Tag Archives: home mortgage myths

Previous Homeowners May Qualify As First Time Buyers Once Again

“Boomerang” home buyers are re-entering the marketplace, and some are able to take advantage of first time home buyer programs.

The last decade brought us a few tough years, especially for some home buyers. Real estate professionals like us were able to help many avoid Team Avalos Real Estateforeclosure during the darkest days of what’s become known now as “The Great Recession.” In some cases, foreclosure was avoided through a short sale or other means such as deed-in-lieu. Of course, in avoiding foreclosure, the now former homeowner was once again in the position of renting the place in which they lived.

Fortunately, in most cases, distressed times are short-lived, and many were (and are) able to get back on their financial feet. Lenders made changes to their restrictions, some allowed former short sellers to qualify for a mortgage in as little as two years under certain circumstances.

For others, their wait to be able to afford another home purchase may have taken a little bit longer. However, there’s good news for them, especially when it comes to first time home owner programs. Continue reading Previous Homeowners May Qualify As First Time Buyers Once Again

Home Buyers: What Do You REALLY Know About Your Home Mortgage Loan?

Educating yourself about your loan options during the home buying process Home mortgage loan myths: How much do you know about your home loan?can save you money and frustration.

A recent Zillow survey showed some interesting statistics about what home buyers actually know (Or don’t know) about obtaining a home mortgage loan. Out of 1,000 current and prospective homeowners, it was discovered that:

  • 34 percent don’t know what the term “APR” means
  • 31 percent don’t believe it is possible to obtain a home mortgage loan with less than 5% as a down payment
  • One in four believe that they must close escrow using the same lender who originally pre-approved them for their home loan

Let’s clarify these home mortgage myths, shall we?

What does APR stand for? Continue reading Home Buyers: What Do You REALLY Know About Your Home Mortgage Loan?