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First Time Buyers

Section Overview

Pros and Cons of Homeownership

Advantages of Homeownership

Possible Drawbacks of Homeownership

"Are You Ready to Buy a Home?" Test

Do You Have a Steady Job History?

Do You Have an Established and Favorable Credit Profile?

Do You Have Money Saved for a Down Payment and Closing Costs?

Can You Afford Monthly Mortgage Payments for the House You Want?

What is a Mortgage Loan?

Mortgage Amount and Term

Amortization

Fixed Interest Rate

Adjustable Interest Rate

Down Payment

Closing Costs

Discount Points

Conforming and Nonconforming Loans

Types of Mortgage Loans

Fixed-Rate Mortgage Loans

Adjustable-Rate Loans

Government Loans

Balloon Loans

Affordable Housing Loans

Your Down Payment

Your Closing Costs

Your Wish List

Purchasing

Section Overview

Shopping for Your Best Mortage Deal

Lender Comparison Chart

Steps to Apply for a Mortgage Loan

Steps to Take Before You Apply for a Loan

Information Your Lender Needs at Application

Decisions You Make at Application

Application Costs You Pay

If You Change Your Mind

Application Legal Requirements

Alternative Documentation Loans

What Happens After You Apply?

Steps Your Lender Follows

Tips to Speed Up the Approval Process

How the Lender Views Your Application

If Your Loan is Denied

Closing on Your Home

Closing Activities Checklist

Closing Costs Checklist

What Happens at Closing

Closing Documents You Receive

In Your New Home

Papers You Must Keep

Making Your Loan Payments

If Servicing of Your Loan Transfers

If You Have Loan Questions

Home Maintenance Checklists

Refinancing

Is Now a Good Time to Refinance?

To Get a Lower Interest Rate Mortgage

To Build Equity Faster

To Switch from an Adjustable-Rate Loan to a Fixed-Rate Loan

To Switch from a Fixed-Rate Loan to an Adjustable-Rate Loan

To Draw on the Equity Already Built Up in Your Home

What is the Refinance Process?

How the Lender Views Your Application

Costs Involved in Refinancing

What Type of Loan Should You Get?

Fixed-Rate Mortgages

Adjustable-Rate Mortgages

Other Types of Mortgages

Shopping for Your Best Mortgage Deal

Lender Comparison Chart