Reader Question: “We were told by a real estate agent that we should get pre-approved for a mortgage loan. But we don’t really understand the process. How does mortgage pre-approval work?”
Your agent has given you some good advice. Getting pre-approved for a loan before you start house hunting is always a good idea, and for [...]
This list of home buying tips was created with first-time buyers in mind. We have organized these tips in chronological fashion, staring with the first steps in the home buying process. Follow the links provided to learn more about key topics.
Create a basic budget to find out how much you can afford to pay for [...]
So, it has actually come to pass.
The $8,000 tax credit for first-time home buyers can now be put toward down payments and/or closing costs. In other words, U.S. taxpayers are now subsidizing the down payments of home buyers who cannot afford such a payment.
To which I respond: have we learned nothing?
We are still mired in [...]
Summary: In this video lesson, you’ll learn how to avoid common home-buying mistakes made by first-time home buyers. Some of the mistakes discussed in this video can lead to foreclosure, so it’s worth your time to watch. This video runs about eight minutes in length.
Home-Buying Mistakes Covered in This Video
Here’s an overview of what you’ll [...]
A lot of first-time buyers are interested in FHA home loans right now, because they’ve heard good things about these loans. This mortgage option does offer certain benefits, but there are drawbacks as well. So in today’s lesson, I’ll address the pros and cons of FHA loans for first-time home buyers.
Let’s kick things off with [...]
Reader Question: “We are shopping for a homeowners policy, but we have no way to validate the quotes we are getting. How much does home insurance cost on average? What can we expect to pay?”
In the United States, the average home insurance policy has a premium of about $800 per year. This cost will vary [...]
Reader Question: “I am buying a house by myself early next year. I have a single income (no spouse), and I make around $85,000 per year. How much house can I afford to buy at that salary?”
I cannot answer this question for you, but I’d be happy to show you how to answer it for [...]