First-time Homebuyers should avoid these 5 Mistakes

Buying a home for the first time is a very exciting adventure, but as with any new experience it can be easy to make plenty of mistakes. In order to make a satisfying purchase, try to avoid these 5 big first-timer blunders. 1. Get Pre-Approved before looking for a home If you are truly ready to make a home purchase, start with first things first. Contact Lighthouse Financial Enterprises, Inc. to get pre-approved for a mortgage. This will give you a good idea of how much home you can afford and it will make you a viable buyer when you find the right house. Otherwise, you run the risk of falling in love with...

January 16th, 2019 | Purchasing a Home, First-time Homebuyers, Preapproval, First-time Homebuyers should avoid these 5 Mistakes

The Ins and Outs of a Down Payment

Being able to purchase a home is often tied to how much of a down payment you have saved. If you have never bought a house before, you may not understand what a down payment is or why it is so important. Here’s the basics you need to know as you save up for your first home. A down payment is a portion of the purchase price paid up front to your mortgage lender. It is very important to lenders because it shows them you are serious about the purchase and committed to paying off your loan.  How Down Payments Affect Your Mortgage The size of your down payment can affect your mo...

January 2nd, 2019 | VA Loans, FHA Loans, Preapproval, Purchasing a Home, The Ins and Outs of a Down Payment

What is a Piggyback Mortgage?

In order to achieve the dream of homeownership, many buyers look for creative financing to aid them in their quest. One such option is a piggyback mortgage, which actually involves taking out two separate loans to make homeownership more affordable. These loans can be very helpful, but borrowers must know the risks in order to be succesful. Piggyback Definition Here’s how a piggyback mortgage works. You take out a traditional home loan for 80% of the home purchase price. You put down 10% of your own cash as a downpayment. Then in order to cover the remaining 10%, you take out a sec...

September 12th, 2018 | First-time Homebuyers, Conventional Loans, Preapproval, Purchasing a Home, What is a Piggyback Mortgage?