Real Estate Advice

Is it Possible to Buy with No Cash Down ?

Although entire books have been written about how to buy a home with no cash down, in the real world of residential home sales no-cash down deals are rare. The reason for this is that most lenders want a substantial cash down payment before they'll grant a mortgage.
  There are various reasons why buyers might want 100 percent financing for a home purchase. They might be short of cash. Or, they may want to avoid liquidating other assets, like stocks, to come up with a down payment. And some buyers want to finance as much as possible for the tax break. Read More

Annual Percentage Rate Explained

The annual percentage rate or APR, required by the Federal Truth in Lending Law, is calculated using a formula. Designed to help consumers compare mortgage lenders and mortgage products, the APR is an interest rate that reflects the total cost of acquiring the loan on an annual basis for the consumer. Basically, the APR depicts the relationship between the total amount borrowed and the cost of the acquisition of the borrowed amount expressed in terms of a yearly percentage.
  Different vendors use different formulas to calculate the APR, and therefore, a true comparison of loans using the APR is not always possible. Read More

First Steps to Secure A Loan

What steps need to be taken to secure a loan? The first step in securing a loan is to complete a loan application. During the application process, the lender will order a report on your credit history and a professional appraisal of the property you want to purchase. The application process typically takes between 1-6 weeks. How do I choose the right lender for me? Choose your lender carefully. Look for financial stability and a reputation for customer satisfaction. Be sure to choose a company that gives helpful advice and that makes you feel comfortable. A lender that has the authority to approve and process your loan locally is preferable...Read More