HOMEBUYER FAQs:
Should I choose a mortgage professional vs. an online lender?
What should my credit score be to buy a house?
What is PMI, and do I need it?
Private Mortgage Insurance (PMI) is a type of insurance that may be required if your down payment is less than 20% of your home’s purchase price. As a first-time home buyer, it is one option if you don’t have the money for the full down payment.
What is the average down payment on a house?
What are closing costs (and do I have to pay them)?
Closing costs are a variety of expenses above the purchase price of your home, such as attorney fees, title search, taxes, and lender costs. See if you’re eligible for our closing cost assistance program or other first-time home buyer grants.
How much will property taxes cost?
First-time homebuyers are often surprised at the cost of property taxes. Before purchasing a home ask what the estimated taxes will be on the property. And do your research ahead of time, so you can add these expenses into your budget.
What are mortgage points?
Mortgage points (also known as discount points) are fees paid directly to a lender at closing in exchange for a reduced interest rate. It can help lower your monthly mortgage payments.