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1 What's an FHA mortgage and should I apply for one?

A Federal Housing Administration loan is insured by the federal government and are offered to first-time home owners who would otherwise not be able to afford a home. The advantage is you can put as little as 3.5 percent as down payment, rather than the typical 20 percent.

2 Should you buy points?

Everyone wants the lowest possible interest rate when getting a mortgage. If you want to lower your monthly mortgage payments, lenders will let you “buy down” the rate by paying what are called “discount points.” You pay these points up-front at closing. The more points you pay, the lower the interest rate on your mortgage.

A good rule of thumb is that every point should lower your rate by a quarter of 1 percent.

3What are closing costs?

In a nutshell, closing costs are the fees that have to be paid before you can finalize the purchase of your home. Closing costs are calculated as a percentage of the home’s purchase price and they usually run between 2 and 5 percent.

So for example, if you’re buying a $200,000 home, your closing costs could be anywhere from $4,000 to $10,000.

Comments & Questions

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Thursday, 26 May 2016 10:41 PM
<p>What a numb set of questions, like should I drink water and be told only if you are thirsty! Go see a banker!!!!</p>
Thursday, 10 Mar 2016 5:54 AM
<p>Every situation is different, Russell. There's no boiler plate answer for that. It really depends on your goals, whether you should buy the rate down or not.</p>
Wednesday, 12 Aug 2015 3:04 PM
<p>Russell, if you are going to negotiate with the seller to have the seller pay a portion of your closing costs in addition to paying for your points, you should first check with the lender if there are any guidelines regarding contributions from the seller (who is considered a "third party"). If you can get the seller to pay for the points, then you can work with the lender and the seller to get that done.</p>
Sunday, 09 Aug 2015 10:56 PM
<p>Should I tell my lender before contract I want to buy down my points I also asked for sellers concessions does that mean they will pay some of the closing costs at orvsripulatedcat contract.</p>