As a first time buyer, you're likely to have many questions about selecting, financing and buying your first home. How do we start looking for a home? How much money will we require to purchase the home? How much will the mortgage payments be each month and can we afford it? How does the home buying process work and what can we expect along the way? These are just a few of the questions you're bound to have at the beginning of your exciting journey to buying your very first home!

A Land Home Title Sales Associate can provide the answers to your questions and walk you through the entire process, from viewing potential homes to making an offer to setting up mortgage financing. Although buying your first home can be overwhelming, you can be confident that your Land Home Title Sales Associate will be available to help you every step of the way. Land Home Title can make buying your first home simple and straightforward, eliminating any confusion and doubt and allowing you the opportunity to enjoy your first home, worry-free.

Mortgage Insurance
Mortgage insurance in general offers financial protection for the lender in case the borrower for some reasons fails to pay the mortgage. But since there can be various reasons for such a default, several types of mortgage insurance (obligatory or optional) can be differentiated:

Mortgage life insurance: this type of insurance is optional. It will cover the mortgage for a lender to a prescribed maximum, if a borrower dies or somehow takes out his mortgage before it is paid off.

Mortgage critical illness insurance: also optional and is a supplement to the mortgage life insurance. It guarantees paying off the mortgage if the borrower is diagnosed with a severe disease.

Mortgage payment insurance: this insurance refers to an optional type and serves for the cased when the income of the debtor is suddenly reduced or he gets fired.

Mortgage disability insurance: this insurance protects the debtor if he cannot continue his usual employment (because of an accident or illness) and therefore is unable to make mortgage payments.

Fire insurance is obligatory and is a condition of getting a mortgage. But it is paid separately from the types mentioned above.

Credit Score
Credit scoring system is the mechanism, which, in fact, is responsible for the decision of creditors as whether to grant or not to grant credit to the customer. It considers credit report of the customer and studies his credit experiences: his bill-paying history, the number and type of accounts he has, late payments, collection actions, outstanding debt, and the age of his accounts. Scoring models may as well consider the information not referring to your credit report. For example, your job or occupation, length of employment, or whether you own a home.

Using a statistical program, creditors compare this information to the credit performance of consumers with similar profiles. As a result, they get the picture of the customer’s creditworthiness, which helps them make the right decision.

Credit report is an important part of many credit scoring systems, that’s why it is necessary to make sure it’s accurate before submitting a credit application for getting a loan. Every American citizen has a right to get a free credit report from consumer reporting companies, at request, once every 12 months. It is guaranteed by Fair Credit Reporting Act (FCRA).

Down Payment
Down payment is the "basis", the initial investment you make when originating a mortgage loan. It is the part of the value of the property that you are ready to pay Platinum Lending LTD at the start ("down" means "at once"). Usually you pay it in a combination with closing costs. People typically pay from 5 to 25% of the total value of the home.

Depending on the amount of down payment you are able to afford, Platinum Lending LTD can offer you different types of mortgage. It can be either a conventional mortgage, or an insured, high-ratio mortgage.

Many State and Local agencies offer different type of grants that can be applied for when a person is a first time home buyer.