First-Time Homebuyer #home #loan


#federal mortgage assistance

#

Investments Insurance

  • Membership Benefits
    • Join Now
      Become a member now and experience the benefits and security of Navy Federal.
    • Am I Eligible?
      Serving Army, Marine Corps, Navy, Air Force, Coast Guard, DoD and their families.
    • About Us
      Our story, mission statement and how we have been serving our members since 1933.
    • Welcome to Navy Federal
      Get up to speed on your new account.
    • Military Exclusives
      From our Active Duty Checking to VA Mortgages, we have products that suit your needs.
    • Why Choose Navy Federal
      Excellent member service. Great rates. Convenient banking.
    • Army | Marine Corps | Navy | Air Force
      Coast Guard
      Looking for a branch on or near your base or post? We’ve got them all right here.
    • Convenient Money Management
      Get the products and services to make managing your money easy.
    • Special Offers and Discounts
      Save money with our member-only specials and discounts!
    • Business Services Application
      Do you own a business? Join now.
    • Switch to Navy Federal
      Switching your financial transactions to Navy Federal is easy.
  • Advice Planning
    • Managing Your Money
      Read our articles to help manage your money, control debt and protect your credit.
    • MakingCents
      NEW! Visit MakingCents. the place to go for information to help you meet your financial goals.
    • Security Center
      Protect yourself from fraud, phishing and ATM skimming.
    • Retirement Center
      Reach your retirement goals with tips, strategies and information to help you retire comfortably.
    • Family Finances
      Start good financial habits young and prepare for a future of healthy saving and spending.
    • Tax Center
      Get tips for easy filing and faster refunds.
    • FREE Navy Federal Events
      Attend our FREE Home Buying and Financial Seminars.
    • Military Life
      Get tips for your next PCS or deployment and learn about the perks available to you in honor of your service.
    • Work Life
      Transition easily from the military to the civilian job or your next job with these great resources.
    • Calculators
      Determine monthly payments, make loan comparisons, check progress on retirement and more with our calculators.
  • 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:

    Be the most preferred and trusted financial institution serving the military and their families.

    About Navy Federal

    More Ways to Find Us

    Equal Housing Lender | Important Information About Opening a New Account | APY = Annual Percentage Yield | APR = Annual Percentage Rate
    Navy Federal Credit Union – All rights reserved – Android and Android Pay are trademarks of Google, Inc. The Android Robot is reproduced or modified from work created and shared by Google and used according to terms described in the Creative Commons 3.0 Attribution License. – Apple Pay and Touch ID are trademarks of Apple . Inc. Apple, the Apple logo, iPhone . iPad . and iPod touch are trademarks of Apple, Inc. registered in the U.S. and other countries. App Store SM is a service mark of Apple, Inc. – Amazon, Kindle, Fire and all related logos are trademarks of Amazon.com, Inc. or its affiliates. – Images used for representational purposes only; do not imply government endorsement. – Equal Opportunity Employer.

    + Rates are based on an evaluation of credit history, so your rate may differ.

    ++ Rates are variable and based on an evaluation of credit history, so your rate may differ.

    *Message and data rates may apply. Terms and Conditions are available.

    USA PATRIOT Act Information

    To help fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account, including joint owners.

    What This Means For You
    When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you.


    First-Time Homebuyer #find #a #mortgage


    #federal mortgage assistance

    #

    Investments Insurance

  • Membership Benefits
    • Join Now
      Become a member now and experience the benefits and security of Navy Federal.
    • Am I Eligible?
      Serving Army, Marine Corps, Navy, Air Force, Coast Guard, DoD and their families.
    • About Us
      Our story, mission statement and how we have been serving our members since 1933.
    • Welcome to Navy Federal
      Get up to speed on your new account.
    • Military Exclusives
      From our Active Duty Checking to VA Mortgages, we have products that suit your needs.
    • Why Choose Navy Federal
      Excellent member service. Great rates. Convenient banking.
    • Army | Marine Corps | Navy | Air Force
      Coast Guard
      Looking for a branch on or near your base or post? We’ve got them all right here.
    • Convenient Money Management
      Get the products and services to make managing your money easy.
    • Special Offers and Discounts
      Save money with our member-only specials and discounts!
    • Business Services Application
      Do you own a business? Join now.
    • Switch to Navy Federal
      Switching your financial transactions to Navy Federal is easy.
  • Advice Planning
    • Managing Your Money
      Read our articles to help manage your money, control debt and protect your credit.
    • MakingCents
      NEW! Visit MakingCents. the place to go for information to help you meet your financial goals.
    • Security Center
      Protect yourself from fraud, phishing and ATM skimming.
    • Retirement Center
      Reach your retirement goals with tips, strategies and information to help you retire comfortably.
    • Family Finances
      Start good financial habits young and prepare for a future of healthy saving and spending.
    • Tax Center
      Get tips for easy filing and faster refunds.
    • FREE Navy Federal Events
      Attend our FREE Home Buying and Financial Seminars.
    • Military Life
      Get tips for your next PCS or deployment and learn about the perks available to you in honor of your service.
    • Work Life
      Transition easily from the military to the civilian job or your next job with these great resources.
    • Calculators
      Determine monthly payments, make loan comparisons, check progress on retirement and more with our calculators.
  • 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:

    Be the most preferred and trusted financial institution serving the military and their families.

    About Navy Federal

    More Ways to Find Us

    Equal Housing Lender | Important Information About Opening a New Account | APY = Annual Percentage Yield | APR = Annual Percentage Rate
    Navy Federal Credit Union – All rights reserved – Android and Android Pay are trademarks of Google, Inc. The Android Robot is reproduced or modified from work created and shared by Google and used according to terms described in the Creative Commons 3.0 Attribution License. – Apple Pay and Touch ID are trademarks of Apple . Inc. Apple, the Apple logo, iPhone . iPad . and iPod touch are trademarks of Apple, Inc. registered in the U.S. and other countries. App Store SM is a service mark of Apple, Inc. – Amazon, Kindle, Fire and all related logos are trademarks of Amazon.com, Inc. or its affiliates. – Images used for representational purposes only; do not imply government endorsement. – Equal Opportunity Employer.

    + Rates are based on an evaluation of credit history, so your rate may differ.

    ++ Rates are variable and based on an evaluation of credit history, so your rate may differ.

    *Message and data rates may apply. Terms and Conditions are available.

    USA PATRIOT Act Information

    To help fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account, including joint owners.

    What This Means For You
    When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you.


    First-Time Homebuyer #mortgage #calculation #formula


    #federal mortgage assistance

    #

    Investments Insurance

  • Membership Benefits
    • Join Now
      Become a member now and experience the benefits and security of Navy Federal.
    • Am I Eligible?
      Serving Army, Marine Corps, Navy, Air Force, Coast Guard, DoD and their families.
    • About Us
      Our story, mission statement and how we have been serving our members since 1933.
    • Welcome to Navy Federal
      Get up to speed on your new account.
    • Military Exclusives
      From our Active Duty Checking to VA Mortgages, we have products that suit your needs.
    • Why Choose Navy Federal
      Excellent member service. Great rates. Convenient banking.
    • Army | Marine Corps | Navy | Air Force
      Coast Guard
      Looking for a branch on or near your base or post? We’ve got them all right here.
    • Convenient Money Management
      Get the products and services to make managing your money easy.
    • Special Offers and Discounts
      Save money with our member-only specials and discounts!
    • Business Services Application
      Do you own a business? Join now.
    • Switch to Navy Federal
      Switching your financial transactions to Navy Federal is easy.
  • Advice Planning
    • Managing Your Money
      Read our articles to help manage your money, control debt and protect your credit.
    • MakingCents
      NEW! Visit MakingCents. the place to go for information to help you meet your financial goals.
    • Security Center
      Protect yourself from fraud, phishing and ATM skimming.
    • Retirement Center
      Reach your retirement goals with tips, strategies and information to help you retire comfortably.
    • Family Finances
      Start good financial habits young and prepare for a future of healthy saving and spending.
    • Tax Center
      Get tips for easy filing and faster refunds.
    • FREE Navy Federal Events
      Attend our FREE Home Buying and Financial Seminars.
    • Military Life
      Get tips for your next PCS or deployment and learn about the perks available to you in honor of your service.
    • Work Life
      Transition easily from the military to the civilian job or your next job with these great resources.
    • Calculators
      Determine monthly payments, make loan comparisons, check progress on retirement and more with our calculators.
  • 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:

    Be the most preferred and trusted financial institution serving the military and their families.

    About Navy Federal

    More Ways to Find Us

    Equal Housing Lender | Important Information About Opening a New Account | APY = Annual Percentage Yield | APR = Annual Percentage Rate
    Navy Federal Credit Union – All rights reserved – Android and Android Pay are trademarks of Google, Inc. The Android Robot is reproduced or modified from work created and shared by Google and used according to terms described in the Creative Commons 3.0 Attribution License. – Apple Pay and Touch ID are trademarks of Apple . Inc. Apple, the Apple logo, iPhone . iPad . and iPod touch are trademarks of Apple, Inc. registered in the U.S. and other countries. App Store SM is a service mark of Apple, Inc. – Amazon, Kindle, Fire and all related logos are trademarks of Amazon.com, Inc. or its affiliates. – Images used for representational purposes only; do not imply government endorsement. – Equal Opportunity Employer.

    + Rates are based on an evaluation of credit history, so your rate may differ.

    ++ Rates are variable and based on an evaluation of credit history, so your rate may differ.

    *Message and data rates may apply. Terms and Conditions are available.

    USA PATRIOT Act Information

    To help fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account, including joint owners.

    What This Means For You
    When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you.


    First-Time Homebuyer #refinancing #your #mortgage


    #federal mortgage assistance

    #

    Investments Insurance

  • Membership Benefits
    • Join Now
      Become a member now and experience the benefits and security of Navy Federal.
    • Am I Eligible?
      Serving Army, Marine Corps, Navy, Air Force, Coast Guard, DoD and their families.
    • About Us
      Our story, mission statement and how we have been serving our members since 1933.
    • Welcome to Navy Federal
      Get up to speed on your new account.
    • Military Exclusives
      From our Active Duty Checking to VA Mortgages, we have products that suit your needs.
    • Why Choose Navy Federal
      Excellent member service. Great rates. Convenient banking.
    • Army | Marine Corps | Navy | Air Force
      Coast Guard
      Looking for a branch on or near your base or post? We’ve got them all right here.
    • Convenient Money Management
      Get the products and services to make managing your money easy.
    • Special Offers and Discounts
      Save money with our member-only specials and discounts!
    • Business Services Application
      Do you own a business? Join now.
    • Switch to Navy Federal
      Switching your financial transactions to Navy Federal is easy.
  • Advice Planning
    • Managing Your Money
      Read our articles to help manage your money, control debt and protect your credit.
    • MakingCents
      NEW! Visit MakingCents. the place to go for information to help you meet your financial goals.
    • Security Center
      Protect yourself from fraud, phishing and ATM skimming.
    • Retirement Center
      Reach your retirement goals with tips, strategies and information to help you retire comfortably.
    • Family Finances
      Start good financial habits young and prepare for a future of healthy saving and spending.
    • Tax Center
      Get tips for easy filing and faster refunds.
    • FREE Navy Federal Events
      Attend our FREE Home Buying and Financial Seminars.
    • Military Life
      Get tips for your next PCS or deployment and learn about the perks available to you in honor of your service.
    • Work Life
      Transition easily from the military to the civilian job or your next job with these great resources.
    • Calculators
      Determine monthly payments, make loan comparisons, check progress on retirement and more with our calculators.
  • 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:

    Be the most preferred and trusted financial institution serving the military and their families.

    About Navy Federal

    More Ways to Find Us

    Equal Housing Lender | Important Information About Opening a New Account | APY = Annual Percentage Yield | APR = Annual Percentage Rate
    Navy Federal Credit Union – All rights reserved – Android and Android Pay are trademarks of Google, Inc. The Android Robot is reproduced or modified from work created and shared by Google and used according to terms described in the Creative Commons 3.0 Attribution License. – Apple Pay and Touch ID are trademarks of Apple . Inc. Apple, the Apple logo, iPhone . iPad . and iPod touch are trademarks of Apple, Inc. registered in the U.S. and other countries. App Store SM is a service mark of Apple, Inc. – Amazon, Kindle, Fire and all related logos are trademarks of Amazon.com, Inc. or its affiliates. – Images used for representational purposes only; do not imply government endorsement. – Equal Opportunity Employer.

    + Rates are based on an evaluation of credit history, so your rate may differ.

    ++ Rates are variable and based on an evaluation of credit history, so your rate may differ.

    *Message and data rates may apply. Terms and Conditions are available.

    USA PATRIOT Act Information

    To help fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account, including joint owners.

    What This Means For You
    When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you.


    first time mortgage


    #First-time homebuyer? 11 must-dos before taking the plunge

    Are you a first-time homebuyer eager to get into the market? Here are steps to take to help you decide whether you’re ready to take the plunge.

    1. Check the selling prices of comparable homes in your area. Do a quick search of actual multiple listing service, or MLS, listings in your area on a number of websites, including the National Association of Realtors.

    3. Find out what your total monthly housing cost would be, including taxes and homeowners insurance. In some areas, what you’ll pay for your taxes and insurance escrow can almost double your mortgage payment.

    Featured Rates

    To get an idea of what you’ll pay in insurance, pick a property in the area where you want to live and make a call to a local insurance agent for an estimate. You won’t be obligated to get the insurance, but you’ll have a good idea of what you’ll pay if you do buy. For an idea of what you’ll pay in taxes, check your local property appraisers website. Just remember that exemptions and the intricacies of local tax law can create differences between what a homeowner is currently paying and what you can expect to pay as a new homeowner.

    4. Find out how much you’ll likely pay in closing costs. The upfront cost of settling on your home shouldn’t be overlooked. Closing costs include origination fees charged by the lender, title and settlement fees, taxes and prepaid items like homeowners insurance or homeowners’ association fees. You can see what closing costs average in your state by looking at Bankrate.com’s annual closing cost survey .

    5. Look at your budget and determine how a house fits into it. Fannie Mae recommends that buyers spend no more than 28 percent of their income on housing costs. Go much past 30 percent and you risk becoming house poor.

    6. Talk to reputable Realtors in your area about the real estate climate. Do they believe prices will continue falling or do they think your area has hit bottom or will rise soon?

    7. Remember to look at the big picture. While a buying a house is a great way to build wealth, maintaining your investment can be labor-intensive and expensive. When unexpected costs for new appliances, roof repairs and plumbing problems crop up, there’s no landlord to turn to, and these costs can quickly drain your bank account.

    So consider whether you’re ready for the expense and effort of homeownership before pulling the trigger.

    Prepare for the hunt

    If the numbers make sense for you, taking a few steps at the beginning of the homebuying process can save you time, money and aggravation.

    1. Examine your credit. Right now, blemished credit or the inability to make substantial down payment can put the kibosh on your homeownership plans. That’s why it pays to look at your creditworthiness early in the home-buying process. Get your free annual credit report and comb through it for errors and unresolved issues. If you find mistakes, contact the credit reporting bureau to make sure they are corrected. It’s also a good idea to get your FICO score, which will cost you a small fee.

    2. Get your docs in a row. Collect pay stubs, bank account statements, W-2s, tax returns for the last two years, statements from current loans and credit lines, and names and addresses of your landlords for the past two years. Have them ready to show to the lender. This may seem like a lot, but in this age of tight credit, don’t be surprised if your lender needs a lot in the way of documentation.

    3. Find lenders and get preapproved. Getting preapproved for a mortgage helps you bargain from a position of strength when you are house hunting. The institution where you bank and a local credit union are good places to start your search. Use Bankrate’s mortgage rates tool to find lenders offering the best rates in your area. Applying to multiple lenders in the same month helps increase your chances of getting a loan approved at the best rate possible without dinging your credit score too much.

    4. If at first you don’t succeed, try, try. the government? If you can’t find a bank willing to lend to you — and in the current tight credit market, it’s possible you won’t — consider getting an FHA loan. The Federal Housing Administration has a program that insures the mortgages of many first-time homebuyers. As a result of this guarantee, lenders who might otherwise feel queasy about your qualifications will be more inclined to lend to you. As a bonus, the FHA only requires a 3 percent to 3.5 percent down payment from first-time homebuyers. You can find lenders that work with the FHA in communities across the nation.


    first time mortgage


    #First-time homebuyer? 11 must-dos before taking the plunge

    Are you a first-time homebuyer eager to get into the market? Here are steps to take to help you decide whether you’re ready to take the plunge.

    1. Check the selling prices of comparable homes in your area. Do a quick search of actual multiple listing service, or MLS, listings in your area on a number of websites, including the National Association of Realtors.

    3. Find out what your total monthly housing cost would be, including taxes and homeowners insurance. In some areas, what you’ll pay for your taxes and insurance escrow can almost double your mortgage payment.

    Featured Rates

    To get an idea of what you’ll pay in insurance, pick a property in the area where you want to live and make a call to a local insurance agent for an estimate. You won’t be obligated to get the insurance, but you’ll have a good idea of what you’ll pay if you do buy. For an idea of what you’ll pay in taxes, check your local property appraisers website. Just remember that exemptions and the intricacies of local tax law can create differences between what a homeowner is currently paying and what you can expect to pay as a new homeowner.

    4. Find out how much you’ll likely pay in closing costs. The upfront cost of settling on your home shouldn’t be overlooked. Closing costs include origination fees charged by the lender, title and settlement fees, taxes and prepaid items like homeowners insurance or homeowners’ association fees. You can see what closing costs average in your state by looking at Bankrate.com’s annual closing cost survey .

    5. Look at your budget and determine how a house fits into it. Fannie Mae recommends that buyers spend no more than 28 percent of their income on housing costs. Go much past 30 percent and you risk becoming house poor.

    6. Talk to reputable Realtors in your area about the real estate climate. Do they believe prices will continue falling or do they think your area has hit bottom or will rise soon?

    7. Remember to look at the big picture. While a buying a house is a great way to build wealth, maintaining your investment can be labor-intensive and expensive. When unexpected costs for new appliances, roof repairs and plumbing problems crop up, there’s no landlord to turn to, and these costs can quickly drain your bank account.

    So consider whether you’re ready for the expense and effort of homeownership before pulling the trigger.

    Prepare for the hunt

    If the numbers make sense for you, taking a few steps at the beginning of the homebuying process can save you time, money and aggravation.

    1. Examine your credit. Right now, blemished credit or the inability to make substantial down payment can put the kibosh on your homeownership plans. That’s why it pays to look at your creditworthiness early in the home-buying process. Get your free annual credit report and comb through it for errors and unresolved issues. If you find mistakes, contact the credit reporting bureau to make sure they are corrected. It’s also a good idea to get your FICO score, which will cost you a small fee.

    2. Get your docs in a row. Collect pay stubs, bank account statements, W-2s, tax returns for the last two years, statements from current loans and credit lines, and names and addresses of your landlords for the past two years. Have them ready to show to the lender. This may seem like a lot, but in this age of tight credit, don’t be surprised if your lender needs a lot in the way of documentation.

    3. Find lenders and get preapproved. Getting preapproved for a mortgage helps you bargain from a position of strength when you are house hunting. The institution where you bank and a local credit union are good places to start your search. Use Bankrate’s mortgage rates tool to find lenders offering the best rates in your area. Applying to multiple lenders in the same month helps increase your chances of getting a loan approved at the best rate possible without dinging your credit score too much.

    4. If at first you don’t succeed, try, try. the government? If you can’t find a bank willing to lend to you — and in the current tight credit market, it’s possible you won’t — consider getting an FHA loan. The Federal Housing Administration has a program that insures the mortgages of many first-time homebuyers. As a result of this guarantee, lenders who might otherwise feel queasy about your qualifications will be more inclined to lend to you. As a bonus, the FHA only requires a 3 percent to 3.5 percent down payment from first-time homebuyers. You can find lenders that work with the FHA in communities across the nation.