One of the biggest mortgage myths is that you need a twenty percentdown paymentto purchase a home. If you have 20 percent down, it makes buying a home slightly easier. You get better interest rates, and many sellers will find your more significant down payment attractive. But you should kn...
What are the Drawbacks of Using a Reverse Mortgage to Purchase a Home? The major drawback of purchasing a home using a HECM reverse mortgage is that it requires a large down payment. The down payment must be sufficient to meet the loan to value ratio required for a reverse mortgage. And...
Mortgage Professor: Selling a House to Purchase a HouseHomeowners sell their homes and buy other homes for a variety ofreasons, including a need to...Guttentag, Jack
We understand mortgages! Whether purchasing a home, refinancing, or funding a renovation, we bring skill & resourcefulness. Contact us today.
We understand mortgages! Whether purchasing a home, refinancing, or funding a renovation, we bring skill & resourcefulness. Contact us today.
“Some have more stringent guidelines than others,” Kirkland says. “Some lenders might require a 20 percent down payment, while others require as little as 3 percent of the home’s purchase price.” “Even if you have a preferred lender in mind, go to two or three lenders — or even...
You might be telling yourself “I don’t want to buy a home right now because interest rates are kind of high.” The question becomes in relation to what? Then the answer is you are absolutely correct interest rates are higher now today than they were a few years ago due to inflation....
Mortgage applications to purchase a home are rising for two reasons: Buyer demand is increasing, and those buyers are afraid rates will go up dramatically, so they want to lock in fast. (Read More:Depression Begone! Home Prices Set Record in April) ...
While each mortgage lender maintains its own criteria for affordability, your ability to purchase a home (and the size and terms of the loan you will be offered) always depends mainly on the following factors. Many factors go into the mortgage lender’s decision on homebuyer affordability, but...
which represents the percentage of your monthly income that goes to making debt payments, such as loans and credit cards. Your debt-to-income ratio is an important metric when trying to line up financing to purchase a home, as it is used to determinemortgage affordability. ...