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Rates drop, but may not stay down for long
Mortgage News: Rates have settled back down this week, but as political and economic changes take place
It’s cheaper to buy than rent in many cities
Mortgage News: Even as rates and prices climb, data shows that many cities provide a better deal for buyers
Why 2020 was the year of the home
Mortgage News: 2020 changed the homeownership game, and its effects are still being felt as we head into
How Much Income Do I Need to Qualify for a Mortgage Loan?
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.
Where to Source Down Payment Funds
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).
Understanding Lender Credits
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.
Should I add a Co-Borrower or Co-Signer?
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.
Why do lenders ask for my Social Security Number?
Lenders need your SSN to verify that your information is correct and to prevent loan fraud.
How do I Correct Mistakes on My Credit Report?
To correct any mistakes on your credit report, you will need to formally dispute it. See instructions.
Can I include RSU and bonus income to qualify for a mortgage loan?
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.
What’s a Loan Officer?
Very basically, loan officers will assist you throughout the loan application process.
Can I Get a Mortgage if I’m Self-Employed?
The good news is that yes, it is absolutely possible to take out a mortgage loan.
What is a Jumbo Loan?
if a loan exceeds $647,200 (or $970,800 in an expensive area) it is a jumbo loan.
Why should I refinance?
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.
When should I refinance?
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.
What are my loan options as a healthcare worker?
As a nurse, doctor, or other healthcare professionals, you can choose between conventional loans and a few special federal loan programs
What are refinance closing costs?
6 of the best reasons to refinance Like any major financial decision, mortgage refinancing comes with its own particular benefits.
What's the difference between a "soft pull" and a "hard pull"?
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.
Which is Better: Online Mortgage Brokers? or Traditional Brokers?
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.
The Costs of Selling a Home
All in all, expect to allocate around 10% of the listing price towards selling costs.
Why Should I Get a Long-Term Mortgage?
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.
What’s the Difference Between Contingent and Pending Homes?
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.
What is Cash-Out Refinance?
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.
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