Category: First-Time Homebuyer

If you're in the market for a new home, submitting a mortgage loan application should top your to-do list. Unless you plan on paying cash, you'll want to know upfront how much you qualify for and at what interest rate and terms. This could quickly help narrow your home search and ensure you find a loan that fits your budget. But if you don't have the documents ready to submit with your mortgage loan application, it could cause unnecessary delays.

After careful thought and planning, you’ve decided to take the plunge into home ownership.  You have a pretty good idea in which area you want to buy and are about to start interviewing Realtors.  At this point, many first-time homebuyers pause and ask themselves, “What exactly is the first step I should take when buying a home?”  At ENB, we recommend setting up a meeting with a Mortgage Expert to discuss prequalification.

Among the many new terms you'll learn when buying your first home, "escrow" is apt to be one of the most challenging to understand. This is often due to the fact that escrow functions differently depending on where you are in the home buying process. Here are three things you need to know about escrow accounts as you prepare for homeownership.

More than half of Americans (56%) plan to move in 2021. That's up 21% from last year. The spike might be due to the pandemic's influence on the surge in remote work and the desire for a lower cost of living. Many people now work from home, and using the kitchen table or a small closet as an office isn't preferred as a long-term solution. A new home with office space and more square footage solves the problem, while also giving family members more space to enjoy their favorite leisure activities.

A mortgage loan can turn the dream of homeownership into a reality. Completing a mortgage loan application, gaining loan approval, and closing on the loan are necessary steps before unlocking the door to your new home. But, the mortgage process is about much more than meeting these critical milestones.

Congratulations - your home loan application has been approved! These life-changing words are the hope of many would-be homebuyers. Qualifying for a home mortgage can seem like the biggest hurdle to homeownership. But a mortgage loan approval doesn't mean you can actually afford your dream home. When mortgage lenders approve an application, specific lifestyle expenses are not factored into the decision.

Historically low interest rates might help unlock the doors to your dream home sooner than expected. Low rates can increase your buying power in a competitive housing market. You might also be able to afford more home, with money left over to fund other financial goals. But accessing the best rates often requires excellent credit scores (740 and above).

After weeks of browsing house hunting websites, driving neighborhoods, and touring a few select open houses, you're ready to buy your dream home. Unless you plan on paying cash, you'll likely need a home loan. As long as you can find a mortgage with payments that don't exceed your monthly budget, any loan will do, right? Maybe not.

When funds are sparse, but creativity is abundant, tackling budget-friendly remodeling projects might be the answer. Simple, low-cost makeovers can add value to your home while showcasing your unique personality. There's no need to hire a team of experts. Focusing on small changes can keep costs down and result in the updated look you desire - no contractors, architects, or designers required.

Financial missteps of the past can rear their ugly heads at the worst possible times. As you navigate the mortgage process, expect a spotlight to shine on your credit score. This numerical representation of your credit history plays a significant role in loan approval. While the score needed to secure financing on your new home will largely depend on the loan type, e.g., Conventional, FHA, USDA, VA, etc., a record of late payments or high credit utilization can limit your financing options.