Can I become a homebuyer even if I have bad credit?
The short answer is “yes”. First, you should talk with us to find out what you qualify for. I – it may surprise you. In addition, you may be a good candidate for a federal mortgage program. We have worked with different people in countless...
Read More
What else should I know?
You should know that at Hanover Mortgage we’re here to answer all your questions. We understand the home buying process, and more importantly, we understand our customers. So don’t hesitate to call any one of us—we’re here for you.
So what will happen at closing?
You will sit at a table with your broker, the broker for the seller, probably the seller, and a closing agent. The closing agent will have a stack of papers for you and the seller to sign. While he or she will give you a...
Read More
How do I know which type of mortgage is best for me?
There are many types of mortgages, and the more you know about them before you start, the better. Most people use a fixed-rate mortgage. In a fixed rate mortgage, your interest rate stays the same for the term of the mortgage, which normally is 30...
Read More
What do I need to take with me when I apply for a mortgage?
If you have everything with you, you’ll save a good deal of time. For starters, you should bring: Social security numbers for both your and your spouse, if both of you are applying for the loan Copies of your checking and savings account statements for...
Read More
What will my mortgage cover?
Most loans have 4 parts: Principal – the repayment of the amount you actually borrowed Interest – payment to the lender for the money you’ve borrowed Homeowners insurance – a monthly amount to insure the property against loss from fire, smoke, theft, and other hazards...
Read More
In addition to the mortgage payment, what other costs do I need to consider?
In addition to utilities and general maintenance, you’ll have property taxes, and possibly city or county taxes. Taxes normally are rolled into your mortgage payment.
How do I find a lender?
These days, there are a lot of options out there. You can finance a home with a loan from a bank, a savings and loan, a credit union, a private mortgage company, or various state government lenders. But shopping for a loan is like shopping...
Read More
How much money will I have to come up with to buy a home?
That depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: Earnest Money – the deposit you make on the home when...
Read More
Should I use a Real Estate Agent?
Using a real estate broker is a good idea. All the details involved in home buying, particularly the financial ones, can be hard to understand. A good real estate professional can guide you through the entire process and make the experience much easier. A real estate broker...
Read More
Are there special homeownership grants or programs for single parents?
Yes, there is help available. Start by becoming familiar with the homebuying process and pick a good real estate agent. Although as a single parent, you won’t have the benefit of two incomes on which to qualify for a loan, consider getting pre-qualified, so that...
Read More
What are HUD homes?
HUD homes are homes with an insured mortgage from the US Department of Housing and Urban Development—and they can be a very good deal. When someone with a HUD insured mortgage can’t meet the payments, the lender forecloses on the home; HUD pays the lender...
Read More