qualify first time homebuyer program

Can I qualify for a first-time homebuyer program if I’ve purchased a home before?

First-time home buyer programs are an excellent resource for those looking to purchase a home. These programs are designed to help new buyers afford a home, generally by assisting with closing costs or the down payment. Most first-time homebuyer programs are administered by state housing agencies, and come in the form of a second mortgage or a grant added to a buyer’s primary loan program such as: (more…) ...
homeownership

How are property taxes paid?

Property taxes may be one of the less anticipated parts of homeownership, but you should be prepared for them nonetheless. Property taxes are collected by your local government and used to benefit the community in which you live. Think about it as your contribution to help pay for services and projects like public safety, roads, and parks. You have a few options on how to pay your property taxes: Property taxes can be paid directly to your local tax office ...
mortgage rates

What are mortgage discount points?

In addition to shopping for the best mortgage rate and introductory rate programs like temporary buydowns, leveraging mortgage discount points can help make homebuying more affordable. What are mortgage discount points and how could they benefit you as a buyer? (more…) ...
selling a home

What is capital gains tax and how does it affect me?

When you sell or inherit a home, it’s important to know that not all of the home value will end up in your pocket. You may have to pay what is known as a capital gains tax. This occurs when the home’s sale price is more than the home’s fair market value. However, you may qualify to exclude it from your income if your income is below a certain threshold or the sale of the property doesn’t exceed $250,000, or ...
interest rates

What is a temporary buydown?

While purchasing a home is an expensive undertaking, we’re always looking for ways to make it more affordable. It shouldn’t be just left to the borrower to shop mortgage rates and negotiate prices; there are programs mortgage lenders can make available on their end to ensure their customers have a manageable  monthly mortgage payment. One of these options is what is known as a temporary buydown. Temporarily reduce mortgage interest payments Temporary Buydowns allow buyers to get a more affordable ...
apply for mortgage

4 tips for finding the best mortgage rate for you

Mortgage rates are determined by many factors such as your credit score, down payment, and various economic conditions. To really know if you’re getting the best mortgage rate for you, it’s best to first understand how the market works. Here are four tips for finding the best mortgage rate for you: Research your mortgage options There are many types of mortgages available, which one is ‘best’ depends on your unique situation. Conventional, FHA, USDA, and veteran loans are just a ...
buying a home

5 tips for negotiating a home’s sale price

When purchasing a home, the sale price isn’t set in stone. There is a lot of negotiating involved to come to a conclusion that will appeal to both the seller and the buyer—especially in a competitive market. Up next: the essential checklist for new home buyers (more…) ...
digital mortgage applications

3 benefits of eClosings & digital mortgage applications

In this modern age of smartphones and many services moving online for convenience and speed, customers expect to find everything online. To accommodate, businesses are putting more and more of the home buying process online, from searching for a home to closing. eClosings and digital mortgage applications have become more common and are meant to streamline the process. What’s the difference? An eClosing is when a mortgage loan is closed electronically. In contrast, a digital mortgage application is a paperless ...
mortgage qualification

4 mortgage myths you can stop believing

Purchasing and owning a home is considered a big part of the American dream. Unfortunately, there are many myths surrounding mortgages that can make it much harder to understand what goes into getting one. Here, we will dispel four of the most common mortgage myths: You have to put 20% down While putting 20% down on a home may have been the case in the past and is recommended to avoid private mortgage insurance (PMI), it is often not required ...
credit report

5 things that affect your credit score

Your credit score is a critical part of your life. It helps determine the loans you are eligible for and the rates you pay. Insurance companies can also use your credit score to set premiums for coverage like auto. When you apply for a new credit card, a home loan, or even get a credit card offer in the mail, your credit history is pulled. This is called either a hard or soft inquiry. (more…) ...

The information provided herein has been prepared by a third party company and has been distributed for education purposes only. The positions, strategies or opinions of the author do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.

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