borrower: Smart Home Shoppers Understand Credit Score
- 09/27/22 06:19 AM
When shopping for a mortgage loan, credit score plays a key role in determining eligibility. Therefore, it is necessary to understand the importance of a high credit score when preparing to purchase a home. Lenders decide how likely you will repay your debt based on credit score. Credit scores range from 300 to 850 points based your prior payment history and ability to pay on time. Lenders also consider the total amount of debt you owe which includes credit cards, car loans, and student loans, etc. Having several credit cards increases your liability and tends to reduce the credit score. If … (3 comments)
borrower: Understand What You Can Afford When Purchasing Property
- 09/07/22 07:30 AM
One of your early steps in your home buying process is to fully understand your finances. This is not a fun step, but a very necessary to determine how much you can afford to avoid future financial problems. This requires gathering financial information to answer questions from a mortgage lender. These questions will include such things as: gross income, monthly expenses, credit card debt and how much you have in savings. Some mortgage lenders recommend home buyers should not spend more the 28% of their gross income on house payments. Your mortgage house payment includes principal, interest, taxes, and insurance. Understanding … (1 comments)
borrower: Expert Thoughts When Shopping for Mortgage
- 02/26/21 12:31 PM
Currently mortgage rates are low, this is providing savings to people who are shopping for a new home or wanting to refinance their current home. The mortgage process is not well understood by many borrowers. Borrowers should take some time to understand the mortgage process. This could save the buyer thousands of dollars. Before making a loan decision the annual percentage rate (APR) needs to be understood. This rate includes fees that are charged by the lender and added to the quoted loan interest rate. For example, the quoted loan rate may be 2.5% but your actual APR is 2.8%. The … (1 comments)
borrower: Suggestions When Buying Home
- 01/17/17 06:11 AM
First time home buyers who are thinking about buying a home may fine the task to be somewhat overwhelming, stressful, and confusing. For first time home buyers, this can be scary if you are not property prepare, and surrounded yourself with professional people who you trust to give you proper direction. Following, are some tips that may be of value when selecting a new home: Non-listed homes – Talk with friends, relatives and acquaintances to see if they are aware of homes that may be listed in the near future. Once you hear of somebody, contact the owner to start negotiation. This … (1 comments)
borrower: Mortgage Mistakes Made by Home Buyers
- 04/20/16 12:27 AM
The largest monthly expense most people will encounter in their lifetime is their monthly mortgage payments. Yet when they get ready to apply for a loan, there is little preparation, negotiation, and shopping done to get the best terms for their loan. Many times these borrowers end up paying more for their home loan than they need to. Following are a few suggestions that may help home buyers to get the best terms: Advertised rates usually are not the rate you will pay – In this situation a borrower will need an extremely good credit score and may be required to pay … (1 comments)
borrower: Warning Signs of a Bad Loan
- 02/15/12 01:51 AM
Many buyers of property need to acquire a loan before they can purchase their home. When looking for a loan, you should be visiting multiple mortgage lenders. During this process watch for signs that may cause future problems, such as, losing your house and/or equity you built up. As a borrower, you need to be able identify red flags that create suspicion that this may be is too good to be true. If you have the feeling that it is too good to be true, you are probably right, at this time, you need to walk away from this situation immediately, or delay moving … (0 comments)
When shopping for a mortgage loan, credit score plays a key role in determining eligibility. Therefore, it is necessary to understand the importance of a high credit score when preparing to purchase a home. Lenders decide how likely you will repay your debt based on credit score. Credit scores range from 300 to 850 points based your prior payment history and ability to pay on time. Lenders also consider the total amount of debt you owe which includes credit cards, car loans, and student loans, etc. Having several credit cards increases your liability and tends to reduce the credit score. If … (3 comments)
;)
;)
;)
