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Tagged : down payment

Found 4 blog entries tagged as "down payment". - As the real estate market begins to perk up, many people find themselves in a good position to start looking for a home. Even though interest rates continue to hover at the lower end of the spectrum, shopping for a mortgage is still a tricky process, especially if you’re doing it for the first time. But don’t fret. These seven steps will help you navigate the treacherous waters of mortgage shopping, and they’ll save you time and money in the process.

1. Have your credit report ready  2. Work on improving your debt-to-income ratio    3. Plan for a big down payment     4. Decide between a fixed or hybrid mortgage   5. Shop for lenders   6. Submit a thorough application    7. Lock in your interest rate
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576 Views, 0 Comments - For most Americans, buying a home is the most expensive purchase of their lifetime, and obtaining a mortgage can be particularly stressful.

Research and preparation won’t take all the worry out of applying for a home loan, but it will go a long way toward reducing your anxiety.

Here are key factors lenders may consider when reviewing your mortgage application.  

Credit report & score,  Credit cards & other debts,  Employment status,  Down payment,  Know what’s off-limits.

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Photo: ©[Oleg Doroshin]/123RF.COM

616 Views, 0 Comments - Homebuyers may have enjoyed record low mortgage rates over the past year, but they were paying a pretty penny when it came time to close the deal.

Nationwide, closing costs averaged $2,402 over the past year, up 6% from $2,264 in 2012, according to a survey by The estimates were based on a $200,000 mortgage for buyers with good credit and a 20% down payment.

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592 Views, 0 Comments - Insanely low mortgage interest rates—and the knowledge that they’ll eventually go up again—make a lot of people feel like it’s time to buy a house right now. And maybe it is … if you go about it the right way.

Buying a home is a major purchase (to put it mildly), and there are plenty of ways to trip up. But don’t worry—we’ve got your primer right here. 1. Don’t … buy a house if you’re planning to move again soon.  2. Don’t … bust your budget.  3. Don’t … forget about added costs.  4. Don’t … put down a nominal down payment.  5. Don’t … neglect to get everything in writing.  6. Don’t … skip the inspection.  7. Don’t … think a brand-new home entitles you to brand-new everything.

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