Rule number one when you apply for a loan is to only borrow what you need. In addition, make sure you don't take a loan without understanding the terms and you pay back the loan as due. If you follow this basic advice, getting a loan do...
This means you’ll need enough money to pay for “X” amount of months of mortgage payments including principal, interest, taxes andhomeowners insurance. Andmortgage insuranceand HOA dues where applicable. Reserve requirements will vary from bank to bank, and frommortgage programto mortgage program,...
Think you qualify for a loan? Contact us today to find out! Apply Now What Are DSCR Loans? DSCR loans can serve as a great tool for real estate investors who are looking for a no-income verification mortgage loan. Below, we go into more detail about what a DSCR mortgage is, how it...
Most aspiring homebuyers need a year or longer to save up that kind of cash and be ready to apply for a loan, but it’s possible to buy a home sooner if you have the resources to move more quickly. Here’s how you can be ready to buy a house in six months. Key Takeaways: Prep...
2. Can you use a home loan for renovations? Yes, it may be possible to use a home loan for renovations. You can apply for a home loan from a lender and if approved, you’ll receive the money as a lump sum. 3. Can you use a home improvement loan for anything?
What credit score do I need to buy a $400,000 house? In general, it’s helpful to have a credit score of at least 620 or higher when you apply for a mortgage. Yet some lenders may be willing to approve you for certain loan programs with a FICO Score as low as 500. How much ...
Apply for down payment assistance: Particularly if you’re a first-time homebuyer, explore down payment assistance and grants that can help you cover closing costs. Use a no-closing-cost loan: Look into a no-closing-cost mortgage — but don’t let the name fool you. You’ll still “pay...
But if you don’t have an agent yet, the process of finding a lender looks pretty much the same—ask your friends, family and colleagues for referrals. A good lender can also point you to the right loan type based on your situation. While most homebuyers go with a conventional loan, yo...
How Does the Debt-to-Income Ratio Affect Loan Eligibility? Having a high DTI ratio can make you seem like a risky bet to lenders. For this reason, the Consumer Financial Protection Bureau (CFPB) recommends keeping your DTI below 36%. ...
30-year terms when you apply for a mortgage and a rate. A fixed-rate mortgage means you pay the same amount of interest and principal every month for the life of the loan. An adjustable-rate (or ARM) mortgage is tied to an index. It starts with one interest rate, which may rise ov...