Home Loan Advice and Articles

The best home loan advice and expert mortgage loan articles to discuss all of your real estate needs

Buying a home is one of the largest investments most will make in their lifetime. The more you know before jumping in the better prepared you will be on your journey.

If you would like to see if you are currently qualified or what it will take for you to qualify, fill out the application to the right and a mortgage loan expert will reach out to get you qualified for a loan product that meets your specific needs.

Best Leverage and mortgage Rates

FHA Loan                        Starting at 3.5% Down
VA Loan                           Starting at 0.0% Down
Conventional Loans         Starting at 5% Down
Jumbo Loans                   Starting at 25% Down
Statement Only Loans     Starting at 15% Down
Investment Loans            Starting at 10% Down

LOAN APPLICATION  QUICK APPLY

Purchasing a home is a significant and exciting milestone, but it can also be a complex process. Here are the essential steps to guide you through the home-buying journey:

  1. Assess Your Finances:

    • Review your credit score and report.
    • Determine your budget, taking into account your income, expenses, and desired down payment.
  2. Save for a Down Payment and Closing Costs:

    • Aim for a down payment of at least 20% to avoid private mortgage insurance (PMI).
    • Budget for closing costs, which typically range from 2% to 5% of the home’s purchase price.
  3. Get Pre-Approved for a Mortgage:

  4. Hire a Real Estate Agent:

    • Choose a reputable and experienced real estate agent to guide you through the process.
    • Agents can help with property searches, negotiations, and navigating paperwork.
  5. Define Your Home Criteria:

    • Outline your preferences, such as location, size, number of bedrooms, and other essential features.
    • Consider your long-term needs and the potential for property appreciation.
  6. Start House Hunting:

    • Attend open houses, schedule private showings, and explore online listings.
    • Keep a record of homes you’re interested in and note their pros and cons.
  7. Make an Offer:

    • Work with your real estate agent to determine a competitive and reasonable offer.
    • Include contingencies, such as a home inspection and financing, in your offer.
  8. Negotiate the Purchase Price:

    • Be prepared to negotiate with the seller based on the inspection results and other considerations.
    • Your agent can assist in finding a fair middle ground.
  9. Complete the Home Inspection:

    • Hire a qualified home inspector to assess the property’s condition.
    • Address any issues or negotiate repairs with the seller if necessary.
  10. Secure Your Mortgage:

    • Finalize your mortgage application with the chosen lender.
    • Provide any additional documentation requested by the lender.
  11. Home Appraisal:

    • The lender will arrange for an appraisal to ensure the home’s value aligns with the loan amount.
    • If the appraisal falls short, renegotiate with the seller or be prepared to cover the difference.
  12. Finalize the Closing Process:

    • Review and sign the closing documents, including the loan agreement and other legal paperwork.
    • Pay closing costs, which may include fees for the appraisal, title search, and other services.
  13. Take Possession of the Property:

    • Once all documents are signed and funds are transferred, you’ll receive the keys to your new home.
    • Celebrate your successful home purchase!
  14. Post-Move To-Dos:

    • Update your address with the post office, utilities, and other relevant services.
    • Set up homeowners’ insurance and any necessary home maintenance services.
  15. Closing on the largest purchase most will make in their lifetime is no small task. Having the right experienced lender like CambridgeHomeLoan.com is critical in taking the pressure and stress off of the home buying process. When ready to get pre-qualified which you should do prior to starting to shop for home be sure you start with a lender like CambridgeHomeLoan.com that can help you with everything from credit to closing.


HOME LOAN ADVICE AND ARTICLES

 

Home Loan Advice and Articles to help you on your home buying journey

See how much you qualify for below!

Once you complete the survey, someone from our home buying expert team will give you a call to discuss how to acheive your home buying goals.