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The Perfect Holiday Gift: A Mortgage Down Payment?

December 11, 2013 Down Payment Gift

Tis the season for giving, and what better gift to give than a gift to last a lifetime in the form of down payment assistance for a close family member? Not everyone can afford to offer this kind of generosity, but according to the National Association of Realtors, 14% of all homebuyers and 24% of […]

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5 Ways to Save on Your Mortgage Before the End of 2013

December 10, 2013 end of 2013

The end of the year is rapidly approaching, which can be a scary event for people shopping around for a mortgage. Legislation and new rates can completely change the game, which is why a lot of home-buyers rush in the last weeks of any year to close. If you’re house-hunting and looking for a mortgage […]

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Should You Rent to Own a Home?

December 04, 2013 Rent

For many, the biggest obstacle to purchasing their first home is oftentimes the down payment and getting the funds together to make the initial investment in a home purchase. If you’re struggling to qualify for a home mortgage, the idea of renting to own a home may sound like a potential solution that will guide […]

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What to do If You’re Over-Extended on Your Mortgage

November 26, 2013 avoiding default

Since the housing recovery began, mortgage defaults have become rarer and rarer. All the same, 9% of home-owners need 40% or more of their monthly income to make debt payments, which means many people are at risk of default or over-extending their mortgage. With student loans, credit card bills, and other random debts, mortgage payments […]

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Mortgage Shopping Snafus to Avoid

November 20, 2013 mortgage shopping

A lot depends on obtaining the right mortgage.  Where you shop for a mortgage can determine the interest rate, maximum loan size, and lending fees, but how you shop can hugely affect these details as well. One mistake can throw a wrench in the whole system, so you need to know how to shop wisely. […]

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FHA Home Loans Explained

November 13, 2013 Pre-Approval

Most industries have a lot of acronyms, and the mortgage world is no exception. Lenders throw around terms like HELOC, HARP, and ARM’s regularly, because they’re so common to insiders, other mortgage professionals understand what they mean, immediately. We at First Option believe our clients deserve to be informed about the loans they’re considering. FHA […]

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