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With graduations upon us, graduates past and present are reminded of the price of their education. According to the U.S. Federal Reserve, in 2021 44.7 million Americans have student loan debt and in Maryland, the average balance is $36,689. Many potential homebuyers think with a mound of student debt it will be nearly impossible to […]

When you’re pre-qualified for a home loan or beginning the mortgage application process, there are some actions you should avoid taking. These things could potentially delay your mortgage closing or even put you at risk of not being approved at all. Here are some things to avoid before your loan closes. Avoid Making a Large […]

Your credit score affects more than just your mortgage rate. It also plays a role in how much you will get approved for, what you need to put down, and what you will pay for your private mortgage insurance. While it is not impossible to buy a home with a lower score, you will need […]

There are many mortgage loan types. The one that is best for you is dependent on your particular situation and needs. It’s important to understand what options are available and what makes each one unique. Here are some of the primary mortgage loan types. Conventional Home Loans Conventional home loans are what most often come […]

Buying a home may seem like a daunting process but being prepared can ease your mind. It is important to understand what to expect when preparing to buy a home, and what to expect during the home buying process. Below we’ve provided a short outline of the five main home loan milestones of the home […]

Vacation homes can be a great investment, whether you plan to use them to rent out, for after retirement, or simply to stay in on vacations. Buying a second home is a big decision, and it’s imperative you take the time to consider the various financial and lifestyle implications associated with this big purchase. Here […]

Equity can be defined as the difference between the current market value of a property and the principal balance of all outstanding loans. This is calculated by subtracting your mortgage balance from the market value of your home. Building home equity is important because it can be converted into cash if need be through a […]

Purchasing your first home is an exciting adventure with plenty of benefits. Homeownership can provide valuable tax breaks and offers an opportunity to build equity rather than spending rent money with no potential return. It is also an important personal and long-term financial decision, so it makes sense to prepare ahead of time and be […]

Here at First Home Mortgage, we strive to deliver excellent customer service from the start. We provide tools and resources to better prepare you for purchasing or refinancing your home. Whether you’re buying a home for the first time, you’ve purchased before, or you are refinancing, you will have questions and concerns. “What will my […]

What Does DTI Ratio Mean for your Mortgage? The debt to income ratio is a calculation of the percentage of your monthly debt payments, compared with your gross (pretax) monthly income. Monthly debt payments include mortgage payments, car payments, and any other minimum loan or card payments. Living expenses like gas, groceries, and utilities are […]

Are you a Gen Zer unsure about your financial responsibility when it comes to buying a home? Are you worried about if you have enough saved for your down payment? Buying a home doesn’t have to be an overwhelming process or a financial drain. How should you prepare? 1. Down Payments Down payments seem to […]