Buying a home is probably the single most expensive financial decision you will make. However first time homebuyers can sometimes be taken advantage of by the “mortgage game”. The mortgage process can be downright confusing, and the last thing you want is to make costly mistakes when you’re already signing up for the biggest loan of your lifetime. First time homebuyers aren’t all taken advantage of by the mortgage process! It’s a first time homebuyer’s... more

Thanks to subprime mortgage lending practices many Americans are being forced into foreclosure on their homes. The mortgage meltdown has had a profound affect on the country, with all walks of life being effected, by it's initial promise of low interest rates. But what areas of the country have felt the effect of housing market crash the worse? Follow our guide to the cities that have been hit the hardest...more

I just bought my second house recently. Why? Because I wanted to move to a new neighborhood, and the state of the real estate market is really good. Basically present day finds many people shopping for homes, and many people selling them as well. However the inevitable question came up – how much house can we afford? In order to properly answer this question, you might think about going straight to your mortgage broker or loan officer at your bank, but no, don’t do it!... more

Your bank offers them constantly - 0% financing, no money down mortgages! But is zero percent financing really as good as it sounds? Well you’re not alone! According to the National Association of Realtors, four out of 10 homebuyers need to resort to zero percent home financing in order to purchase a home. Zero percent down on your mortgage means that the bank or lending institution will finance 100% of your mortgage – including your down payment. This option is tempting for... more

Buying a home is likely the biggest purchase you’ll make over a lifetime. You want to get the best deal possible, but at the same time you’re sure to fall in love with your dream home – regardless of the cost. So how do you protect yourself from making a huge financial mistake? Start by pre-qualifying for a mortgage. Mortgage pre-qualification will give you an idea of home much of a home you can afford based on your annual income. However mortgage pre-qualification... more

When it comes to buying a home one of the most important decision you’ll be faced with is who to approach for a loan. For first time homebuyers especially, this can be a confusing and stressful decision. I know when I first decided to purchase my house I just assumed I would go to my bank and ask them for a mortgage. However when a friend of mine, who had just got a killer deal on a beautiful home, challenged me with, “you’re going to the bank! Are you insane?” I had... more

The terms that mortgage lenders use can be daunting and confusing. The purchase of your home should be a blessing, not a word jumble that makes you feel like a 5th grader. My easy-to-comprehend mortgage glossary will help you brush up on your mortgage speak so you know accrued interest from a wrap-around mortgage. A-credit customer – is basically a customer with a stellar credit rating. Customers with credit scores over 720, will get the best interest rates and mortgage options... more

Your dream home is $250,000! You breath a sigh of relief…you can just afford the monthly mortgage payments on that amount. However when you seek financial advice from your mortgage broker, suddenly their talking about extra cost for things like own payment averages, closing costs, real estate agent and broker commissions. You suddenly realize that there is more to purchasing a home than just the “purchase price! How to keep a head of home closing costs: Create a... more

As a first time homebuyer you should know a thing or two about the mortgages available to you. What, you thought that there was only one type of mortgage out there? Familiarizing yourself with the different types of mortgages on the market can help you save a lot of money. Why you ask? Because mortgages differ according to mortgage options, many of which can be adjusted and re-adjusted to suit your individual financial preferences. To get a handle on mortgage speak, please read The... more