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One of the first steps to take before you start looking for your dream home is to ask yourself what you can afford to spend on a monthly house payment. Ask real estate agents, real estate brokers, lenders and any other real estate professional you know any questions you have about real estate financing, home mortgages, home loans, commercial mortgages, refinancing and current mortgage rates and get quotes, even if you have bad credit; you can learn a lot in a short period of time. Bit of trivia- this year alone, Americans are expected to borrow $1.33 trillion in acquiring 7.4 million houses, condominiums and co-ops.

Some lenders may impose limits on how much of your down payment can come from borrowing from other sources. Make sure to get an estimate of your real estate financing closing costs from the lender you’ve chosen; by law, the lender is required to provide his statement to you within three days of receiving your loan application. Most of all you’ll need to determine what price range you can afford to buy in.

Loan programs for down payments of twenty percent or less require you to purchase Private Mortgage Insurance (PMI). When financing real estate it’s important to know that a low FICO credit score does not mean you won’t qualify for a home loan or home mortgage. 30-year fixed-rate mortgages offer consistent monthly payments for all of the 30 years you have the mortgage; if the market is good, you can benefit from locking in a lower rate for the full term of the loan. Read more of this >>

There is just too much at stake for the lender and the borrower. Being proactive is the rule of the day. In the area of Adjustable Rate Mortgages, lenders are pre-empting “payment shock” by calling months ahead to determine the budget status of families looking down the barrel of a huge increase. Some lenders who are able through this intervention to obtain the whole story that will allow for skipping a payment called a forbearance process where the arrears are made up in smaller parallel payments while continuing on with the regular payment. Lenders are hedging their bets by getting involved in the non-payment or late payment profile process early on to dampen losses resulting from foreclosure.

Three years ago Aaron and Gwendolyn moved from sharing an apartment to marriage to having a set of twins to buying their first home. Aaron four years out of college was employed at a local engineering firm specializing in water treatment and sewer/water construction work for several cities and counties in a 60-mile radius. Aaron started at an entry-level engineering position and was working his way up project by project. He was working to passing exams and satisfying requirements to become a Professional Engineer and thus command more money. The pay increases due to a slowing workload were lagging what was projected. Gwendolyn is a Registered Nurse worked a flexible schedule of three twelve-hour shifts per week and since she worked from six in the evening to six in the morning they were able to avoid any outside childcare. This gave her plenty of time with the twins who were experiencing the terrible twos period of pleasantry. Read more of this >>