If you are purchasing a house in the near future, you are probably reviewing your loan options. There are plenty of choices available, and one option is an adjustable-rate mortgage, which is usually shortened to ARM. There are a lot of people who get lured in by the advertisements on ARMs, but are they right for you? There are a few important factors you need to keep in mind. Adjustable-Rate Mortgages Can Change Your Interest Rate Quickly First, an adjustable-rate mortgage can change the … [Read more...]
Understanding Automated Underwriting and How It Impacts the Mortgage Application Process
Whether you're embarking on the process of obtaining a mortgage for the first time or just preparing yourself for the advances in the industry, the implementation of automated underwriting in recent years has significantly changed the application process. From the time you'll have to wait to the documentation that is required, here are some of the details on what you can expect when dealing with an automated underwriter. Reduction In Document Requirements In the past, most homebuyers submitting … [Read more...]
Should You Make Extra Mortgage Payments Toward The Principal Of Your Home?
If you have recently purchased a house, you have probably taken a look at your mortgage statement and noticed that the majority of your first few payments are going toward interest. You do not start paying down a significant amount of the principal until later in your mortgage cycle. If you start to make more money, you might be interested in making additional payments toward the principal of your home. Is this a smart financial move? There are a few important points to know. You Can Cancel Your … [Read more...]
3 Different Types of Loan That Will Negatively Impact Your Ability to Get a Mortgage
A good credit rating is built on a number of financial factors including paying your bills on time and the length of your credit history, but loans can also be a source of bolstering your credit score in a positive way. While this means that loans can actually be a good thing, there are also the kinds of loans that can have a damaging impact on acquiring a mortgage. If you'll soon be pursuing your own home purchase, here are some loans that may have a negative impact. Borrowing For Education … [Read more...]
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