Best Mortgage Loans For First Time Buyers
Financing is always a big question mark when buying a home, especially for first time buyers who may not realize that all loans are not created equal; and all lenders do not offer every type of loan that is available.
Getting Started With A Mortgage
Getting the right loan could make a lot of difference in a lot of ways including the down, the number of years on the loan, closing costs and mortgage insurance.
Getting approved for the right type of loan could save a first time home buyer thousands of dollars and free up money that can then be invested in home improvements or new furniture.
Types of Mortgages
Rural Development Loans (RD)
RD loans are mortgages backed by the U.S. Department of Agriculture (USDA) and is part of the USDA Rural Development Guaranteed Housing...
Buying A Vacation Home In Southeast Louisiana
Are you thinking of purchasing real estate close to the beauty of Lake Pontchartrain? Considering buying a home in Covington or Mandeville? Does your family have dreams of a getaway in an area that they love?
There are several steps that a homeowner can take to ensure that the process of buying a vacation home is free of stress and goes smoothly.
1. Decide on the type of home to match your lifestyle
You do not necessarily have to own a primary residence before choosing a vacation home. Maybe it's wanting to buy a vacation condo and renting in the city, or living is chosen, tax and finance options are similar.
2. Decide how it will be used
The property can be for:
- Primary residence
- Second home
For tax and financing reasons, consider how the home will be owned and used. If it is your primary residence, for example, you might be able to purchase it with as little as a 3 percent down payment; this is if your loan does not exceed a certain amount.
A second home can be used at any time; however, lenders do not want to see it rented out. Buy it for 20 percent down; present homeowners can qualify by using the cost of a primary home as well...