lender: Barbara's Blog - Can the Buyer Assume My Mortgage
- 05/04/15 04:22 AM
Simply put, an assumable mortgage allows a buyer to assume the rate, repayment period, current principal balance and other terms of the seller's existing mortgage rather than obtain a brand-new mortgage, according to James Hines, a spokesman at Wells Fargo Home Mortgage.
It should be possible to assume any type of mortgage, but it is usually an FHA loan or a VA Loan. There are certain advantages for a buyer when assuming a mortgage. "An assumable mortgage can be very attractive if interest rates are on the rise or the current interest rates are significantly higher than the interest rate on … (1 comments)
lender: Barbara's Blog - Three Important Responsibilities Home Owners Have
- 04/15/15 06:17 AM
Ah! Home ownership, the American dream. At least for those who want it. There is definitely a level of freedom when you own your own home, but there are still some very real responsibilities to making home ownership work. Three are:
Financial responsibilities
First and foremost, you need to make timely payments to your lender. This helps you build great credit, credit you can use to help with projects around the house – like remodelling – or buying furniture or other large items at lower interest rates.
Try not to get overextended; your total debt really shouldn’t be more than 40 percent of … (0 comments)
You may not believe this but lenders actually do want to give you a mortgage. As much as they do, they want to minimize any risk to them. They best way for them to ensure little to no risk is by using credit scores as part of their lending requirements. There are three companies that compile credit scores, Equifax, Experian, and Trans Union, each calculate scores differently with their own formulas and criteria. For example: · Equifax Beacon 5.0 Facta: scores range from 334 to 818 · Experian Fair Isaac V2: scores range from 320 to 844 · … (2 comments)
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