As a prospective home-buyer who will be considering a mortgage, you will have to determine how to come up with a down payment for your new house. The standard down payment for a conventional loan is 20 percent; however, there are other loans that might be available to you, such as the FHA loan, in which you might only be required to put down 3.5 to 5 percent of the purchase price.
You’re looking at real estate listings and you see one that says, Bitcoin Transactions Accepted. While this transaction is still far from being the “norm”, it is popping up more and more frequently. The younger generation and tech savvy population are adopting cryptocurrency as their main choice for making purchases. But there are still many buyers out there that would have absolutely no idea what that even means. Others might understand what it means, but do not have the trust in this type of financial transaction to consider this option.
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.
Buying your first home is filled with many other first-time experiences, one of the most common being applying for a mortgage. While many lenders have simplified this process over the years, the need to verify your debt and income almost always comes into play. To do this, your lender will likely request lots of information, information that you’ve repeatedly been told to keep in a safe place and not share with anyone. While you may feel hesitant about sharing such confidential information, rest assured that there are federal and state laws in place to protect you. In fact, the Consumer Financial Protection Bureau says that to even receive a loan estimate you should be prepared to provide a prospective lender with the following: