A mortgage can be described as a financial transaction, which includes a promise to repay a large debt. It comes with official documentation and is regulated by the government. While some people say the mortgage process is a headache, the loans can help you own your dream home.

However, homeownership is a massive undertaking, so you must be prepared to find a lender you can trust. Mortgages come in different varieties, including options ideal for low-income borrowers. Before you sign to get that mortgage, here are some of the things to keep in mind, presented below by People’s Choice Mortgage.

Potential home buyers should be excited by the above data because it looks like more houses will be available on the market in 2022 than last year. This means less bidding wars, a greater chance of finding the perfect house, and possibly an end to skyrocketing prices. The best way to take advantage of this is to be prepared and that means speaking with a mortgage broker.

There are a lot of aspects to a home buying budget. An important thing to consider regarding home buying budgets is that it’s not necessarily a single budget. While some people are able to buy a house using entirely cash, most people need a mortgage. This means that you need to budget for what it takes to get a mortgage.

Recent studies conducted by Fannie Mae show that many consumers wish they had more education about how to become a homeowner. At Peoples Choice Mortgage, we definitely agree. The home buying process is complicated and education often means the difference between just any old mortgage broker and a true professional.

Back in January, President Biden pushed for a first-time homebuyer tax credit of $15,000. Since then, this recommendation has become its own legislation, the First-Time Homebuyer Act of 2021. Should first-time homebuyers wait for this legislation before buying?

The FHFA’s recent decision to raise conforming loan limits is both expected and unprecedented all at the same time. Typically, conforming loan limits are raised each year. However, this usually happens in small amounts to keep up with the cost of living and appreciation. The limit increase for 2022 is much larger than ever before.

While buying a single-family home at today’s mortgage rates is still a great bargain, there is another type of home purchase that has not gotten as much attention as it should. The truth is that multifamily homes are a great option, especially in today’s market, and they should be considered by even first-time home buyers. So, what are the benefits of buying a multifamily property?

Even though owning a house is a big responsibility, not owning one does not necessarily save you from anxiety. The fact is that renters are facing increasing anxiety from a host of factors. Fortunately, there is a solution. You can take steps to stop renting and become a homeowner.

…When you find a home you want to buy, you will most likely be in a bidding war. In this scenario, it is important to act decisively and act quickly. You will need an accurate picture of what you are willing to spend and what you are able to spend. This is key to making decisive decisions. Having an accurate understanding of what you can spend requires having a realistic budget.

For many potential home buyers, saving up for a down payment is the biggest mental hurdle to actually owning a home. However, when you look at the various mortgage options available and the size of a down payment you would need, it is more achievable than you think. The team at Peoples Choice Mortgage is here to discuss the truth about down payments and the timeframe you need to save up for one.

Many are under the assumption that you have to have 20% for a down payment in order to qualify for a mortgage. This is not true. There are a lot of mortgage programs where you do not need a 20% down payment. However, while you don’t need a 20% down payment, it is helpful.

Home sales were up for nearly every market in the nation, including Massachusetts. However, for everyone who bought the house of their dreams, there were just as many wishing they could do the same. That begs the question: why didn’t they? Many people have been sitting on the sidelines because they don’t think they are able to buy a house. However, buying a home isn’t just for the wealthy. Regular people can buy homes too. Here’s how to make it happen ...