When you seek for a loan to mortgage bankers or auto dealerships, the lenders give the approval after calculating the risk of lending money to you. Your credit score is the metric that helps them to determine the risk. Based on the credit rating, they will determine how financially responsible you are and how much they will lend you at what interest rate. Read More →
Category Archives: Mortgages
Refinancing is one effective way if you want to pay off your mortgage early. However, like every method, it has its perks and drawbacks. If you have decided to refinance your mortgage, you should know what you are signing up for.
Refinancing gives the homeowners an opportunity to restructure their finances. But, you have to consider some factors to figure out whether or not a mortgage refinance right for you. Peruse these few considerations before applying for a home refinance: Read More →
An obligation to a financial commitment is stressful. Even if you are financially solvent and have no problem in paying your loans and mortgages, every homeowner is familiar about the mental strain the monthly mortgage payment can inflict on them.
The mortgage term is fixed and it can be short-term or as long as 30 years. The term is usually fixed during the approval of the loan, but you can still speed up the process to see yourself mortgage-free before the due time. Read More →
The mortgage rates took a significant jump after the U.S. presidential election. Donald Trump’s victory and his pro-growth agenda have likely affected the borrowing costs, resulting in some fluctuation in the country’s housing market. Read More →
It’s typical for most people to face a financial quandary at some point of their life. Most homeowners live paycheck to paycheck, and any disruption to that routine may push them to the point of thinking how to make their next mortgage payment. Read More →
Getting a good mortgage rate is tough and it’s actually a whole lot different than comparison shopping. The mortgage lenders analyze and investigate lots of factors to determine your eligibility for the loan. However, according to the recent data published by the St. Louis Federal Reserve, average 30-year fixed mortgage rates are still less than 4% in 2016.
Home buying is daunting – both physically and financially. Only a handful of people are possibly able to buy a home outright with cash. Others have to take mortgages that involve repaying a huge amount of money over a long period. Plus, the entire process of shopping, applying, and securing a mortgage is complicated and stressful. Finding a mortgage online is a tad more convenient and hence cuts down a lot of stress. However, the only problem with online mortgage is to avoid scam and find out a lender who is credible!
Most of the consumers don’t have any clear idea about the requirements for a mortgage qualification. A recent Fannie Mae survey shows that almost half of the respondents either have no idea or bear misconception about some key mortgage requirements such as credit score, down payment percentage, and debt-to-income ratio. It means that many eligible homebuyers face rejection just because they don’t know!
Buying a new home is exhilarating but managing the money to pay for the new digs is a different story. Though you can’t really control anything when it comes to the approval of your mortgage application, a few things are there that you can do to speed up the process.
Buying a home is an emotional process, which is equally exciting and stressful. You’re visiting open houses, you’ve started making offers, and great chances are you might get hooked on a house or two. However, despite going far into a home buying deal, several situations can occur to make you uncomfortable about the deal. If this happens, you’ll have to seriously consider whether you want to move forward.