Compiling a list of mortgage questions to ask potential lenders is just the beginning. According to NerdWallet, already knowing the answers you’re looking for puts you ahead of the game. Which type of mortgage is best for me? This question will help you know if you’re talking to just a producer (a salesperson) or a quality advisor. When you ask about
Navigating the purchase of a home can be overwhelming for first-time buyers, with lenders requiring a wealth of documentation of before granting a loan. And, of course, they also will require a credit check. Here, Zillow explains how many times a lender is likely to pull your credit during the purchase process and why. Initial check for pre-approval In the first phase
Changing jobs can affect your loan approval, but as long as you are moving from one position to another with equal or higher income, and you are able to provide documentation of your work and income history, any changes to your loan approval chances should be minimal. The most important thing for lenders and their underwriters is ensuring you can
For many people, the most daunting part of the home-buying process can be getting a mortgage. But it doesn’t have to be a difficult endeavor, even if you have never before gotten a mortgage. Here, The Motley Fool offers some simple moves to take before you apply to help ease the process along. 1. Begin early When a lender looks
Refinancing a home loan can cut your payments, let you swap an adjustable interest rate for a fixed one and put some cash in your hand from your equity. With all those benefits, it’s no wonder so many homeowners refinance their mortgages every year. Refinancing can be time-consuming, however, and you may have to pay some fees out of pocket even if you
Financial planners don’t just help people balance their budgets or plan for retirement; they also help their clients buy homes. After all, a house usually is the largest financial investment an individual will ever make—so, it makes sense that these professionals would have some strong opinions on just how to go about it. Here, Realtor.com offers some no-nonsense tips from top finance experts. 1. Calculate closing costs
It might be simple to pay off your mortgage earlier if you can afford it. But should you? That’s a complicated question. Homeowners with low mortgage rates may be better off putting extra money in a Roth IRA or 401(k), both of which might offer a higher return than paying off the mortgage. Then there’s the college aid factor. If
Thinking about applying for a home mortgage? Make no mistake, your credit score will matter. Here, Realtor.com discusses five credit score pitfalls to avoid to ensure that you get the best possible mortgage and interest rates 1. Too many inquiries Shopping around before choosing an institution for a car loan can help you find the best rate, saving thousands of
Most people with private mortgage insurance (PMI) want to know how to get rid of it. And for good reason: PMI tacks on a substantial extra fee to your mortgage payments. Lenders traditionally require PMI for borrowers who put down less than 20 percent on a house. Of course, it’s a godsend if you couldn’t afford a home otherwise. Here, Realtor.com tells you
A 15-year mortgage is the dream loan for home buyers who can afford the much higher monthly payments and want to cut their mortgage in half while saving thousands of dollars in interest. To make a 15-year mortgage work, however, you’ll need a reliable income and enough money left after your monthly payment to cover expenses, savings and emergencies. Here,
