Government schemes for first-time home buyers and existing homeowners – Money Advice Service #uk #mortgage


#government mortgage help

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Government schemes for first-time home buyers and existing homeowners

There are a number of government schemes to help you buy a home such as Help to Buy, Right to Buy, Shared Ownership, and more. Find out more about these affordable housing schemes and how to apply.

Help to Buy

Help to Buy is a government scheme for those who have a small deposit, when buying a home. Have you at least a 5% deposit? If so, you could use the Help to Buy scheme through:

  • Equity loans – available to first-time buyers and existing homeowners who want to buy a ‘new build’ house. The purchase price must be no more than £600,000.
    Under this scheme, you can borrow 20% of the purchase price interest-free for the first five years as long as you have a 5% deposit.
    If you live in London, you can borrow up to 40% of the purchase price.
    The scheme is available until 2021.
  • Mortgage guarantees – available for new and old properties across the UK. The government undertakes to cover any of your mortgage lender’s losses as a result of any problems you might have in paying it back. However, you are still responsible for keeping up your mortgage repayments on a Help to Buy scheme in exactly the same way as any other mortgage.
    The scheme is open until 31 December 2016.

With both schemes there are limits on the cost of the property you buy. These limits differ across the UK.

Right to Buy/Right to Acquire

Right to Buy is for tenants in England, Wales and Northern Ireland who rent their home from their local council. It allows tenants, who qualify, to buy their home at a discount. The size of the discount varies depending on where you live and the type of property you want to buy.

Tenants who were living in council homes before it transferred to another landlord such as a housing association, may be eligible to buy their home under the ‘Preserved’ Right to Buy or Right to Acquire schemes.

In most cases, tenants will need to have rented from the public sector (i.e. local council or housing association) for three years before they can buy under these schemes.

The three years can be non-consecutive, so tenants who have rented from the private sector in the middle of a total of three years renting from the public sector, can still qualify.

In 2016, the Right to Buy scheme is getting extended to include housing association tenants in England.

This extension is starting out with a small number of housing associations in certain areas. It will then be rolled to the rest of England over the year. For more information, visit the Right to Buy website .

In Scotland. the Scottish Government plans to end the scheme for all council and housing association tenants in Scotland, but there are other schemes available .

Right to Acquire is a scheme offered in England and Wales for housing association tenants who don’t qualify for Right to Buy. The discounts are slightly smaller.

In Northern Ireland this scheme is called the House sales scheme and is for tenants who rent from the Northern Ireland Housing Executive or a housing association. Find out more on the nidirect website .

Shared ownership

Shared ownership is where you buy a share of a home from the landlord, who is usually the council or a housing association, and rent the remaining share.

You need a mortgage to pay for your share, which can be between a quarter and three-quarters of the home’s full value. You then pay a reduced rent on the share you don’t own and you have the option later on to buy a bigger share in the property up to 100% of its value.

The eligibility restrictions on the shared ownership have lifted. So, from April 2016 anyone who has a household income of less than £80,000 (outside London) or £90,000 (inside London) can buy a home through shared ownership.

Only military personnel will be given be priority over other groups. The scheme will apply across England.

Co-Ownership in Northern Ireland

This scheme is exclusive to Northern Ireland and is available for both newly built and older homes. You buy between 50% and 90% of the property (known as the ‘starter share’) and can increase that share at any time (known as ‘staircasing’). You pay rent on the portion you don’t own.

First Steps London

This scheme aims to help low and modest income earners buy or rent at a price that’s affordable. You part buy and part rent the property – mostly for newly-built homes but some resale properties are included. There are eligibility criteria around earnings and you can’t buy a home on the open market.

If you’re looking in London, find out more on the First Steps website .

Shared equity schemes

The Help to Buy equity loan scheme is a government scheme currently set to run until 2020. It’s available to first-time buyers as well as homeowners looking to move – but only for newly built homes.

Scotland

Scotland has two shared equity schemes – New Supply Shared Equity and Open Market Shared Equity.

Wales

The Homebuy scheme offers help by providing an equity loan (30% increasing to 50% of the purchase price), and is designed for people who would otherwise need social housing. The loan can be repaid at any time before the property is sold, but if you sell the property then it must be repaid at that point.

Find out more about Welsh home buying schemes at the Wales Government site .

Northern Ireland

There’s an Equity sharing scheme in Northern Ireland where you can buy a property, often at a discount, with a housing association or the Northern Ireland Housing Executive (NIHE).

Starter Home scheme

The Starter Home scheme is a new government plan where 200,000 new build homes are available to first-time buyers under 40 years old with a minimum of 20% off the market price.

The discounted price for these homes should be priced no more than £250,000 outside London, and £450,000 in London.

For more information about the homes available in this scheme, visit the New Homes website .

Next steps

Use the Mortgage payments calculator to estimate the monthly interest and repayment amount.

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    Buying a house for the first time

    Your real estate agent is your partner and a valuable asset. They know the neighborhoods and schools and will help negotiate a fair price for the house you want. Your Mortgage Banker can answer questions about how much you can comfortably afford and provide guidance at every step. Get opinions from those you trust, such as your family and friends.

    In addition to your monthly mortgage payment, you also pay interest, taxes, private mortgage insurance (if your down payment is less than 20% on a conventional loan) and several one-time fees at closing. These closing costs typically range from 2–6% of the total amount of the mortgage loan. Make sure you know the total cost.

    A good credit score increases your chances of being approved for a mortgage and may lower your interest rate. If your score is low, try to improve it by making your payments on time, paying the monthly minimum (or more) and keeping your existing credit card accounts with zero balances open.

    You can get an estimate of how much you’ll be able to borrow by being prequalified for a mortgage. You will need to provide some basic financial information and a lender determines how much you may borrow. Prequalification is simple and usually can be done in one conversation. You may choose to start a prequalification online or speak with your local Chase Mortgage Banker .

    You’ll need to provide various documents, such as pay stubs, bank statements and tax forms. Make sure you know what papers you need and have them readily accessible. A Mortgage Banker can help you determine what documents are needed.


    Government schemes for first-time home buyers and existing homeowners – Money Advice Service #calculate #home


    #government mortgage help

    #

    Government schemes for first-time home buyers and existing homeowners

    There are a number of government schemes to help you buy a home such as Help to Buy, Right to Buy, Shared Ownership, and more. Find out more about these affordable housing schemes and how to apply.

    Help to Buy

    Help to Buy is a government scheme for those who have a small deposit, when buying a home. Have you at least a 5% deposit? If so, you could use the Help to Buy scheme through:

    • Equity loans – available to first-time buyers and existing homeowners who want to buy a ‘new build’ house. The purchase price must be no more than £600,000.
      Under this scheme, you can borrow 20% of the purchase price interest-free for the first five years as long as you have a 5% deposit.
      If you live in London, you can borrow up to 40% of the purchase price.
      The scheme is available until 2021.
    • Mortgage guarantees – available for new and old properties across the UK. The government undertakes to cover any of your mortgage lender’s losses as a result of any problems you might have in paying it back. However, you are still responsible for keeping up your mortgage repayments on a Help to Buy scheme in exactly the same way as any other mortgage.
      The scheme is open until 31 December 2016.

    With both schemes there are limits on the cost of the property you buy. These limits differ across the UK.

    Right to Buy/Right to Acquire

    Right to Buy is for tenants in England, Wales and Northern Ireland who rent their home from their local council. It allows tenants, who qualify, to buy their home at a discount. The size of the discount varies depending on where you live and the type of property you want to buy.

    Tenants who were living in council homes before it transferred to another landlord such as a housing association, may be eligible to buy their home under the ‘Preserved’ Right to Buy or Right to Acquire schemes.

    In most cases, tenants will need to have rented from the public sector (i.e. local council or housing association) for three years before they can buy under these schemes.

    The three years can be non-consecutive, so tenants who have rented from the private sector in the middle of a total of three years renting from the public sector, can still qualify.

    In 2016, the Right to Buy scheme is getting extended to include housing association tenants in England.

    This extension is starting out with a small number of housing associations in certain areas. It will then be rolled to the rest of England over the year. For more information, visit the Right to Buy website .

    In Scotland. the Scottish Government plans to end the scheme for all council and housing association tenants in Scotland, but there are other schemes available .

    Right to Acquire is a scheme offered in England and Wales for housing association tenants who don’t qualify for Right to Buy. The discounts are slightly smaller.

    In Northern Ireland this scheme is called the House sales scheme and is for tenants who rent from the Northern Ireland Housing Executive or a housing association. Find out more on the nidirect website .

    Shared ownership

    Shared ownership is where you buy a share of a home from the landlord, who is usually the council or a housing association, and rent the remaining share.

    You need a mortgage to pay for your share, which can be between a quarter and three-quarters of the home’s full value. You then pay a reduced rent on the share you don’t own and you have the option later on to buy a bigger share in the property up to 100% of its value.

    The eligibility restrictions on the shared ownership have lifted. So, from April 2016 anyone who has a household income of less than £80,000 (outside London) or £90,000 (inside London) can buy a home through shared ownership.

    Only military personnel will be given be priority over other groups. The scheme will apply across England.

    Co-Ownership in Northern Ireland

    This scheme is exclusive to Northern Ireland and is available for both newly built and older homes. You buy between 50% and 90% of the property (known as the ‘starter share’) and can increase that share at any time (known as ‘staircasing’). You pay rent on the portion you don’t own.

    First Steps London

    This scheme aims to help low and modest income earners buy or rent at a price that’s affordable. You part buy and part rent the property – mostly for newly-built homes but some resale properties are included. There are eligibility criteria around earnings and you can’t buy a home on the open market.

    If you’re looking in London, find out more on the First Steps website .

    Shared equity schemes

    The Help to Buy equity loan scheme is a government scheme currently set to run until 2020. It’s available to first-time buyers as well as homeowners looking to move – but only for newly built homes.

    Scotland

    Scotland has two shared equity schemes – New Supply Shared Equity and Open Market Shared Equity.

    Wales

    The Homebuy scheme offers help by providing an equity loan (30% increasing to 50% of the purchase price), and is designed for people who would otherwise need social housing. The loan can be repaid at any time before the property is sold, but if you sell the property then it must be repaid at that point.

    Find out more about Welsh home buying schemes at the Wales Government site .

    Northern Ireland

    There’s an Equity sharing scheme in Northern Ireland where you can buy a property, often at a discount, with a housing association or the Northern Ireland Housing Executive (NIHE).

    Starter Home scheme

    The Starter Home scheme is a new government plan where 200,000 new build homes are available to first-time buyers under 40 years old with a minimum of 20% off the market price.

    The discounted price for these homes should be priced no more than £250,000 outside London, and £450,000 in London.

    For more information about the homes available in this scheme, visit the New Homes website .

    Next steps

    Use the Mortgage payments calculator to estimate the monthly interest and repayment amount.

    Share this article

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    Share this article on Facebook

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    Share this article on Twitter
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  • First-Time Home Buyer Guide #bankruptcy #mortgage #lenders


    #first home mortgage

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    First-Time Home Buyer Help

    As a first-time homebuyer, you have an exciting journey ahead. We know applying for your first mortgage loan and navigating a complex housing market can be daunting. At U.S. Bank, we want your first home purchase to be a rewarding experience and we’re here to help first-time home buyers any way we can.

    Your mortgage loan originator can answer any questions you may have along the way. In the meantime, here’s some practical advice to get you started on the right path to buying your first home.

    It’s not uncommon to “qualify” for more mortgage than you can comfortably afford – so it pays to borrow cautiously. Here’s some simple advice with links to mortgage rates and easy-to-use mortgage calculators.

    There’s a right time to rent and a right time to buy. Find out whether you’re ready for the journey to homeownership and your first mortgage with these clear pros and cons for renting vs. buying.

    Fixed-rate loans. ARMs. FHA loans. VA loans. jumbo loans – the list may seem long, but it may be in your best interest to become a knowledgeable first-time home buyer and understand your loan options.

    Some homebuyers get lower payments by paying a percentage of interest up front. This option, called “buying points,” can lower your interest rate and monthly payments – but it may not be right for everyone.

    The Annual Percentage Rate helps you compare payments and total cost between mortgage offers -it’s just one of the many factors to consider when shopping for a mortgage loan.

    Good payment habits and a low debt/income ratio can mean a lower mortgage rate – and if your credit score isn’t what you want it to be, you can improve it over time.

    Both prequalification and pre-approval show you’re a serious buyer – one gets you started and the other makes it official. It’s important to understand when to do which.

    Making an offer on a house is a formal process, which is why it may be helpful to have a competent, experienced real estate agent on your side. Here are some tactics to discuss with your real estate agent.

    A down payment demonstrates your commitment and a larger down payment can help you secure a better interest rate – which means you’ll have lower monthly mortgage payments.

    Now is the time to get organized. As a home buyer you’ll be required to prove things like how much you earn, where you’ve lived, monthly debts and account balances.

    “Closing” is the last step in the home-buying process. It’s where all the parties get together to finalize the transaction by exchanging signatures, checks – and ultimately, house keys.


    Government schemes for first-time home buyers and existing homeowners – Money Advice Service #direct #mortgage


    #government mortgage help

    #

    Government schemes for first-time home buyers and existing homeowners

    There are a number of government schemes to help you buy a home such as Help to Buy, Right to Buy, Shared Ownership, and more. Find out more about these affordable housing schemes and how to apply.

    Help to Buy

    Help to Buy is a government scheme for those who have a small deposit, when buying a home. Have you at least a 5% deposit? If so, you could use the Help to Buy scheme through:

    • Equity loans – available to first-time buyers and existing homeowners who want to buy a ‘new build’ house. The purchase price must be no more than £600,000.
      Under this scheme, you can borrow 20% of the purchase price interest-free for the first five years as long as you have a 5% deposit.
      If you live in London, you can borrow up to 40% of the purchase price.
      The scheme is available until 2021.
    • Mortgage guarantees – available for new and old properties across the UK. The government undertakes to cover any of your mortgage lender’s losses as a result of any problems you might have in paying it back. However, you are still responsible for keeping up your mortgage repayments on a Help to Buy scheme in exactly the same way as any other mortgage.
      The scheme is open until 31 December 2016.

    With both schemes there are limits on the cost of the property you buy. These limits differ across the UK.

    Right to Buy/Right to Acquire

    Right to Buy is for tenants in England, Wales and Northern Ireland who rent their home from their local council. It allows tenants, who qualify, to buy their home at a discount. The size of the discount varies depending on where you live and the type of property you want to buy.

    Tenants who were living in council homes before it transferred to another landlord such as a housing association, may be eligible to buy their home under the ‘Preserved’ Right to Buy or Right to Acquire schemes.

    In most cases, tenants will need to have rented from the public sector (i.e. local council or housing association) for three years before they can buy under these schemes.

    The three years can be non-consecutive, so tenants who have rented from the private sector in the middle of a total of three years renting from the public sector, can still qualify.

    In 2016, the Right to Buy scheme is getting extended to include housing association tenants in England.

    This extension is starting out with a small number of housing associations in certain areas. It will then be rolled to the rest of England over the year. For more information, visit the Right to Buy website .

    In Scotland. the Scottish Government plans to end the scheme for all council and housing association tenants in Scotland, but there are other schemes available .

    Right to Acquire is a scheme offered in England and Wales for housing association tenants who don’t qualify for Right to Buy. The discounts are slightly smaller.

    In Northern Ireland this scheme is called the House sales scheme and is for tenants who rent from the Northern Ireland Housing Executive or a housing association. Find out more on the nidirect website .

    Shared ownership

    Shared ownership is where you buy a share of a home from the landlord, who is usually the council or a housing association, and rent the remaining share.

    You need a mortgage to pay for your share, which can be between a quarter and three-quarters of the home’s full value. You then pay a reduced rent on the share you don’t own and you have the option later on to buy a bigger share in the property up to 100% of its value.

    The eligibility restrictions on the shared ownership have lifted. So, from April 2016 anyone who has a household income of less than £80,000 (outside London) or £90,000 (inside London) can buy a home through shared ownership.

    Only military personnel will be given be priority over other groups. The scheme will apply across England.

    Co-Ownership in Northern Ireland

    This scheme is exclusive to Northern Ireland and is available for both newly built and older homes. You buy between 50% and 90% of the property (known as the ‘starter share’) and can increase that share at any time (known as ‘staircasing’). You pay rent on the portion you don’t own.

    First Steps London

    This scheme aims to help low and modest income earners buy or rent at a price that’s affordable. You part buy and part rent the property – mostly for newly-built homes but some resale properties are included. There are eligibility criteria around earnings and you can’t buy a home on the open market.

    If you’re looking in London, find out more on the First Steps website .

    Shared equity schemes

    The Help to Buy equity loan scheme is a government scheme currently set to run until 2020. It’s available to first-time buyers as well as homeowners looking to move – but only for newly built homes.

    Scotland

    Scotland has two shared equity schemes – New Supply Shared Equity and Open Market Shared Equity.

    Wales

    The Homebuy scheme offers help by providing an equity loan (30% increasing to 50% of the purchase price), and is designed for people who would otherwise need social housing. The loan can be repaid at any time before the property is sold, but if you sell the property then it must be repaid at that point.

    Find out more about Welsh home buying schemes at the Wales Government site .

    Northern Ireland

    There’s an Equity sharing scheme in Northern Ireland where you can buy a property, often at a discount, with a housing association or the Northern Ireland Housing Executive (NIHE).

    Starter Home scheme

    The Starter Home scheme is a new government plan where 200,000 new build homes are available to first-time buyers under 40 years old with a minimum of 20% off the market price.

    The discounted price for these homes should be priced no more than £250,000 outside London, and £450,000 in London.

    For more information about the homes available in this scheme, visit the New Homes website .

    Next steps

    Use the Mortgage payments calculator to estimate the monthly interest and repayment amount.

    Share this article

    • Share this article on Facebook

    Share this article on Facebook

  • Share this article on Twitter
    Share this article on Twitter
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    Share this article by Email


  • First-Time Homebuyer #home #loan


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  • First-Time Homebuyer

    The Keys to Getting Your First Home

    Unlock your dream home with special
    savings for the first-time buyer.

    The thought of buying a home can be overwhelming for anyone, particularly for first-time buyers. Navy Federal Credit Union’s staff of trained mortgage professionals is here every step of the way to guide you through the process. Our special offers, low rates and no-money-down mortgages can get you in your first home for less.

    We’ve bundled together the best options to help simplify the process and save you money with our First-Time Homebuyer package. Take advantage of 100% financing options 1 with our fixed- and adjustable-rate mortgage options.

    • No down payment necessary
    • Free real estate assistance and up to $5,050 back after closing with RealtyPlus 2
    • No Private Mortgage Insurance (PMI) on many loans, saving you hundreds in monthly payments
    • Free Rate Float/Lock options allowing you to lock in an interest rate at contract and lower it if rates drop prior to closing
    • Rate match 3 if you find a better rate somewhere else, we’ll match it! If we can’t,
      we’ll pay you $1,000!

    Choosing a Mortgage

    Wondering what the best loan option is for you? Here are a few key things to consider:

    1 Product features subject to approval. Available for purchase loans only. Loans are subject to additional funding fee which may be financed up to max loan amount.

    2 Cash back from $400 to $5,050 is available in most states. You must register with RealtyPlus before contracting a real estate agent and be represented by the assigned RealtyPlus real estate firm at closing to qualify. Standard listing fees apply. Contact RealtyPlus for terms and conditions.

    3 Special offer available for purchase and refinance first mortgages. Certain product exclusions may apply. You must lock your rate with Navy Federal prior to submitting rate match request to qualify for this offer. Loan Estimate from competing lender must be dated and received within 3 calendar days of locking your interest rate at Navy Federal. Please note that other documentation used to show competitors terms will not qualify for offer. The terms of the competing loan must be identical to Navy Federal’s loan. For example, a 30 year fixed rate product with mortgage insurance is not identical to a Navy Federal 30 year fixed rate product that does not have mortgage insurance. If the loan does not close within the commitment period, the rate match may be voided. NOTE: The initial Loan Estimate from a wholesale lender/broker is not an acceptable document for a rate match submission unless the Lender Information section on the Loan Estimate is completed. To receive $1,000, you must provide a signed, executed copy of the final Closing Disclosure and a copy of the mortgage note within 30 calendar days of your loan closing with the original competing lender. Offer not valid if original loan terms or conditions change prior to closing. Once approved, $1,000 will be automatically deposited into your Navy Federal account within 30 calendar days of receiving the necessary documentation. Recipient is solely responsible for any personal tax liability arising out of this incentive.

    Since 1933, Navy Federal Credit Union has grown from seven members to over 6 million members. And since that time, our vision statement has remained focused on serving our unique field of membership:

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    Buying a house for the first time

    Your real estate agent is your partner and a valuable asset. They know the neighborhoods and schools and will help negotiate a fair price for the house you want. Your Mortgage Banker can answer questions about how much you can comfortably afford and provide guidance at every step. Get opinions from those you trust, such as your family and friends.

    In addition to your monthly mortgage payment, you also pay interest, taxes, private mortgage insurance (if your down payment is less than 20% on a conventional loan) and several one-time fees at closing. These closing costs typically range from 2–6% of the total amount of the mortgage loan. Make sure you know the total cost.

    A good credit score increases your chances of being approved for a mortgage and may lower your interest rate. If your score is low, try to improve it by making your payments on time, paying the monthly minimum (or more) and keeping your existing credit card accounts with zero balances open.

    You can get an estimate of how much you’ll be able to borrow by being prequalified for a mortgage. You will need to provide some basic financial information and a lender determines how much you may borrow. Prequalification is simple and usually can be done in one conversation. You may choose to start a prequalification online or speak with your local Chase Mortgage Banker .

    You’ll need to provide various documents, such as pay stubs, bank statements and tax forms. Make sure you know what papers you need and have them readily accessible. A Mortgage Banker can help you determine what documents are needed.


    First-Time Home Buyer Guide #mortgage #amortization #table


    #first home mortgage

    #

    First-Time Home Buyer Help

    As a first-time homebuyer, you have an exciting journey ahead. We know applying for your first mortgage loan and navigating a complex housing market can be daunting. At U.S. Bank, we want your first home purchase to be a rewarding experience and we’re here to help first-time home buyers any way we can.

    Your mortgage loan originator can answer any questions you may have along the way. In the meantime, here’s some practical advice to get you started on the right path to buying your first home.

    It’s not uncommon to “qualify” for more mortgage than you can comfortably afford – so it pays to borrow cautiously. Here’s some simple advice with links to mortgage rates and easy-to-use mortgage calculators.

    There’s a right time to rent and a right time to buy. Find out whether you’re ready for the journey to homeownership and your first mortgage with these clear pros and cons for renting vs. buying.

    Fixed-rate loans. ARMs. FHA loans. VA loans. jumbo loans – the list may seem long, but it may be in your best interest to become a knowledgeable first-time home buyer and understand your loan options.

    Some homebuyers get lower payments by paying a percentage of interest up front. This option, called “buying points,” can lower your interest rate and monthly payments – but it may not be right for everyone.

    The Annual Percentage Rate helps you compare payments and total cost between mortgage offers -it’s just one of the many factors to consider when shopping for a mortgage loan.

    Good payment habits and a low debt/income ratio can mean a lower mortgage rate – and if your credit score isn’t what you want it to be, you can improve it over time.

    Both prequalification and pre-approval show you’re a serious buyer – one gets you started and the other makes it official. It’s important to understand when to do which.

    Making an offer on a house is a formal process, which is why it may be helpful to have a competent, experienced real estate agent on your side. Here are some tactics to discuss with your real estate agent.

    A down payment demonstrates your commitment and a larger down payment can help you secure a better interest rate – which means you’ll have lower monthly mortgage payments.

    Now is the time to get organized. As a home buyer you’ll be required to prove things like how much you earn, where you’ve lived, monthly debts and account balances.

    “Closing” is the last step in the home-buying process. It’s where all the parties get together to finalize the transaction by exchanging signatures, checks – and ultimately, house keys.


    First-Time Home Buyer #fha #mortgage #insurance


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    Buying Your First Home

    The Basics

    Enjoy hassle-free home buying with our perfected purchase process

    • Get preapproved for free – before you shop for your new home – and get more bargaining power.
    • We can match you with a trusted, prescreened real estate agent through our partners at In-House Realty. Partnered agents ensure a seamless home-buying experience.
    • Our exclusive mortgage programs allow you to buy a home with a minimal down payment. Some mortgage programs require as little as 3% down. In many cases, your down payment can be a gift from a relative or nonprofit organization.
    • Avoid paying private mortgage insurance (PMI)

    Every day for the past 30 years, we’ve helped Americans just like you all across the country buy their first home. Contact us today to see how we can help.

    Our most popular loan options for first-time home buyers

    • FHA Loan Purchase your home with only 3.5% down. Closing costs can be a gift from a relative!
    • 1% Down Payment Option New! Qualifying clients can buy a home with as little as 1% down a great option for first-time home buyers.
    • 30-Year Loan Our most popular mortgage. Purchase your home with as little as 3% down or less than 3% equity. Get a low payment and the security of a rate that won’t change for the life of your loan.
    • VA Loan No down payment, no PMI and flexible credit requirements make the VA loan a top choice for veterans and active military members.

    Why you should choose Quicken Loans

    • Only Quicken Loans offers you the Closing Cost Cutter and PMI Advantage. Find out how these great options can help guide you to the best decision to meet your financial needs.
    • We’re the nation’s largest online lender according to National Mortgage News.
    • Our exclusive online tools like MyQL let you track your mortgage process from start to finish, and our Mortgage Calculator app gives you rates right on your phone.
    • We have an A+ rating with the Better Business Bureau.
    • Want to be more confident in your credit and monitor your report and score through your home purchase process? Check out QLCredit today. Creating an account is free and won’t affect your credit score.

    Learn more about buying your first home

    Frequently Asked Questions

    How much house can I afford?

    Start with how much you want to spend each month on housing. Most budgets call for earmarking 28% of your post-tax income for house payments, including your homeowners insurance and property tax. For example, if your annual income after taxes is $60,000, 28% of that is $16,800, or $1,400 per month. However, every situation is different. Maybe you have costs in your monthly budget that affect your bottom line, such as childcare, car payments, or student loans – the important thing is to find a monthly payment that you’re comfortable with.

    Talk to a Home Loan Expert or use our mortgage calculator to see how the numbers add up based on today’s mortgage rates.

    How do I find out the cost of homeowners insurance and property taxes?

    Based on where you live and what kind of policy you want, your property taxes and homeowners insurance can vary widely. You can usually get a quick estimate on homeowners insurance by visiting a provider’s website – try getting a few quotes to find a competitive price. To see what kind of taxes you might pay, you can ask your real estate agent to help you research the tax rate in the areas where you’re house hunting, or you can visit the county tax assessor’s website to find public records of taxes on homes in the neighborhoods where you want to live. Many states also provide a property tax estimator online.

    Should I buy a house?

    If you’re thinking about buying a home, there are a number of factors that can help you decide if now is the right time. Are mortgage rates low? Are you planning to live in the same city for the next five or more years? Are rents rising in your city? Do you want to customize your home? If the answer to most of these questions is “yes,” then buying a home is a good option for you. Check out this article for a deeper look at the pros and cons of buying a home versus renting .

    What are closing costs?

    Mortgage closing costs, also known as settlement costs, are fees charged for services that must be performed to process and close your loan application. Examples of mortgage closing costs include title fees, recording fees, appraisal fees, credit report fees, pest inspection, attorney’s fees, taxes and surveying fees. The closing cost of a loan will vary depending on your geographic location.

    Lenders are required by law to provide you with two documents – the Loan Estimate and the Closing Disclosure – which outline your closing costs and help you avoid surprises at the closing table. For more information regarding the loan process through Quicken Loans, call (800) 251-9080 to talk with a Home Loan Expert today.

    By submitting your contact information you agree to our Terms of Use and our Security and Privacy Policy. You also expressly consent to having Quicken Loans, our Family of Companies. and potentially our mortgage partners contact you about your inquiry by text message or phone (including automatic telephone dialing system or an artificial or prerecorded voice) to the residential or cellular telephone number you have provided, even if that telephone number is on a corporate, state, or national Do Not Call Registry. You do not have to agree to receive such calls or messages as a condition of getting any services from Quicken Loans or its affiliates. By communicating with us by phone, you consent to calls being recorded and monitored.

    Quicken Loans received the highest numerical score in the proprietary J.D. Power 2010–2015 Primary Mortgage Origination and 2014–2015 Primary Mortgage Servicer Studies SM. 2015 Origination (or Sales) based on 4,666 total responses and measures experiences and perceptions of consumers who originated a new mortgage, surveyed in July–August 2015. 2015 Servicing based on 5,922 total responses and measures experiences and perceptions of consumers with their current mortgage servicer, surveyed in March–April 2015. Your experiences may vary. Visit jdpower.com .


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    Buying a house for the first time

    Your real estate agent is your partner and a valuable asset. They know the neighborhoods and schools and will help negotiate a fair price for the house you want. Your Mortgage Banker can answer questions about how much you can comfortably afford and provide guidance at every step. Get opinions from those you trust, such as your family and friends.

    In addition to your monthly mortgage payment, you also pay interest, taxes, private mortgage insurance (if your down payment is less than 20% on a conventional loan) and several one-time fees at closing. These closing costs typically range from 2–6% of the total amount of the mortgage loan. Make sure you know the total cost.

    A good credit score increases your chances of being approved for a mortgage and may lower your interest rate. If your score is low, try to improve it by making your payments on time, paying the monthly minimum (or more) and keeping your existing credit card accounts with zero balances open.

    You can get an estimate of how much you’ll be able to borrow by being prequalified for a mortgage. You will need to provide some basic financial information and a lender determines how much you may borrow. Prequalification is simple and usually can be done in one conversation. You may choose to start a prequalification online or speak with your local Chase Mortgage Banker .

    You’ll need to provide various documents, such as pay stubs, bank statements and tax forms. Make sure you know what papers you need and have them readily accessible. A Mortgage Banker can help you determine what documents are needed.