Many home buyers struggle with some of the financial terms used when completing the transaction. What exactly is PMI? How much of a down payment do I need before starting the home search process? Why are mortgage rates higher in some states than others? Do I use a bank to get a mortgage or a broker? These are all important questions that must be answered before buying your first home or your fifteenth home. Unfortunately, many buyers and sellers are not aware of the new rules, regulations and laws related to the mortgage industry.
Recently, Realtor.com offered advice on mortgage related questions. You can read the blog post here. If you are willing to do your research you could save quite a bit of money by locking in to lower mortgage rates and avoiding some of the extra costs by not having enough money to put down. There is too much great information available on the Internet to remain in the dark when it comes to the mortgage vocabulary. We would also suggest using the website HUD.gov to get more information related to government programs and regulations.
You may find that you can get tax incentives or reductions when making a home purchase. While the first time home buyer tax credit has expired there are still other tax credits that can help you reduce the total cost of your home purchase. If you have any questions related to a mortgage payment or the process of getting a home mortgage please reach out to Real Estate Experts today.