Thinking of using a Federal Housing Administration (FHA) loan to purchase a house? If you have decent credit scores and low debt—but don’t have the 20 percent down payment—this government-backed loan will allow you to put down as little as 3.5 percent. But you’ll want to do your homework and weigh the pros and cons to determine whether an FHA
Buying, renovating and then reselling houses can be a profitable undertaking. But finding a loan to fund such a project is much different than getting a conventional loan for a personal home. Here, Realtor.com discusses four different fix-and-flip loans that can be used to purchase and renovate distressed properties, each of which presents its own set of qualification requirements and
Failure to know your mortgage rate can be an expensive mistake, especially in this rising interest rate market. According to a recent survey by Bankrate, however, almost 3-in-10 mortgage holders (29 percent) either didn’t know their mortgage rate or wouldn’t say. The average rates on 10-, 15- and 30-year fixed finances have risen from a year ago, according to Bankrate’s weekly
You’re ready to buy a home. Maybe it will be your first, or maybe it’s one you saw a for-sale sign in front of and instantly fell in love. Maybe you’ve been saving for this big purchase for many years. No matter the circumstance, it’s a big deal, because a home typically is the biggest purchase you’ll ever make. Here,
Owning a home can seem like an impossible feat if you have a bad credit history. But there’s hope! While lenders will consider your credit worthiness before granting a loan, here are 15 tactics you can use to get a mortgage if you have bad credit. 1. Get a credit-builder credit card This will help you establish a history of using credit responsibly,
Few homebuyers are halting their searches in the wake of rising mortgage rates, according to a Redfin. In May, Redfin commissioned a survey of more than 4,000 people who had bought or sold a home in the past year, attempted to do so or planned to do so soon. Among the more than 1,300 respondents who planned to buy a home in the
Mortgage Rate Forecast 2018 Freddie Mac’s most recent Primary Mortgage Market Survey shows that mortgage rates drop during the past week and now have backed off in three of the past four weeks. Mortgage rates remained mostly tranquil heading into the first week of summer, declining five basis points to 4.57 percent. Mortgage Rate Predictions “After a sharp run-up in the early
When it comes to home renovation loans, there are several advantages of selling and moving. For example, your family can avoid the trouble of packing, moving and unpacking; you can save the expense of selling (6 percent to 10 percent of the property value) and buying (2 percent to 5 percent), and you can get exactly what you want by
1-in-10 borrowers are turned down when it comes to obtaining a mortgage. Here are 5 lending exchange that can derail your mortgage applications. Past credit history The study found that one-in-four denied borrowers (26 percent) were turned down due to their credit history. The good news is that you are continually updating your credit history and can take steps to
Your closing company is required by law to keep a record of your closing documents, but it still is smart for you to keep important real estate forms on hand as well. Of the hundreds of documents that you’ll encounter during the home-buying process, Realtor.com says these are some you should be sure to keep and why. Purchase agreement Every home
