower rate, this is called "buying down" your mortgage rate, and the fees you pay are called "points." each point is one percent of the loan amount.

How do points drive your mortgage rate?

The relationship between your mortgage rate and its costs is an inverse one. When other factors are equal, a loan with higher fees has the lower interest rate. Home loans with lower rates are obviously more desirable, so

…

Is there old debt lurking in your financial closet?

Before you apply for a home loan in Davenport FL, it's a good idea to get a copy of your credit reports. Suppose your report includes some old debt from years ago. And suppose that's timed out as a result of your state's statute of limitations on debts.

Don't "reactivate" an old collection when you apply for a mortgage

What you do next could have a huge impact on your ability to get your mortgage application approved. And it could affect your financial well-being for years to come. So read on to make sure you know how to protect your interests.

Homes for Sale in Davenport FL

How to get a copy of your credit reports

Under federal law, you are entitled to a free copy of each of your

…

Why a loan's features change your mortgage rate

Your mortgage rate depends on many factors like the economy, your credit scores, the kind of property you're purchasing, and others. One factor that you have a lot of control over is the loan you select -- it's features and terms.

Homes For Sale in Davenport FL

What features affect your mortgage rate?

Features can shift risk from you to the lender, which increases your price, or from the lender to you, which drops it. For example:

• Rates that are initially fixed but then reset
• Interest-only payments
• Terms ranging from five to 40 years or longer
• Prepayment penalties
• Cash out refinancing

We'll look at how much each of these features adds or subtracts from your mortgage

…

Protect your credit score by reviewing it for mistakes, so you'll be ready to start the home buying process when you find a place you love.

By Denise Brodey | Trulia  

Experts Answer Your Top Questions About Buying a Home With Bad Credit

Your credit score is one of the crucial determining factors in whether you can qualify for a mortgage in Davenport FL. “The higher your score, the less risky you appear on paper,” says Staci Titsworth, a regional manager at PNC Mortgage in Pittsburgh, PA. If that sends shivers up your spine, keep reading. We’re here to help.

The reality is that the average U.S. household has over $15,000 in credit card debt. You’re not alone if you’re wondering: Can I even try buying a home with bad

…

Before you start scheduling showings or visiting open houses, make sure you have an accurate idea of your budget and how much mortgage you can afford.

By Kali Hawlk | Trulia

Before you plan to spend the maximum amount you’ve been approved for, consider whether you can really afford the mortgage your lender offers.

According to the latest data from Trulia, the median selling price for a home is $192,000. That’s far more than most of us could afford to pay in cash, and why most of us take out a mortgage. But don’t rely on a lender to tell you how much of your monthly income you can comfortably spend on your home. They may let you borrow the maximum possible amount, but that doesn’t mean you should—or must—take them up on the

…

Prepare for your meeting with your mortgage lender by showing up with these 10 question.

By Kayla Albert |  

Buying a home starts with finding the right mortgage lender. Here are the questions you should ask mortgage lenders, before you sign on with one.

Steering clear of homebuyer’s remorse requires more than just picking the right home in the right neighborhood. According to a 2016 survey by J.D. Power, 27% of new homeowners ultimately came to regret their choice of lender. One major reason for the dissatisfaction was overall poor customer experience, including lack of communication and unmet expectations. Another factor? Pressure from the lender to choose a particular product or loan. You can remove some of the…

By Trulia | Jun 01, 2017 1:16PM  

Choosing the right mortgage is daunting, so we’ve demystified common scenarios to help you find the right loan.

Tired of paying rent and ready to become a homeowner? Good news! According to Trulia’s recent rent vs buy report, buying a home remains a cheaper option than renting, thanks to relatively low interest mortgage rates and fast-rising rents. And, even better news, you’ve taken a step in the right direction when it comes to saving money — buying can be nearly 40% cheaper than renting.

But before you start picking out curtains and furniture for that new home, there are some financing decisions that need to be made. Determining what type of mortgage is best for you and

…