Buying your dream home? This handy guide will help you decide exactly how much of your income you can reasonably dedicate to mortgage payments every month.
Ever heard of an adjustable-rate mortgage, or ARM? It’s slightly different than a fixed-rate mortgage and has its own advantages and disadvantages. Read this guide to learn more.
We were also advised we could sell the home and do a reverse purchase if needed on a future home, should we decide to move.” Alternatives to a reverse mortgage If you’re not sold on taking out a reverse mortgage, consider these other options: Home equity loan or home equity line ...
According to theConsumer Financial Protection Bureau, your back-end ratio should not exceed 43% for qualified conventional mortgages. Smaller creditors -- those that made fewer than 500 mortgage loans in the past year and have less than $2 billion in assets -- can allow you to obtain a quali...
Which type of mortgage should you choose if you want a stable interest rate? Fixed mortgages provide a stable interest rate for the life of the loan. That means if interest rates rise, you'll keep paying the same rate. If interest rates fall, however, you may want to refinance a fixed...
Mortgage type The kind of mortgage you choose also impactshow much home you can afford. To find a loan that’s right for you, it’s important to explore all your options, includingconventional, FHA and VA loans. “You should have a deep-dive conversation with your loan officer about your...
What should my credit score be to get the best mortgage rates? Here’s a brief overview of what your credit score looks like to lenders and mortgage brokers. The higher your credit score, the better rates you can qualify for. 800 or more: Wow – your credit score is excellent! This is...
Is it cheaper to buy or build? Where do I get a mortgage? Find out more about buying a house and getting a mortgage. Read now.
Secure a new interest rate today –if you're due to remortgage within the next six months, you can lock in a new rate now and switch when your mortgage deal ends, avoiding an ERC. If rates fall before your deal ends, you can switch again to get a better option What should I do if...
While it’s appealing, taking out a second mortgage should be treated with the same level of care and consideration you used for your first mortgage. Can you really afford the payments? Are you 100-percent confident with your repayment plan? Remember, you’ll be taking on more debt while ...