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Buying a home can be overwhelming, to say the least. There are lots of moving parts to the entire home buying process. You will probably hear lots of lingo and acronyms that you've never heard before. Don’t make a rookie mistake – arm yourself with tips and know-how to successfully navigate through making your first home purchase.
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A good credit score can earn you lots of advantages in life, with lower interest rates on loans and credit cards, better insurance rates, or even the ability to get credit at all! Sometimes your credit can even affect your employment. When it comes to buying a home, your credit score could make a significant difference in how much house you can afford! It’s simple: The better your credit score is, the better interest rate you pay, and the more you can afford (or the more you will save in your monthly payment).
Learn more about credit scores
There are two main types of mortgages: a conventional loan guaranteed by a private lender or banking institution – like Nymeo, or a government backed loan. FHA, VA and USDA loans are all examples of government-backed loans that fit the needs of certain consumers, and they typically have low down payment requirements. Conventional loans typically require a 5% minimum down payment and good credit scores, but this may vary by lender and the borrower’s credit history.
When buying a home there is more than just the sales price. These costs are referred to as closing costs. Closing costs make up the actual expenses related to purchasing your home, and they can come as a shock if you aren’t prepared! Closing costs range from 3-5% usually, but can vary from state to state or even county to county! Closing costs are usually comprised of the following fees: an appraisal fee, loan origination fee, title search fee, title insurance and realtor commissions. Sometimes buyers can negotiate the fees with the lender – not all lenders charge the same, so it is important to choose a lender you trust!
