{"id":848,"date":"2013-04-09T21:50:36","date_gmt":"2013-04-09T21:50:36","guid":{"rendered":"http:\/\/riverbankfinance.com\/blog\/?p=848"},"modified":"2013-09-06T20:54:03","modified_gmt":"2013-09-06T20:54:03","slug":"how-to-buy-a-house-and-get-a-mortgage-a-guide-for-new-homeowners","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/how-to-buy-a-house-and-get-a-mortgage-a-guide-for-new-homeowners\/","title":{"rendered":"Buying a House: Mortgage Basics"},"content":{"rendered":"

\"Buying<\/a>What you need to know if you are buying a new house<\/h1>\n

One of the most important things a new home buyer can do is get as much information as possible to help aid them on their home buying quest.\u00a0 Understanding what to do can give you a real edge on the sometimes difficult to navigate real estate market.\u00a0 I home buyer needs to understand the market and their new mortgage.\u00a0 Learning about these two items can really help keep money in your wallet down the road.<\/p>\n

What mortgage type is the best for me?<\/h1>\n

In today\u2019s quickly changing landscape there are many types of loans available. \u00a0Even though there has been a recent restriction in credit new homebuyers can still receive mortgage with favorable terms and even no down payment.\u00a0 One of the first things you need to do is talk to a mortgage lender who can help explain to you how new mortgages work and help answer your questions.\u00a0 They can help determine what type of mortgage best fits you but in the end you have to make your own decision.\u00a0 A mortgage lender that gives you options is the one you want to find.<\/p>\n

How much home can I afford?<\/h1>\n

After you have figured out what type of mortgage works best for you now and in the future you will want to focus on how much you can afford.\u00a0 Your mortgage company should be able to figure this out once they have reviewed your income.\u00a0 The lender will divide your income by your total debts which show up on your credit report and then make that determination.\u00a0 After you know how much you can afford then you will be able to start looking at homes that fall underneath that loan amount range.\u00a0 It is important to note that just because the guidelines at the mortgage company state that you can afford does not mean that you should actually borrow that much.\u00a0 You have to look into your own debts that you currently have and job stability and then make a decision form there.<\/p>\n

Know your mortgage options<\/h1>\n

There are many different types of loan out there and each one has their own benefits.\u00a0 Typically if you have a large down payment of at least 20% you may want to consider a convention mortgage.\u00a0 These type of mortgages come with many different options but typically have the lowest payment with this situation.\u00a0 You can borrow up to $417,000 in most areas with this type of loan but some high cost areas allow you to borrow up to $625,000<\/p>\n

Another popular mortgage option is a FHA loan.\u00a0 These loans are government backed mortgages and because of that they require fewer down payment money.\u00a0 Just like conventional mortgages there are different terms available but they do require mortgage insurance which can be costly long term.\u00a0 They are a great mortgage option for a first-time home buyer<\/a>\u00a0with small down payments.<\/p>\n

There are other mortgage options that require no down payment.\u00a0 One of those loans is a VA loan.\u00a0 These loans are only reserved for our veterans.\u00a0 There is no down payment required with these loans but they sometimes require mortgage insurance requirements.\u00a0 The other now down payment option is through a USDA loan.\u00a0 The work similar to VA loan but they have income limits and the location of the house has to be in an approved area.<\/p>\n

You cannot have to much knowledge<\/h1>\n

The more you know the better off you will be in the long run.\u00a0 If you think of mortgage questions make sure you write them down so that you can go over them with your mortgage professional at Riverbank Finance.\u00a0 Call us at 800-55-2098.<\/p>\n\n

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