Guide To Lenders
July 4, 2008
Guide To LendersGuide To Lenders
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 New Home Loan

The Basics of New Home Loan

A new home mortgage is the first loan the buyer takes out to pay for a new property, not just the mortgage a first-time home buyer takes out. For first-time buyers, getting a loan can be challenging, so being well-informed when seeking a new home mortgage is the best borrowing strategy.

Mortgages come in either fixed- or adjustable-rate kinds, and generally last for a term of...Read More>>

A new home mortgage is the first loan the buyer takes out to pay for a new property, not just the mortgage a first-time home buyer takes out. For first-time buyers, getting a loan can be challenging, so being well-informed when seeking a new home mortgage is the best borrowing strategy.

Mortgages come in either fixed- or adjustable-rate kinds, and generally last for a term of 15 or 30 years. Unless the buyer makes a 20% down payment on your property, many lenders will require mortgage insurance.

In addition to the cost of the mortgage itself, the borrower will pay "closing costs" (a variety of expenses associated with the acquisition of the loan) as well as "points" (up-front interest charges; each point equals 1% of the loan value).

Qualifying for a new home mortgage often requires the buyer to have both good credit and a reasonable debt-to-income ratio. A common rule of thumb is that your housing costs shouldn't exceed 30% of your pre-tax monthly income (though this percent is higher in states where property prices are steep). Borrowers with credit problems will find it much more difficult--though not impossible--to get a mortgage loan.

Remember, a mortgage can confer significant tax benefits, as mortgage interest payments, property taxes, and even some home improvement investments are often deductible.  (Please check with your tax advisor.)

Current Mortgage Rate 07/03/08
ProductLast
30-Year Fixed     6.35%
15-Year Fixed      5.92%
5/1 ARM      5.78%
3/1 ARM     5.17%
Primary Mortgage Market Survey® data provided by Freddie Mac
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New Home Mortgage Lenders

New Home Mortgage Lenders

LenderLoan TypeStates Served
Refinance, Adjustable Rate, and New Home Mortgage CitiMortgage
1000 Technology Drive
O'Fallon, MO 63368-2240
1-800-MORTGAGE
(1-800-667-8424)
All 50 states and D.C.
Refinance, Second Mortgages, Debt Consolidation, Home Equity Loans, Home Improvement Loans, Adjustable Rate, and New Home Mortgage Bank of America (BofA)
100 N. Tryon St.,
Bank of America Corporate Center
Charlotte, NC 28255
(888) 293-0264
All 50 states and D.C.
Refinance, Home Equity Loans, Home Improvement Loans, Debt Consolidation, Adjustable Rate, and New Home Mortgage Washington Mutual
1301 2nd Ave
Seattle, WA 98101
(877) 800-9268
All 50 states and D.C.
Refinance, Home Equity Loans, Home Improvement Loans, Debt Consolidation, Adjustable Rate, and New Home Mortgage Wells Fargo Home Mortgage
420 Montgomery St.
San Francisco, CA 94163
(877) 937-9357
All 50 states and D.C.
Refinance, Debt Consolidation, Adjustable Rate, and New Home Mortgage Quicken Loans
20555 Victor Parkway
Livonia, MI 48152
(800) 514-1355
AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IN, KS, MA, MD, ME, MI, MN, MO, MS, MT, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, VA, VT, WA, WV, WY
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