If you feel that you are ready
to buy a home, the first step is to understand some
of the complexities involved with getting a loan. You
want to have a good lender to help guide you through
this process. The Preferred Lender Directory located
on this site can give you the names of lenders who are
able to meet the needs of many types of homebuyers,
from those with established credit histories, to recent
immigrants with no traditional credit history. Here
are some things to keep in mind when you meet with a
lender about a mortgage:
•
If your down
payment is less than 20%, you will need to get Private
Mortgage Insurance (PMI), which is usually about
$25-$65 a month depending on the value of the house.
This fee can be rolled into your mortgage payment.
•
Buying a house includes
more than just the cost of the house itself. You
also have the closing costs, which equal about 1-2%
of the home value. You will need this money at the
time of closing.
