A loan can take anywhere from 4 to 6 weeks from start to finish. What if you need to close faster? There are ways to make it happen. Some of it lies on your shoulders. Other factors lie on third parties, including the seller, if you are buying a home. The seller controls when the appraisal is completed and the appraiser controls how long the report takes. Title work may also … [Read more...] about How to Close on Your Home Loan Faster
If there was one aspect of a mortgage that you considered important, what would it be? Many borrowers say the interest rate. They want the lowest rate possible. It makes sense. Why pay more for a mortgage than necessary? If you have room for negotiation, you should take it. Sometimes, though, the better rate doesn’t come free. You have to pay for it. Here we look at the … [Read more...] about Can You Pay for a Better Rate on a Mortgage?
If you an inconsistent income or you want a lower payment for a few years on your mortgage, an ARM may be a good fit. Before you sign on the dotted line, you should know how they work. Adjustable rate mortgages work different than fixed rate loans. Your rate adjusts periodically. It is dependent on the index and margin. Knowing these terms and how the loan works will help you … [Read more...] about How is an Index and Margin Used in an ARM?
Your FICO score determines your eligibility for a loan. Certain things like late payments or overextending your credit obviously hurt your score. What about credit look-ups? Do they hurt your score? You might be surprised to learn the truth – it’s probably not as bad as you think. Defining a Credit Look-Up First, let’s look at credit look-ups and what they are. They occur … [Read more...] about What Kind of Credit Look-ups Hurt Your FICO Score?
You know you want to buy a house, but how much can you afford? How much money will a bank give you? Before you get too excited, understand that banks may qualify you for more than you want to spend. What you qualify for and what you need are two different things. Once you know that, you will make a more informed decision. Here we discuss what you must consider before taking out … [Read more...] about How Much Mortgage do you Qualify for?