First-Time Home Buyers are individuals or households entering the real estate market to purchase a home for the first time or after an extended period of renting. Various programs and incentives often exist to assist these buyers, particularly those who meet specific criteria such as income limits.
Form 1098 is a form that lenders are required by the Internal Revenue Service to send to mortgage borrowers, showing the amount of interest paid during the past year.
Prepaying a mortgage involves retiring the principal balance, either in full or partially, before the scheduled due date according to the mortgage contract. This action can release the borrower from future interest payments and may lead to early ownership of the property.
