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First Time Homebuyer

Top Tax Benefits of Owning a Home
 Top Tax Benefits of Owning a Home 1024 536 Vellum Mortgage
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Owning a home will often be the most expensive and important purchase you will make in your life. To encourage home ownership, the IRS has provided several tax breaks for owning a home. Deductions lower your taxable income amount, and include things like mortgage interest,…

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Credit Tips for First-Time Homebuyers
 Credit Tips for First-Time Homebuyers 1024 536 Vellum Mortgage
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When applying for a mortgage loan, your credit will be one of the key factors in whether you’re approved, and it will help determine your interest rate and possibly the loan terms. It’s a good idea to check your credit before you begin the homebuying…

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Grants & Down Payment Assistance Programs
 Grants & Down Payment Assistance Programs 1024 536 Vellum Mortgage
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A 2017 Zillow survey of 10,000 American adults found that two-in-three people who were then renting identified saving for a down payment as their biggest obstacle to homeownership. If you want to become a homeowner, but you don’t have enough cash for a down payment,…

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Pre-Qualification vs. Pre-approval
 Pre-Qualification vs. Pre-approval 1024 536 Vellum Mortgage
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Two often confused terms in the home buying process are a mortgage loan pre-qualification and a home loan pre-approval. Here’s what you really need to know about each one. Pre-Qualification A mortgage pre-qualification is simply an estimate of how much home you can afford and…

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3 Keys to Buying a Home
 3 Keys to Buying a Home 1024 536 Vellum Mortgage
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Mortgage guidelines for first-time homebuyers have changed over recent years. In order to ensure loan approval, you need to have everything in order before your application. Credit Credit is very important for the first-time homebuyer. An FHA loan allows a lower credit score, sometimes as…

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To Do After Closing On Your Home
 To Do After Closing On Your Home 1024 536 Vellum Mortgage
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After you finish signing at the closing of your new home, you’re handed the keys and the house is officially yours! But, there some things you should do to make sure the transition from your old place to your new address goes as smoothly as…

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What’s the Point?
 What’s the Point? 1024 536 Vellum Mortgage
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Your financial house is in order and you’re ready to make your dream of homeownership a reality. Now it’s time to get a mortgage. So what are these so called “points” and is there a point in paying them? A “point” equals one percent of…

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