Obtaining a new mortgage loan can be an exciting yet overwhelming process. With so many options available, it's important to make informed decisions to ensure you are getting the best deal possible. At First Federal Bank, we want to help you navigate the mortgage loan process with ease. Here are some do's and don'ts to keep in mind when applying...
Navigating the Mortgage Loan Process: Do's and Don'ts
Topics: Mortgages / Home Equity
The Truth About Down Payments
If you’re planning to buy your first home, saving up for all the costs involved can feel daunting, especially when it comes to the down payment. That might be because you’ve heard you need to save 20% of the home’s price to put down. Well, that isn’t necessarily the case.
Topics: Mortgages / Home Equity
What is PMI?
For homeowners who put less than 20% down, Private Mortgage Insurance or PMI is an added insurance policy for homeowners that protects the lender if you are unable to pay your mortgage.
Topics: Mortgages / Home Equity
What Are Experts Saying About the Spring Housing Market?
If you’re planning to move soon, you might be wondering if there'll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. If so, here's what the professionals are saying about what’s in store for this season.
Topics: Mortgages / Home Equity
What Every Homebuyer Should Know About Closing Costs
Before making the decision to buy a home, it's important to plan for all the costs you’ll be responsible for. While you're busy saving for the down payment, don't forget you’ll want to prep for closing costs too.
Here’s some helpful information on what those costs are and how much you should budget for them.
Topics: Mortgages / Home Equity
What To Know About Credit Scores Before Buying a Home
If you want to buy a home, you should know your credit score is a critical piece of the puzzle when it comes to qualifying for a mortgage. Lenders review your credit to see if you typically make payments on time, pay back debts, and more. Your credit score can also help determine your mortgage rate. An article from US Bank explains:
Topics: Mortgages / Home Equity
Strategic Tips for Buying Your First Home
Buyingyour first home is a big, exciting step and a major milestone that has the power to improve your life. As a first-time homebuyer, it's adreamyou can make come true, but there are some hurdles you'll need to overcome in today’s housing market – specifically the limited supply ofhomes for saleand ongoingaffordabilitychallenges.
Topics: Mortgages / Home Equity
First Federal Bank Introduces New Down Payment Assistance & Mortgage Product to Provide Homebuyers with Affordable Financing
The Down Payment Assistance is a second mortgage subsidy to assist borrowers who may be struggling with down payment obligations. The subsidy offers up to $7,500 to cover 100% of down payment and closing costs. Furthermore, eligible active duty and retired military personnel, reserves, law enforcement officers, corrections officers, and educators...
Improved Energy Efficiency to Save Money
When it comes to saving money, improving your home’s energy efficiency can be a great way to rack up savings with minimal effort and plenty of benefits. Many energy-saving tips also cut your carbon footprint while also improving the comfort and value of your home. Here’s a look at a few strategies to help you save:Heat pumpsWhen you’re dealing...
Topics: Homeowners, Mortgages / Home Equity
How to Make the Most of Your Tax Refund as a Homeowner.
As the tax season approaches, many Americans eagerly anticipate receiving their tax refunds. For homeowners, a tax refund can be an excellent opportunity to put the money to good use, particularly in relation to their mortgage. Here are some smart ways to make the most of your tax refund if you have a mortgage:
Topics: Mortgages / Home Equity