Home Purchase Articles

Want to get your personal finances in order but you're not sure how?
Here at Mortgage Loan, we have a few tips!
Be careful using 401(k) for a down payment
Home Purchase

Be careful using 401(k) for a down payment

The biggest challenge most buyers face when purchasing a home? Coming up with that big down payment. Even if your mortgage lender only requires a down payment of 5 percent, that still comes out to $10,000 for a modestly priced home of $200,000. Many buyers simply don't have that much cash lying around.

Kirk Haverkamp
4 years ago
Can you crowdfund your down payment?
Home Purchase

Can you crowdfund your down payment?

Struggling to come up with a down payment for a mortgage?  You might be able to turn to online crowdsourcing, soliciting small amounts of money from several friends and family members, to gather all or part of the dollars you need.

Kara  Johnson
4 years ago
Using a Piggyback Loan to Cover Part of Your Mortgage
Home Purchase

Using a Piggyback Loan to Cover Part of Your Mortgage

With mortgage rates hovering near historic lows, the majority of home buyers today are still choosing standard 30-year or 15-year fixed-rate loans when it's time to finance a home. But unless these buyers can come up with a down payment of 20 percent of their home’s final purchase price, they’ll have to pay the extra cost of private mortgage insurance, which could add $1,000 or more to your mortgage costs each year.

Kirk Haverkamp
4 years ago
Loan programs can help disabled homebuyers
Home Purchase

Loan programs can help disabled homebuyers

Nearly one in five people in the United States are living with a disability, according to Census Bureau data. That’s about 56.7 million people — or 19 percent of the population — who may need more help than others when buying a home.

David  Mully
4 years ago
Live mortgage-free with a multi-unit home
Home Purchase

Live mortgage-free with a multi-unit home

For potential real estate moguls, or at least anyone looking to get a start in real estate investing, becoming a landlord in your own home can be a good start. FHA loans and other home loans from mortgage lenders make it easier than you may think.

David  Mully
4 years ago
Juggling two mortgages when buying a new home
Home Purchase

Juggling two mortgages when buying a new home

Buying a home is challenging enough. Buying one while selling the home you’re still living in? That’s even more of a challenge. Unless you’re able to sell your existing home before making an offer on what you hope will become your new one, you might need a high enough income to prequalify for two mortgage payments a month. If you don’t make this much money, you might lose your potential dream home to other buyers.

David  Mully
5 years ago
Do you need a lawyer at the mortgage closing?
Home Purchase

Do you need a lawyer at the mortgage closing?

It's time to close your mortgage loan. Expect a crowded room at closing day. You'll be there, of course, and most likely so will your home's seller. Your real estate agent, the seller's agent, the representative from the title company and a loan officer from your mortgage lender should all be there.

Dan Rafter
5 years ago