New home purchase mortgage loan

First time home buyers
When you purchase a new home, you need to make a down payment and many other expenses needed to close your mortgage loan. Your loan officer will advise you about these costs.

Calculate how much house you can afford

Rent or buy your own home?
A renting vs owning calculator will give you a valuable advice. This calculator will tell you if it's in your advantage to rent or buy your own home.

Renting vs owning calculator

Low income, less than perfect credit?
If you have a low income and don't have enough money for a downpayment or have less than perfect credit, you may qualify for an FHA loan. If your savings aren't enough to cover all the closing and other upfront costs, a grant or charity can help you. There are zero down payment mortgages available to new home buyers.

About FHA loans

Here are a few home buying check lists:

Familiarize yourself with mortgage basics
Determine your housing needs and wants
Be aware of your credit situation
Gather information on all costs from several lenders. Request Good Faith Estimates
Shop, compare, negotiate
Compare and secure homeowners insurance
Get prequalified and preapproved from a mortgage lender
Ask your lender tough questions
Make all final preparations for closing

Avoid these home buying mistakes:

Rushing off looking at homes before doing some up-front preparation. If you contract to purchase a home and later change your mind, chances of getting released from the contract are almost non-existent.
Over-buying the first time
Finding out too late that the Agent with whom you are working represents you when they actually represent and owe complete allegiance to the seller
Not comparing mortgages
Not getting mortgage preapproval because preapproval adds a great deal of strength to your offer
Cutting short the inspection process

20 Must do things in order to get the best deal on a home »

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• Bi-weekly mortgage calculator

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