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The house mortgage rates are lower for first time buyers. At least they were just recently. You can call up a local real estate agent and ask them to make sure.
What else can I help you with?
What is a seller-held second mortgage?
The seller holds a 2nd mortgage in lieu of getting the money from the buyer at close-- that way a buyer can have a partial down payment and a lower first mortgage. Ex. house sold for $100,000, 1st mortgage is $80,000, buyer has $10,000+ closing costs, seller holds a 2nd for $10,000 which the buyer has promised to pay back. At the end of the close, the attorney's have the buyers sign a promissory note and a mortgage note for the sellers. Then per the promissory note, the sellers get a payment every month or a payment every month with a lump sum in a year or two's time. When the buyers pay the sellers off, the sellers will give them a "satisfaction of mortgage" paper that has to be filed at the county court house. This will leave only the 1st mortgage on the property. I do have to say that all this has to be disclosed to the 1st lender and can be turned down by the 1st lender. This has to be disclosed because the buyers have to show that they can afford both payments on the house and the rest of their debt load.
Where can one find the lowest rates for a mortgage?
Finding the lowest rates for a mortgage can be time consuming. Several mortgage companies can be contacted to compare rates. Mortgage houses sometimes have this information readily available. Government programs also offer some lower rates to qualifying buyers.
Why is mortgage insurance necessary for homebuyers?
Mortgage insurance is necessary for homebuyers because it protects the lender in case the borrower defaults on the loan. This reduces the risk for the lender, allowing them to offer loans to buyers with lower down payments.
How can I refinance my house to potentially lower my monthly mortgage payments?
To potentially lower your monthly mortgage payments, you can refinance your house by applying for a new loan with better terms, such as a lower interest rate or longer repayment period. This can help reduce your monthly payments and save you money over time.
A magazine article about how to get a lower mortgage rate on your first home loan?
Adults
How can you lower your mortgage to what your house is worth?
Yes
Is now a good time to purchase for first time house buyers?
Now is a good time to purchase for first time buyers. House prices are lower in many places which makes it a buyers market. One may want to look into foreclosed homes for even cheaper options.
What is a seller-held second mortgage?
The seller holds a 2nd mortgage in lieu of getting the money from the buyer at close-- that way a buyer can have a partial down payment and a lower first mortgage. Ex. house sold for $100,000, 1st mortgage is $80,000, buyer has $10,000+ closing costs, seller holds a 2nd for $10,000 which the buyer has promised to pay back. At the end of the close, the attorney's have the buyers sign a promissory note and a mortgage note for the sellers. Then per the promissory note, the sellers get a payment every month or a payment every month with a lump sum in a year or two's time. When the buyers pay the sellers off, the sellers will give them a "satisfaction of mortgage" paper that has to be filed at the county court house. This will leave only the 1st mortgage on the property. I do have to say that all this has to be disclosed to the 1st lender and can be turned down by the 1st lender. This has to be disclosed because the buyers have to show that they can afford both payments on the house and the rest of their debt load.
How can you lower your house mortgage?
Refinancing is one way to lower your mortgage on a house. To start out with the lowest rate is to shop around with different banks to give you the lowest percent rate. Take your time, you want the best mortgage for you.
Where can one find the lowest rates for a mortgage?
Finding the lowest rates for a mortgage can be time consuming. Several mortgage companies can be contacted to compare rates. Mortgage houses sometimes have this information readily available. Government programs also offer some lower rates to qualifying buyers.
Why is mortgage insurance necessary for homebuyers?
Mortgage insurance is necessary for homebuyers because it protects the lender in case the borrower defaults on the loan. This reduces the risk for the lender, allowing them to offer loans to buyers with lower down payments.
What is supply and demand and how does it affect property prices?
Many buyers plus few houses available for sale means higher house prices - (a sellers market). Few buyers plus a surplus of houses for sale means lower house prices - (a buyers market).
How can I refinance my house to potentially lower my monthly mortgage payments?
To potentially lower your monthly mortgage payments, you can refinance your house by applying for a new loan with better terms, such as a lower interest rate or longer repayment period. This can help reduce your monthly payments and save you money over time.
A magazine article about how to get a lower mortgage rate on your first home loan?
Adults
How does one know when it is time to refinance their house mortgage?
The best time to refinance your home's mortgage is when you believe that you have paid enough on your current mortgage to try to haggle for a lower rate. Usually several years.
information on US Bank home mortgages?
You can visit their website to find the most useful information tailored to your needs. They offer information on how to purchase a home, information for first time buyers, and information on how to lower your payment. You can also find a mortgage calculator right there on their website. For more information, visit: http://www.usbank.com/mortgage/index.html
What happens to my mortgage when I sell my house?
When you sell your house, you will need to pay off your existing mortgage using the proceeds from the sale. If the sale price is higher than the remaining balance on your mortgage, you will keep the extra money. If the sale price is lower, you will need to come up with the difference to fully pay off the mortgage.
