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
Borrowing against home equity can be a convenient way to access cash, but it also carries risk, as millions of Americans learned in the housing crisis of 2008. If you’re considering it, CNBC tells you 4 things borrowers should know. 1. It’s getting (slightly) easier to qualify More than 10 percent of lenders eased their credit standards somewhat for HELOCs in the first
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Thinking of buying a home? Now’s a great time to brush up on your mortgage terms 101. Here, is a helpful glossary to help demystify the often confusing mortgage process. Adjustable rate: An interest rate that may change during the life of the loan, and the essence of an Adjustable Rate Mortgage or ARM. Some rates vary according to an established
One of the most common questions a first-time home buyer will ask is, “How much home can I afford?” The answer, as a mortgage lender will tell you, is that “it depends.” There are no concrete rules for how much home you can afford, or how big your mortgage can be. This is partly because mortgage lenders determine your maximum home
