Financing a Home Archive


What’s the best way to choose a home loan?

Sunday, December 2nd, 2007
A lot will depend on the length of time you plan to live in the home, other financial obligations, and potential savings gained from comparing the monthly costs of a home against the up-front costs and closing costs involved with a particular loan. ...
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How do I qualify for a home loan?

Sunday, December 2nd, 2007
Your real estate agent has information on lender loan requirements and will be able to calculate a rough monthly figure you can afford based on the maximum monthly payment for the loan, taxes, insurance, and any type of maintenance fees. This pre-purchase evaluation by the agent can save you a ...
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What is a mortgage and how does it work?

Sunday, December 2nd, 2007
A mortgage makes homeownership possible for most people. In the simplest terms, it is a loan that is secured by real property. The lender holds title to the home until the loan is completely repaid. If you fail to pay up, the lender has a right to take the property, ...
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What about guidelines for VA foreclosures?

Sunday, December 2nd, 2007
As with HUD, anyone can purchase a VA home. Qualified buyers also can receive the benefit of a VA loan - no money down - even if they are not veterans. If you are interested in purchasing a VA foreclosure, visit its web site, www.va.gov.


What are some of the guidelines for purchasing HUD foreclosures?

Sunday, December 2nd, 2007
If you have the cash or can qualify for a mortgage, you can buy a HUD home. Down payments vary depending on whether the property is eligible for FHA insurance. If so, the down payment can be lower than the 5 to 20 percent required on conventional loans. HUD requires ...
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What are the disadvantages of buying foreclosures?

Sunday, December 2nd, 2007
Buying directly at a legal foreclosure sale is risky. Among the disadvantages: ...
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What happens at a trustee sale?

Sunday, December 2nd, 2007
When a homeowner falls behind on three payments, the bank will record a notice of default against the property. When the owner fails to pay up, a trustee sale is held, and the property is sold to the highest bidder. The lender that initiated the foreclosure proceedings will usually set ...
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What causes a foreclosure?

Sunday, December 2nd, 2007
A lender decides to foreclosure, or repossess, a property when the owner fails to pay the mortgage. Unfortunately, thousands of homes end up in foreclosure every year. Many people lose their homes due to job loss, credit problems, divorce, unexpected expenses, and during periods of economic instability. ...
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Do builders provide financing?

Sunday, December 2nd, 2007
Many builders offer financing incentives to help move more buyers into a project. In fact, major building companies often have their own mortgage brokerage subsidiaries, while many other builders routinely refer buyers to "preferred" local lenders. If it is a buyer's market in your area, you can be sure developers ...
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What about low down payment loans?

Sunday, December 2nd, 2007
Such loans are offered by a host of private lenders and government agencies. In fact, there are government programs at both the federal and state level to help cash-strapped buyers. Under many state guidelines, borrowers must usually be first-time homebuyers or have a limited family income to qualify for low ...
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