A mortgage is a loan for which your home serves as the guarantee for repayment. To repay the loan, you make monthly payments consisting of the principal, interest, property taxes and homeowners/hazard insurance (Note: you can waive taxes and insurance as part of your monthly payment for a fee). Other monthly payments may include private mortgage insurance and homeowners' association dues (e.g. condo, townhomes, co-ops). If you fail to pay your monthly mortgage payment, the bank or lender has the right to declare the loan in default and can sell or repossess your property. This process is known as foreclosure and usually occurs after the loan has been in default for over 90 days.

First-time home buyers should first compare the cost of renting versus owning a home. This will take into account your cash situation and your savings. Our budget worksheet  can you create a snapshot of you cash flow. Other factors to consider are future income potential and the length of time you plan on owing the home.
Our Buy v Rent  calculator can give you a good idea if the benefits of homeownership are right for you.

Homeownership has two distinct advantages:

1.	Tax Savings	Mortgage interest and property taxes are tax deductible. However, there are limitations to mortgage interest deductions*. Other costs may also be deductible such as origination fees and discount fees may also be deductible*.
		*Please consult your tax advisor.
2.	Equity Investment	A home can help you achieve financial security because it grows in value over time. This increase in value occurs through principal pay down of your mortgage (known as equity buildup) and property appreciation.

If you are ready to buy, here are some things to consider:

1.	Full Time Employment Do you have stable and reliable income?
2.	Credit History  Learn More Do you have a credit history that shows you can manage your debt?
3.	Savings Do you have a source of savings for your down payment and closings costs?

1.	Learn To Budget.  Budget Worksheet  Focus on saving money. Budgeting helps you understand where you can cut costs.
2.	Check Your Credit Regularly.M  Learn More Pay your bills are consistently paid on time. Repair your credit when necessary.
3.	Manage Your Debt. Stop accumulating additional debt while simultaneously paying off or paying down existing debt. Also, look to restructure your debt through interest rate reductions, especially on credit cards.

The first step toward understanding how much you can afford is to evaluate your purchasing power and determine how much you can afford to pay each month. This saves you time by allowing you to focus on homes in your price range. In addition, as part of your planning, you should consider both the up-front and ongoing costs associated with purchasing a home. Mortgage Qualifying Calculator 

Upfront costs in buying a home:
	1.	Down payment Typically ranges from 0-20% of the cost of the house. The more you can put down, the greater equity you will have in your home and the lower your monthly payment will be. For down payments less than 20% you may also need to pay private mortgage insurance.
	2.	Closing Costs Typically range from 2-6% of the loan amount.  Learn More
Continuing costs in owning a home:
	1.	Monthly Housing Expense Monthly mortgage payment Homeowners/hazard insurance Mortgage Insurance, if applicable Flood Insurance, if applicable Property taxes Utilities
	2.	Periodic Housing Expense Maintenance Renovations Home Repairs

Use our interactive calculator to determine your payments and payment schedule. Calculate your Monthly Payment 

We know you have a choice in home loan financing and we appreciate the opportunity to serve you.
Here's why...

TLC Lending offers a variety of special programs designed specifically for the First Time Home Buyer who tend to have limited savings for a down payment and income for a large mortgage payment. Our programs offer you greater flexibility to get qualified and maximize your affordability.

Special Programs
Which one is right for you? Well, that depends on your current financial situation, how your finances might change in the future, how long you intend to stay in the home, and your risk tolerance toward fluctuating mortgage payments. Our interactive tool  can help you match your financial and personal needs to a loan. Programs available are:
	Little or No Money Down  Less Than Perfect Credit   Minimum or No Documentation
Home Buying Options
Mortgage Types: 1. Adjustable Rate Mortgages (ARM). Offers flexibility and control over your financial condition. Your initial interest rate and monthly payment are lower than a fixed-rate loan, but are subject to changes in market rates. However, there are both annual and life "rate caps" that limit the amount your mortgage can adjust over time. Products available are: Level Pay  Option Pay  Interest Only  Piggyback Loans  2. Fixed Rate Mortgages (FRM). Offers security and stability over your monthly payment since your interest rate is fixed over the life of the loan. Most common terms are 15 and 30 years. The longer the term, the lower the monthly payment. However, your equity build-up is much slower as you lengthen your term. Products available are: Traditional  Interest Only  Piggyback Loans  40 Year Term

This interactive tool allows you to view rates for many of our products and programs. It also gives you the ability to compare product and program types.  Estimate Your Rates & Costs

Why not increase your chances of buying a home? Get pre-approved on-line and shop with confidence for your new home. Our pre-approval offers a complete review of your financial profile based upon information you supply along with your credit history. We then determine how much you can borrow by approving you for a specific loan amount. This not only gives you increased negotiating power with the seller as a qualified buyer, but allows the lender to close your loan faster! If your pre-approval is successful, you will receive a letter by email. However, if we cannot issue you a pre-approval letter, we will contact you to get more information to discuss your options.  Get Pre-Approved! [Note: final loan approval is subject to verification of information provided and other qualifying information such as program type, documentation type, appraisal and title.]