What you need depends on the loan’s amount, interest rate, and your monthly expenses. In other words, you need to prove that you make enough to cover your monthly mortgage payments. And “enough” will vary by person.

The minimum down payment for most mortgage loans is 3.5%. But 20% is recommended in order to keep interest rates low and avoid paying an additional monthly fee for private mortgage insurance (PMI).

Lender credits can serve as an asset or a crutch depending on your situation. Weigh the short-term savings versus long-term costs before making your decision.

When applying for a loan, your goal should be to appear as credible as possible. Lenders just want a guarantee that you will be able to make your monthly payments and pay off the interest.

Lenders need your SSN to verify that your information is correct and to prevent loan fraud.

To correct any mistakes on your credit report, you will need to formally dispute it. See instructions.

Yes, especially if you are looking for property in a high-priced area, including RSUs and bonus income could help you qualify for more loan options.

Very basically, loan officers will assist you throughout the loan application process.

The good news is that yes, it is absolutely possible to take out a mortgage loan.

if a loan exceeds $647,200 (or $970,800 in an expensive area) it is a jumbo loan.

Mortgage refinancing comes with its own particular benefits and drawbacks. And those pros and cons will change depending on your current situation and future goals.

The short answer is that if refinancing will help you pay off your mortgage faster, lower your monthly payments, help pay off debt, or give you cash-out funds to put aside for future reserves, then it’s a good time to refinance.

As a nurse, doctor, or other healthcare professionals, you can choose between conventional loans and a few special federal loan programs

6 of the best reasons to refinance Like any major financial decision, mortgage refinancing comes with its own particular benefits.

Your credit score is a major factor when determining a mortgage refinance rate. And it’s why you’re asked to allow lenders to conduct “soft” or “hard” credit pulls.

Both offer different benefits and complications. Weigh the pros and cons of each to determine whether acquiring mortgage loans online or through your local bank is better for you.

All in all, expect to allocate around 10% of the listing price towards selling costs.

For many, long-term mortgages make purchasing a new home possible and monthly expenses more affordable. Here are 4 main reasons to get a long-term mortgage.

Both indicate that the seller has accepted an offer. But until that offer has not been formally and officially processed, they may still accept another offer on the property.

If you owe another $50,000 on your house, the new home loan could be for $100,000 and that additional $50,000 would go to you in cash.