When you’re getting ready to buy a home, knowing what to expect makes everything easier. It all begins with shopping for a mortgage and ends with closing on the home—with several steps in between. Here Trulia explains what to expect, so the entire process will go much more smoothly. 1. Shop for a mortgage Shopping for your mortgage first lets you know how
As you prepare to file your taxes, you might be wondering if there are any benefits when it comes to owning a home? You also could be wondering how the new tax plan might affect the tax perks of homeownership when you file next year. Here, Realtor.co offers a complete guide to all of the tax benefits of owning a home—for this filing year (2017)
The higher your credit score, the better your chances of obtaining a loan, and the better your rates and terms. Here, Bankrate offers four tips for improving your credit score quickly so you can get the loan you need. 1. Check for errors on your credit report If you have a low credit score and you’ve paid your bills on time
Freddie Mac’s most recent Primary Mortgage Market Survey shows the 30-year fixed mortgage rate hitting its highest mark since December 2016. “The U.S. weekly average 30-year fixed mortgage rate rocketed up 10 basis points to 4.32 percent this week,” says Len Kiefer, Freddie Mac’s deputy chief economist. “Following a turbulent Monday, financial markets settled down with the 10-year Treasury yield resuming its
When couples decide to become homeowners, questions can arise such as whose name (or names) should be listed on the mortgage and title. Many couples want a 50-50 split, indicating equal ownership to the asset, but sometimes that isn’t the best financial decision. Plus, with more than one person on the loan, the legalities of who owns the home can
If one of your New Year’s resolutions for 2018 is to purchase a home, or to save for a down payment and related costs, Freddie Mac offers the following steps to help get you started. Determine how much you can afford To get a very rough estimate of your affordable home price range, multiply your annual gross income by 2.5.
Seven Home Down Payment Myths Debunked Not knowing the facts when it comes to home buying could wind up costing tens of thousands of dollars more than necessary. The National Association of Realtors recently released a snapshot of home purchases in 2017 that shows the median home purchase price was $235,000, with 88 percent of buyers using a mortgage to secure their
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
