Disclosure:This is a sponsored post in partnership with Niche Parent Network & Conference, all opinions are my own.
The my to my home ownership was not an easy one but it was a dream of mine for as long as I could remember. All of my life I think. All I ever wanted was my own home where I could do as I saw fit. Of course I knew little about that path or the things I would need to do in order to get there. I knew I needed to save money for a down payment and then get a mortgage The questions what type of loan and how to apply for a homepath loan.
As I navigated the waters I discovered that for everything I didn’t know there was a million more that I needed to know. It took years but we were eventually able to purchase our home. It is an older home that needed work and to be honest still does. However now that we are in the market for a new home I am mush smarter and know now that I will be considering all of my options. The firs time around I wish I had know about a 203k mortgage. I will also be considering using Prospect Mortgage for many reasons.
However the biggest reason is that as one of the nation’s largest independent residential retail lenders, Prospect Mortgage has greater control over home lending options. They are able to close loans in-house which is great for first time home buyers. That is important because I can remember calling my mortgage specialist only to have to wait for them to call someone else and then get back to me about the status of our loan. It was all a nightmare and I wish someone had told me how stressful it was before I ever started.
My best advice to anyone wanting to become a first time home owner is to do your homework. Ask questions, and don’t stop asking questions.
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We purchased our home many years ago, I was tired of paying rent and seeing others benefit from our hard earned money, it was scary and yes millions of things to know but educating yourself is priority
I wish I’d known about a 203k loan when we bought our current house. We would have done a lot more improvements. I’ve had to wait years and years for us to save the money to remodel our bathrooms and I’d love to give the kitchen an update. My dishwasher is on its last legs.
We have been in our house in CA for 4 years and it was definitely the best investment ever. It was certainly not easy but we were lucky to buy when the prices were lower. Their really is so much to know when you by a home it would be nice it there were classes you could take to learn about all the different options.
me and my husband bought a foreclosure home in 2010 and let me tell you that loans stink but if I would have known about a loan that could have helped us fix this house up and do all the repairs we needed to do I would have done that.
Our home probably has about 50,000 dollars worth of repairs that need to be completed.
We bought our house 17 years ago. Luckily for us my husband had done a ton of homework. He went over everything with a fine tooth comb. I do agree that doing your homework and working with a good lender are two of the most important things.
Dont feel bad, we have a home that has lists and lists of repairs and updates. Just talking to our son this past week about a class he is taking as a Junior…needing to know about home buying, insurance, and living costs, etc. Am so happy to see them discussing this in detail with kids. Home ownership can be so rewarding, but interest costs and upkeeps can really throw you for a loop. I wish we had asked more questions. Our house had lots of hidden issues.
I agree, as there is a lot to know and learn about purchasing a home and mortgage loans. My first loan included PMI and it was a variable rate that went up significantly. For my second home loan, I was a bit more experienced and got a really good deal. I did a split 80% fixed & 15% variable & 5% down payment. I paid off the 15% variable loan by paying into it, preventing my mortgage rate from going up. The other aspect that you don’t think about either is the property taxes.