Term: Mortgage
30 found

Americans With Lower Credit Scores Are Getting Mortgages

By Steven Shaw on 1/24/2014

qualify for a mortgage 

Credit scores are among the many things lenders review when you apply for a mortgage, because scores are designed to predict how likely you are to meet your debt obligations. After the mortgage crisis, lenders were hesitant to take on risky borrowers, and at the end of 2012, the average FICO credit score for a closed mortgage was 748, according to mortgage software company Ellie Mae.

FICO credit score
Home Loan
homebuying process
homeowner
homeownership
Mortgage

How Much Money Do You Need to Buy a House?

By Steven Shaw on 11/12/2013

How Much Money Do You Need to Buy a House?

Buying a home is still considered to be a lifetime accomplishment. How much cash you’re going to need upfront to do so is another story entirely. The funds needed to close the sale play an enormous role in your ability to get a home loan. If you’re serious about buying a home or will be in the future, how much of your income you should be saving to realistically seal the deal?

Home Loan
homeownership
Mortgage
Mortgage Rate

How Much Does Your Credit Score Cost You?

By Steven Shaw on 9/4/2013

credit score

You’ve heard that not having a great credit score can be costly, and you probably know intuitively that it’s true. But how much can it cost you? An extra $4,000 a year? That’s not an exaggeration.

Let’s take a look at some of the ways your credit score can directly impact your pocketbook. We’ll use purely hypothetical borrowers: Jerry has excellent credit, Elaine’s credit score is fair, while George’s is poor. But the examples of the money they may save (or pay) are very real.

credit score
Auto Insurance
auto loan
Credit Card
Interest Rate
Mortgage

What’s Really Happening With Mortgage Rates?

By Steven Shaw on 8/20/2013

mortgage rates

To say mortgage rates are volatile right now is an understatement. Every few days for the past two months, there have been heavy swings in mortgage pricing, translating to strong gyration in mortgage rates.

Nothing can be more frustrating for a pre-approved potential homebuyer than knowing their ability to qualify and their subsequent proposed payment could change in an instant. But there are other options that can help take the volatility out of your house hunting.

Mortgage
Mortgage Rate

How Your Credit Can Drive Up the Cost of a Mortgage

By Steven Shaw on 8/15/2013

cost of a mortgage

Planning on getting a home loan anytime soon? Before you do, you should know that there are two types of loans that are inherently higher in cost than their traditional mortgage counterparts — and we’re not talking subprime or private money, either.

FHA mortgage
Mortgage
Mortgage Rate

How Student Loans Can Hurt Your Mortgage Application

By Steven Shaw on 7/24/2013

student loans hurt mortgage application

Anyone who has tried to apply for a mortgage and had student loans knows what it’s like to be scrutinized and questioned by the mortgage company over the impact of those obligations. Like other forms of debt, such as car loans or credit cards, student loans are in the same classification: debt made against income or rather an ability to repay. Just like all consumer debts, student loans can reduce the ability to borrow because they erode income. So let’s take a closer look at how your student loans can hurt your mortgage application, and what you can do to protect yourself.

Home Loan
Mortgage
Mortgage Application
student debt
student loans

Is It Too Late to Get a Good Mortgage Rate?

By Steven Shaw on 7/22/2013

good mortgage rate

Freddie Mac released the results of its Primary Mortgage Market Survey this week, which indicated that average fixed mortgage rates have declined slightly in the wake of the sharp increase after the Federal Reserve’s announcement that it will slow its bond-buying program in the near future.

Mortgage
Mortgage Rate

Think You Can’t Buy a House? Try the One You Rent

By Steven Shaw on 7/11/2013

Think You Can't Buy a House? Try the One You Rent

If you have never owned a home before, or owned a home in the past, or previous circumstances require you to rent a home now, and you’re hoping to buy a house again, there’s one possibility you might not have considered: purchasing the home you’re currently renting. That’s right — make a purchase offer to your landlord to buy the home you presently live in. The blanket belief your landlord doesn’t want to sell simply may not be true. By communicating your intention to purchase the house directly from your landlord, the transaction becomes easier for both parties.

Home Loan
homeownership
Mortgage
Rent
Renting

Will Higher Student Loan Rates Hurt the Housing Market?

By Steven Shaw on 7/8/2013

higher student loan rates

Numerous borrowers nationwide carry student loan balances and know all too well how they can significantly restrict financial capabilities soon after graduation. Now, as that problem becomes even more pronounced in the coming years, some are wondering whether it might have a negative impact on the housing market as well.

Mortgage
student loans
students

The Quick Formula to Determine Your House Payment

By Steven Shaw on 6/27/2013

The Quick Formula to Determine Your House Payment

As you shop for a house and consider taking out a mortgage, determining your house payment can no doubt be a time-consuming process — running calculations, getting updated payment scenarios from your mortgage company, and determining whether or not you can qualify. What you might not realize is that there’s an easier way to calculate a house payment using simple math. Being able to quickly assess the house payment is crucial for key decision-making.

First, though, here are some terms you need to understand in order to do the calculations:

Home Loan
House Payment
Mortgage