When you’re trying to find the right interest rate for your new home mortgage, you have two choices: Fixed-rate and adjustable-rate interest.
Your interest rate plays a big role in home affordability. The interest rate is how much the bank gets paid for lending you the money to buy a house, and you pay it back to them on a monthly basis as part of your mortgage payment.
If you're looking to buy a home with an affordable home loan, there are a lot of options available to you. One more well-known option is to get a loan through the Federal Housing Administration, called an FHA loan. We have a blog that dives deep into the pros and cons of FHA loans here.
Want to know how an FHA loan compares to a loan from TCHFH Lending, Inc. (Twin Cities Habitat's wholly-owned mortgage company)? Check out this handy guide to compare these products to determine what's best for you.
Are you interested in buying your first home, but can’t afford a down payment? While traditional mortgages generally require a down payment, there are other options to help you get that dream home. You may qualify for the Twin Cities Habitat Homeownership Program! The program provides education to help buyers prepare for homeownership as well as affordable loan options through TCHFH Lending, Inc.
Buying a home comes with many different expenses that need to be considered. What is your overall price range? What kind of monthly payment are you comfortable with? Are there closing costs to consider? How much money should you have in savings in case updates or repairs are needed? And when it comes time to think about buying your first home, some of the biggest questions are about the down payment.
Many first-time buyers haven’t even heard of private mortgage insurance (or PMI for short). What is private mortgage insurance? What is it used for? Do you have to have it? These are common questions from first-time homebuyers. So, if you don't know what PMI is, don't worry. We know all about private mortgage insurance and we're here to help.
Here's everything you need to know about private mortgage insurance.
The process of buying your first home is exciting. It’s also complicated. But a good REALTOR® can guide you every step of the way to help you understand the process. By interviewing at least three real estate agents, you’ll have a better chance of finding the right one for you. This will give you confidence throughout the rest of your homebuying experience.
In 2018, TCHFH Lending, Inc. (the wholly-owned nonprofit mortgage company of Twin Cities Habitat for Humanity) became certified by the Department of Treasury CDFI Fund. As a Community Development Finance Institution (CDFI), we are recognized as a lender with a mission to fill financing gaps in the marketplace under-served by other lenders.
What does this mean for Twin Cities Habitat? Let's explore!
When you think of Twin Cities Habitat for Humanity’s Homeownership Program, you might imagine a family buying a volunteer-built home for an affordable price. But there’s a whole lot more!
Buying a home is an exciting experience, especially if it's your first time. If you've never taken out a home loan, it's perfectly normal to be unfamiliar with your mortgage options. Don't let mortgage confusion discourage you from that homebuying excitement!
It's easy to get lost in all of the information out there, but we're here to help. We'll explain what a mortgage is, how it works, what types of mortgages you're likely to see, and the advantages and disadvantages of those types.
A mortgage is a loan that a bank or a mortgage lender gives you to help pay for a house. You'll be responsible to pay back the loan over the course of several years or decades.
If you're currently paying a mortgage payment, you are likely paying escrow.
Escrow is an account separate from the mortgage account where payments are made to fulfill conditions of your mortgage. These conditions are usually things like property taxes and insurance. Although your escrow is kept in a separate account, it is still generally collected as part of your monthly mortgage payment (or, can be paid as a lump sum). Your escrow payment can fluctuate from year-to-year and it's important to pay attention to the numbers—it can save you money in the long run!
