Home Buying 101: Conventional Mortgage
Figure out your needs
Monthly cost of owning a home
Ideal Neighborhood
Financing Your Purchase
The FHA Mortgage
The Adjustable Rate Mortgage
Department Of Veterans Affairs Mortgage
Pre-Qualified vs Pre-Approval
Phase 2: Looking
Looking at homes
Types of homes
Single Family Homes
Town homes
Condominium
Twin Homes
Multi-Family Homes
Types of sellers
Traditional
Short Sale
Foreclosed
Researching A Home’s Public Information
Phase 3: Buying
Making an offer that counts
The Purchase Agreement
Buyer Letter to Seller
Inspections: Why get one?
Radon Testing
Sewer Line Scope Inspection
Fireplace Chimney Inspection
Mechanicals
Phase 4: Closing
Closing Costs Explained
Title Work
Appraisals
Underwriting
Utility Bills
Preparing for the Closing
The Closing
The Conventional Mortgage
This type of mortgage is another common mortgage. It usually is for people that have saved up at least 5%, 10%, or 20% as their down payment. At 20% down, there is not a requirement for having private mortgage insurance (PMI). But more recently, there are 3% down products available as well. This is a great alternative to the FHA mortgage
Pros:
- 20% down usually waives Private Mortgage Insurance
Cons:
- Harder to qualify for than FHA, may need higher credit score
- Requires higher down payment, usually 5%, 10%, or 20%, but there are some 3% down payment programs available