When applying for a new home mortgage, many loan applicants initially consider applying for a 30-year fixed rate mortgage. This is perhaps the most common and traditional type of mortgage available. It allows you to enjoy the opportunity to pay for your home over the course of 30 years with equal payments every month. While this is one option, there are actually multiple choices available. For some applications, a variable rate mortgage may be more advantageous. If you are comparing the options … [Read more...]
Understanding The Key Factors That Affect Your Mortgage Interest Rate
When you initially start shopping for a home mortgage, you may be drawn to advertisements for ultra-low interest rates. These may be rates that seem too good to be true, and you may gladly contact the lender or mortgage company to complete your loan application. However, the unfortunate truth is that all too often, mortgage applicants are unpleasantly surprised and even disheartened to learn that they do not qualify for the advertised interest rate. By learning more about the factors that … [Read more...]
Do You Need Mortgage Insurance Even if It’s Not Required by Your Lender? Let’s Take a Look
Finding a proper mortgage loan and understanding the processing procedures behind the loan is the basis of good research. The down payment on a mortgage loan is typically significant when dealing with mortgage insurance. Most loan applications with less than 20% down payment are required to include mortgage insurance with the loan. However, mortgage insurance may still be required even if it's not typically required by your lender. Underwriting Requirements Most home mortgage applications … [Read more...]
Three Tips for How to Secure a Mortgage if You Are A Self-Employed Entrepreneur
If you are self-employed, either as a freelancer or as the owner of your own business, your income can fluctuate greatly from year to year. That can make it difficult to get approved for a mortgage, although there are some things you can do to improve your chances. Here are three tips for securing a mortgage if you are self-employed. Make Sure Your Credit Score Is In Good Shape While your ability to pay back a mortgage is the most important factor in approval, your credit score is a close … [Read more...]
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