Home Financing: Everything You Need to Know to Buy a House

Here’s your roadmap on how to buy a house, navigate mortgages, and achieve your homeownership dreams.

Mortgage

A loan used to purchase a home, where the property serves as collateral. Mortgages are typically paid in monthly installments over a set term. 

Key Terms
Mortgage Down Payment  Interest Rate Pre-Approval Closing Costs Escrow Private Mortgage Insurance (PMI) Debt-to-Income Ratio (DTI) Fixed-Rate Mortgage Adjustable-Rate Mortgage (ARM)
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First-Time Homebuyer Guide 

The process of saving for and buying your first home can seem intimidating. Dive into these resources for a crash course on homebuying. 

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From Equity to Opportunity: Exploring HELOCs 

Turn your home’s equity into a powerful financial tool – our guide to HELOCs shows you how to unlock opportunities for home improvements, debt consolidation, and more.

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Home Lending Frequently Asked Questions 

A monthly mortgage payment typically includes the principal, interest, property taxes, and homeowners insurance (often abbreviated as PITI). 

Higher credit scores generally lead to better interest rates and loan terms. FHA loans require a minimum score of 580 or 500 with a larger down payment. Conventional loans typically require a score of 620 or higher.  

Down payments vary but are often between 3% and 20% of the home's price, depending on the loan type and lender requirements. 

HELOCs can be used for home improvements, debt consolidation, education expenses, or other significant financial needs. 

It usually takes 30 to 60 days, depending on factors like loan type, paperwork completion, and market conditions. 

Refinancing can lower your interest rate, reduce monthly payments, shorten your loan term, or provide funds through cash-out refinancing. 

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