Mortgage Tips for First Time Buyers

Althought mortgage lending has moved from requiring a 20% deposit to zero down mortgages, you will still need a fair bit of cash on hand at your closing. Depending on your state, there will be flood certification fees, title insurance (biggest rippoff ever) and legal fees.

Be prepared and be certain. And ask any prospective loan officer or broker how much cash you will need.

Sometimes you will be able to have the seller give back part of your purchase price to help cover closing costs. This is simply a bit of a gimmick as it is an increase over the agreed sales price that merely comes back to the buyer. There are limits to the amount that can be so financed.

This entry was posted on September 6, 2006 at 11:28 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.