Home By Four

Buying a home is easier than you might think. We help you get there and prepare you for each step of the process.

Step-By-Step Home Buying Process.

It’s easier than you might think. 

thinking of buying? here’s the basics

 

What is a Mortgage?

A mortgage is a loan by a bank or mortgage lender that helps you purchase a house. The type of mortgage varies depending on your financial situation. Some of the popular types of mortgage loans include:

  • Conventional loans
  • Government administration mortgages
  • Fixed-rate mortgages
  • Adjustable-rate mortgages
  • Jumbo mortgages

What is Private Mortgage Insurance (PMI?)

Mortgage insurance is a policy that protects a lender if a borrower defaults in their financial obligation. If your down payment is less than 20 percent of the sale price, your lender will require that you carry mortgage insurance, which is included in the price of your monthly mortgage payment.

What is an FHA Loan?

An FHA loan is a home loan backed by the Federal Housing Authority or through the Federal Housing Administration and administered by government-approved lenders.

It not restricted to first-time homebuyers. One of the requirements for an FHA loan is that the intending property must be owner-occupied; that is, you must be moving into the property within 60-90 days of the purchase.

How do I know how much home I can afford?

According to 28/36 percent rule, you should only spend 28% of your gross monthly income on your housing expenses such as HOA fees, mortgage payments, property tax, and insurance premiums.

However, you shouldn’t spend more than 36% of your gross monthly income on your debts. Your debts may include student loans, credit card debts, and car loans.

You can find out your home affordability amount using the Zillow Home Affordability Calculator.

THE Blog

We do our best to cover the home buying process from start to finish. 

What Happens if You Can’t Pay Off a Reverse Mortgage?

What Happens if You Can’t Pay Off a Reverse Mortgage?

Being unable to pay off a reverse mortgage can be stressful since the consequences of foreclosure are serious. But fortunately, there are a few solutions available to solve this issue. The best solution is to either find other ways to pay off the mortgage or cancel it...

How Long Does Stucco Last in Texas? (Is it Really Worth It?)

How Long Does Stucco Last in Texas? (Is it Really Worth It?)

Living in Texas, you may be wondering if getting stucco on your house is worth the cost? Does it last long enough in Texas to make the cost beneficial? There are many very old stucco homes in Texas. When properly installed, stucco can last several decades and, in some...

Can You Homestead Two Homes in Texas?

Can You Homestead Two Homes in Texas?

A lot of people look to classify residence as a homestead because of the tax breaks.  In Texas, this is one of the easiest ways to save on property taxes because they lower the tax value of your home. You can only homestead one home in Texas because a homestead...

Do Homes in Tennessee Have Basements?

Do Homes in Tennessee Have Basements?

Tennessee is a beautiful state to live in. But some unique challenges are facing prospective homeowners. One challenge is the potential cost of building a basement. Besides the cost, some dangerous challenges are more specific to Tennessee. These impede having a...

How Long Does Underwriting Take for a Jumbo Loan?

How Long Does Underwriting Take for a Jumbo Loan?

You've just submitted a jumbo loan application to pay for the house of your dreams, and you are anxiously awaiting the approval. Unfortunately, a few days pass by, and you haven't heard back from the loan company. You start to wonder, how long is the underwriting...