What New Homeowners Should Know About Property Taxes

After buying a home, you'll have a lot of new ongoing expenses. One of them will be your property taxes. The property taxes are assessed by your county, and the way you pay them varies based on whether you own the property outright or if you're paying a mortgage. Here's what you need to know about paying property taxes as a first-time home buyer.

How to Pay Property Taxes

Some counties allow you to pay property taxes online. Others require you to remit payment by mail. If you owe a mortgage, your lender will receive the bill. They will roll it into your monthly mortgage payments, so you'll pay 1/12 of your annual property taxes on each monthly mortgage payment. The lender holds these payments

The Impact of Credit Scores on Mortgage Applications

Your credit score can play a significant role in whether or not you are approved for a home loan. It can also determine the type of loan that you receive and the terms that a lender will offer. Let's take a look at some of the specific ways that your credit score can impact your ability to finance a real estate purchase. 

Traditional Lenders Require a Score of 620 or Higher

You'll need a credit score of at least 620 to be approved for a conventional mortgage. A conventional mortgage is one that is not insured by the Federal Housing Administration or (FHA) or otherwise guaranteed by the federal government. Conventional home loans may be advantageous because there is no need to pay mortgage

Not Getting Pre-Approved for a Mortgage Hurts You Many Ways

When you're preparing to buy a home, there will be a long list of things you need to do. It might be tempting to skip a few of these things for the sake of convenience or time constraints. However, not getting yourself pre-approved for a mortgage could be harmful to your chances of getting the home you want. Here are some ways that failing to get a pre-approval from a mortgage lender hurts your prospects of becoming a homeowner and having a smooth transaction.

Plan Your Monthly Budget

When you go through the pre-approval process, the lender looks closely at your finances. This allows you to know how much you can afford for a mortgage payment. Your banker will explain how much you should

Ways to Make Obtaining a Mortgage Easier

It can be an uphill battle to qualify for a mortgage. Yet there are certain steps that you can take that make the process a little easier. The more organized you are, the less hassle applying for a mortgage will be.

Requesting Your Credit Report

Getting a mortgage becomes even more difficult if there are negative marks on your credit report. The first step is to order a copy of it and read it thoroughly. Any mistakes should be cleared up long before starting the application process. 

Improving Your Credit Score

The higher your credit score is, the more likely you are to qualify for an affordable mortgage. If your credit is not already good to excellent, it is smart to raise it before applying.

Deciding Between a Short Sale and Refinancing Your Mortgage

If you are struggling to stay current on your mortgage, it may be possible to engage in a short sale or refinance your existing loan. A short sale allows you to walk away from the home without paying the loan balance in full while refinancing your loan allows you to alter its terms while retaining the property.

What to Know About Short Sales

You must generally obtain permission from your lender to engage in a short sale, and the lender will typically need to approve a purchase offer before the sale can be completed. Typically, your mortgage servicer will need to see evidence that you cannot meet your current obligation before agreeing to let you put the home on the market. In many cases,

For many people, owning a home is a long-time dream. As one of the benefits to veterans of the United States armed forces, the United States Department of Veterans Affairs offers mortgage loans. Typically called VA loans, these mortgages have some different rules and distinct advantages when they are compared to conventional mortgage loans. Here are some of the benefits of buying a home with a VA loan.

No Down Payment Required

If you qualify for a VA loan, you do not have to make a down payment when buying a house. For many people, saving the typical 20% down payment required for a conventional loan is a challenge. High rents make it difficult to set enough aside for a 20% down payment. A VA loan allows you to finance the entire

Taking out a mortgage is one of the biggest expenses most people will make in their lifetime. Even though it is a huge financial responsibility, almost half of new home buyers don't put in the necessary time to compare different lenders to find the best rate.

These days, there are more options to consider than traditional credit unions, banks and mortgage brokers. Many home buyers are turning to the internet to find mortgage lenders. It can be intimidating to think about taking out a huge mortgage from an online lender. Below are some of the pros and cons of using an online mortgage company to take into consideration.

Pros Of Using An Online Mortgage Company

1. Lower Interest Rates Available

One of the main advantages of an online mortgage

A housing bubble, or real estate bubble, is an unsustainable increase in housing prices powered by speculation, heightened demand, and "irrational exuberance."

A housing bubble, like other kinds of economic bubbles, often occurs in the context of predatory lending, poorly thought out mortgages, and lowered interest rates with the Federal Reserve. This very constellation of factors came together to fuel the 2008 Subprime mortgage; subprime mortgages were named such because they were mortgages of lower quality.

What's worse, these subprime mortgages were secured by the big banks leading up to the 2008 housing market collapse. The fact that what otherwise would have been decentralized assets - housing markets are traditionally thought to be

4 Ways to Make Your Home Feel Like New

Your home likely felt new and fresh during the first few weeks after you bought it. The daily activities in your home can result in stains, scuff marks and a buildup of clutter. Over time, the walls, floors and furniture may start to look dull, worn or dated. When you are ready to make your home look new again, try these four simple tips. Each of these activities is easy to do and is affordable on any budget.

Removing Clutter

After you have lived in your home for a while, items start to accumulate. It might even seem like things are multiplying in the back of your closets. What felt like a lot of space when you moved in might now feel cramped and stuffed. Removing some clutter from your home could help

Last week, we started talking about how you can become a homeowner with our "How to Become a Homeowner in 10 Steps: Steps 1 - 5" blog post. This week, we're continuing with steps 6 - 10, the final steps to homeownership.

Step 6: Gather the Funds

Now that you've chosen the right home for you and your family, you need to select the right loan. Yes, you've been pre-approved for a specific loan amount, but there are hundreds of different loan types and lenders out there. Answering the questions below will help determine which kind of loan will be most suitable to your situation and needs.

• How much would you like to put down?
• How is your credit?
• Are you a first-time buyer?

In order to get the actual loan, you'll need to fill out an