While it is sure to be a very exciting time in your life, moving from one home to another can also be extremely stressful. Whether you are moving across town or to a different state, it is important to stay organized and handle as many tasks as possible before the actual move in order to alleviate some of that stress. Inevitably, there are always last minute things that will come up that we have no control over, so follow the below checklist to keep control of the situation as best you can.
Once you have decided to join the ranks of homeowners, you need to decide what type of mortgage is right for you. The most conventional choice for home loans is the 30-year mortgage. The 30-year mortgage started to grow in popularity in the 1950s and quickly became the loan of choice. While the 30-year mortgage is still the standard, the 15-year mortgage may be something to consider for new homeowners.
If you took a survey and asked people what they consider to be a typical down payment when purchasing a house, most people would probably say that twenty percent of the purchase price is the magic number. Lenders also look for this amount because they feel confident that the buyers are committed to the house and that will make their monthly payments after paying twenty percent of the cost.
The home buying process is often an overwhelming and confusing endeavor, especially for first time homebuyers. The best advice you can adhere to is be prepared and do your homework. There are many steps to take in order to get the process under way. Here we are taking a look at the biggest mistakes to avoid when applying for a mortgage.