A good mortgage broker helps to make the closing of a mortgage loan as seamless as possible. Friends, who are homeowners, and your buyer rebate agent will be able to recommend mortgage brokers who they have worked with locally. Interview a few mortgage brokers before choosing to work with one Read more…
Now that you have selected a home within your purchase price, hopefully you have done some homework on the additional out of pocket expenses that you have to come up with besides securing a mortgage loan. 10% to 20% for down payment. It is generally the preferred range for a Read more…
Putting a larger down payment onto a home purchase helps lower the loan-to-value (low LTV) ratio. It also means the borrower is less likely to walk away from making mortgage payments if they already put down a large sum of money. Lenders like to see that borrowers have more skin Read more…
After you signed the purchase contract, now is the time to get your mortgage or complete the pre-approved mortgage. The purchase contract will generally include a contingency rider that gives you time to get a mortgage loan. In addition to all the financial documents that a lender will require from Read more…
If a home has been on the market for longer than average, then a seller might be motivated to offer seller financing to entice a buyer who may not be interested in the house without the seller financing. In this particular situation, the seller financing acts as a motivation tool Read more…
Your credit score is the culmination of years of managing your credit cards, spending history, and different accounts. A high credit score is usually assigned to someone who is always on top of their credit card balances. Once you start missing monthly payments, your credit score will take a hit. Read more…
Your mortgage application requires an appraisal from an independent third party. The lender only wants to be in a position to be able to recover the amount of money loaned to you if they are forced to sell the home as collateral when the loan is in default. The appraisal Read more…
Owning a home comes with a big financial responsibility such as mortgage payments. Lenders like to see a debit-to-income ratio under 43%. The best recommended route is to tighten up your debts such as credit card balances. Clear any loans you may have outstanding. You don’t want to have outstanding Read more…
Everyone could use a little financial help at some point from family and friends. That help could come in the form of a loan towards buying your first home. Often times, buyers are only thinking about coming up with sufficient funds for the down payment to get started on home Read more…