When meeting with clients, one thing they almost always ask about is the Down Payment. They almost never ask about Closing Costs. I honestly don’t think most people think about or are even aware of closing costs, especially first time home buyers. So what is the Difference between the Down Payment and the Closing Costs? the short answer is that the Down Payment is your […]
What is a Credit Score? – In short, A Credit Score is a 3 digit number that represents to a lender your likelihood to repay a loan. Does everyone have a Credit Score? – People who have borrowed money before or have been on an account with someone who has borrowed money will have a credit score if that account has been reported to any […]
I’m guessing that anyone reading this is familiar with a standard mortgage. If you aren’t, a mortgage is a loan to purchase a home. Like most loans, you make payments every month until the loan is paid in full. With A Reverse Mortgage or HECM (Home Equity Conversion Mortgage), you don’t make a payment at all. Recently, I was reading a post by my friend […]
You’ve decided that it’s time to buy a home in Idaho. Congratulations, you’re about to embark on one of adulthood’s larger milestones. Buying a home can be a satisfying and rewarding experience. The process can also be stressful for some. The following 4 quick tips will help you be prepared as you go into the process, and decrease the chances of hiccups along the way. […]
Clients often ask what the difference is between an appraisal and an inspection. Well, the short answer is that an appraisal is to determine the value of a property where as an inspection is to determine the condition of a property. An appraisal is almost always required when purchasing or refinancing a property with a mortgage. An inspection although highly recommended when purchasing a home, […]
I’m sure you’ve heard this before – “When you buy a home you get to deduct the mortgage interest on your income taxes and pay less tax”. I would like to address this statement because it is a common selling point for the real estate and mortgage industry, but it’s not completely accurate. Let me explain, but first full disclosure, I’m not a tax professional. […]
The home loan application process can be confusing, clunky, and frustrating. Here is a video that provides some tips on how not to make it any more difficult than it sometimes already is. Watch and enjoy “How to Really Mess Up Your Loan” brought to you by 1st Choice Mortgage Company in Meridian, ID.