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Real Estate - Tips For First-Time Home Buyers


									                                                 Presented by Daniel Toriola

     Mortgage is a kind of a pledge or guarantee made by the home purchaser or borrower to repay the loan to the
      lender. A right home mortgage loan can save thousands of dollars in the long run. Hence, it becomes very
                                         important and crucial to the borrower
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                                                   Tips For First-Time Homebuyers
                                                               By News Canada

  Tips For First-Time Homebuyers
 by: News Canada

(NC)—Near record low interest rates are opening the doors of homeownership for many Canadians.
"This may be the perfect time to consider purchasing a home," says Gail Kassie, Director, Mortgages
and Home Financing Products, BMO Bank of Montreal. "With the variety of mortgage terms and
options available, as well as low interest rates, more people are finding that they can afford to
purchase a home." Kassie recommends the following "to do's" for first-time homebuyers:

Find out how much you can afford, before you begin house hunting, with a pre-arranged mortgage.
You can visit with a mortgage expert or try the online tools and applications that many financial
institutions offer to help you determine what you can afford and what your monthly payments are likely
to be.

Keep in mind that if your down payment is less than 25 per cent, you need to budget for a one-time
premium to insure your mortgage against default. While your down payment can be as low as five per
cent, the lower your down payment, the larger the principal amount that you have to borrow and that
means a larger overall interest cost. Conversely, the larger your down payment, the less your home will
cost you over the life of your mortgage.

Budget an additional three to four per cent of the price of your home for additional up-front costs such
as land survey fees, house inspection fees and land transfer tax.

Look for flexible mortgage options. For example, the ability to skip a payment or suspend payments for
a few months can help you manage your monthly cash flow in an unexpected emergency.

View your home as an investment. Consider its location and accessibility, the average cost of other
homes in the neighborhood, and, if renovations are required, whether or not you're likely to recover the
renovation investment if you sell your home in the future.

"A sure way to find the best mortgage is to meet with a mortgage expert," adds Kassie. "That way
potential homeowners can review all of their options with an experienced professional and they'll

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                                                                                                               Page 1
                                              Presented by Daniel Toriola

understand exactly what they can afford before they start looking for a home."

Information provided by BMO Bank of Montreal. For more information on or to find out your home
financing options drop by any BMO Bank of Montreal branch or visit

- News Canada

News Canada provides a wide selection of current, ready-to-use copyright free news stories and ideas
for Television, Print, Radio, and the Web.

News Canada is a niche service in public relations, offering access to print, radio, television, and now
the Internet media, with ready-to-use, editorial "fill" items. Monitoring and analysis are two more of our
primary services. The service supplies access to the national media for marketers in the private, the
public, and the not-for-profit sectors. Your corporate and product news, consumer tips and information
are packaged in a variety of ready-to-use formats and are made available to every Canadian media
organization including weekly and daily newspapers, cable and commercial television stations, radio
stations, as well as the Web sites Canadians visit most often. Visit News Canada and learn more about
the NC services.

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                   Buying A Home After Bankruptcy – Low Credit Score Mortgage Loans
                                                             By Carrie Reeder

 Excellent credit is not required to buy a home. Of course, a higher rating will qualify homebuyers for a
low rate and better loan programs. Still, buying a home after bankruptcy is easy.

Although home loans following a bankruptcy discharge come with high rates, a home purchase is a
great way to quickly boost a low credit rating. Here are a few tips on getting a low credit score
mortgage loan.

Sub Prime Mortgage Loan Programs

There are many options available to homebuyers with a low credit rating. Credit scores below 680 do
not qualify for prime home loans. Hence, these persons will need to speak with a sub prime mortgage
broker or lender. Sub prime loans are intended to assist those who cannot obtain traditional mortgage
financing. These lenders work with all types of people and credit situations. Furthermore, sub prime
lenders have a multitude of different loan options.

Who Qualifies for a Sub Prim Mortgage Loan?

Anyone with a low credit score can get approved for a sub prime mortgage loan. However, there are
certain limitations. Many lenders will not approve a mortgage loan if the borrower's credit score is
below 500. In this instance, the risks are too high. Homebuyers who fall into this group may consider
improving their credit before applying for a home loan.

Having a chapter 7 bankruptcy, collection accounts, and judgments will not disqualify a buyer from
obtaining a sub prime mortgage loan. Naturally, loans of this sort have higher interest rates. However,
if the homebuyer maintains a good payment history, they will have the option of refinancing for a better
rate in the future.

Other Loan Options Available after Bankruptcy

As mentioned, sub prime mortgage lenders offer a range of home loans for every need. Following a
bankruptcy discharge, homebuyers have the option of obtaining a “no credit score home loan.”
Because lenders do not offer 100% financing on these loans, buyers must be prepared to pay a 20%
down payment.

Another loan option available is the zero down home loan. This loan is offered to buyers with good and
bad credit. Zero down home loans include 100% financing, which is perfect for first time homebuyers
and buyers with little cash savings. To qualify for a no money down home loan with bad credit, your
credit score cannot fall below 580.

Try using for a list of Recommended After Bankruptcy Mortgage
Companies online. Their recommended
companies are reputable and competitive in their rates.

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Sell mortgage ebook with advice and tips to help save time and money before applying for a mortgage.
                                                                                                        Page 3
                                             Presented by Daniel Toriola

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Buying A Home After Bankruptcy – Low Credit Score Mortgage Loans
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100% Financing Bad Credit Mortgages - Which Loan Can You Qualify For With Poor Credit?
California Home Mortgage Companies – How Much House Can You Afford?
2006: Demographic Profile Of Home Buyers In The United States

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