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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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Not Ready to Buy a Home? You Should Still Talk to a Lender.
 Not Ready to Buy a Home? You Should Still Talk to a Lender. 1024 536 Vellum Mortgage
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If you’re a first-time home buyer, you might think you’re not ready to purchase a house. Perhaps you’re concerned about your job situation, your previous credit history, or your high monthly expenses. Whatever the circumstances, every borrower and financial situation is unique. Unless you’re a…

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Things to Remember
 Things to Remember 1024 536 Vellum Mortgage
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There are many factors that can change your ability to qualify for a mortgage. It’s important to follow these guidelines until your loan is closed. Do Pay all your monthly bills on time Keep track of all your bank deposits and statements Find and organize…

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Millennials Buy Homes for Their Best Friends
 Millennials Buy Homes for Their Best Friends 1024 536 Vellum Mortgage
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One–third of Millennials had their best friends at heart — dogs, that is — when deciding to buy their first homes. According to an online survey conducted by Harris Poll, only wanting a bigger home and to build equity rather than pay rent to someone…

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Understand Your Loan Options
 Understand Your Loan Options 1024 536 Vellum Mortgage
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Not all home loans are the same. Three key choices are the loan term, or length of the loan, the interest rate type and the loan type. Knowing what kind of loan is most appropriate for your situation prepares you for speaking to lenders. A…

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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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