There are probably endless reasons why you could be denied a mortgage, and likely new ones being realized every day. It’s a funny business, really. With so much money at stake and so much risk to lenders if they don’t do their diligence, you can bet you’ll be vetted pretty hard. If anything doesn’t look right, […]
Oh yeah, here’s one of the more important mortgage questions out there. Are you actually eligible for a mortgage or are you simply wasting your time and the lender’s? While requirements do vary, most lenders require two years of credit history, clean rental history, and steady employment, along with some assets in the bank. As mentioned, getting […]
That brings up a good point about getting pre-qualified for a home loan. It’s an important first step to ensure you can actually get a mortgage, while also determining how much you can afford. Two birds, one stone. A more involved process is a mortgage pre-approval, where you actually provide real financial documents to a bank […]
Some mortgage questions are more subjective than they appear. Can doesn’t always mean should. Here you’ll need to consider home values, how much you make, what your other monthly liabilities are, what you’ve got in your savings account. And what your down payment will be in order to come up with your loan amount. From […]
Some mortgage questions are more subjective than they appear. Can doesn’t always mean should. Here you’ll need to consider home values, how much you make, what your other monthly liabilities are, what you’ve got in your savings account. And what your down payment will be in order to come up with your loan amount. From […]
Speaking of credit scores, FHA loans have very accommodative credit score requirements. We’re talking scores as low as 580 that require just a 3.5% down payment. That’s pretty flexible. Of course, conventional mortgages can be had with just a 3% down payment, though a 620 credit score is needed. FHA stands for Federal Housing Administration, a government […]
As the name implies, refinancing simply means obtaining new financing for something you already own (or partially own, like real estate). It’s kind of like a balance transfer where you move your existing loan from one lender to another to get better terms, except it’s a mortgage payoff, not a credit card. If you currently have a […]
As the name implies, refinancing simply means obtaining new financing for something you already own (or partially own, like real estate). It’s kind of like a balance transfer where you move your existing loan from one lender to another to get better terms, except it’s a mortgage payoff, not a credit card. If you currently have a […]
If you’re not asking that question, you should be because rates aren’t set in stone unless you specifically ask them to be. By that, I mean locking in the mortgage rate you negotiate or agree upon with the bank/lender so even if rates change from one day to the next, your rate won’t. Otherwise, you’re merely floating your […]
1. What will my mortgage rate be? We’ll begin with what always seems to be everyone’s number one concern, saving money. Similar to any other monthly payments you’re attempting to negotiate, it depends on a lot of factors. But I can at least clear up a few items to give you an idea of how […]