What are the key factors in obtaining a home mortgage loan?
My credit is not bad or fair. It's good, just below excellent. How good does your credit have to be and what other factors are key to successfully obtaining a home mortgage loan?- I believe these days you need at least a 720 or a 760 score. You should have at least 2 years solid employment and some money saved in the bank
- Other Factors: With some lenders they require that your appraisal not be a significant amount less that your loan, because if something were to happen and your home went into foreclosure, they want to be sure they can sell the house and get what you owe them back. Credit Scores, the amount of debt that you have, ie credit cards, student loans, etc. , they will require that you pay some of that off so that they will be your primary lender. If you are purchasing, lenders usuallly require a termite inspection, home owners insurance and if you have prior mortgages, they will want those paid off as well. Usually not a whole lot is paid upfront except maybe your appraisal. Hope this helps and if you live is SC or GA request that McLeod and Dowling be your closing agent! As a thank you to me for answering your question! :
- Up until about a year ago all you needed was a pulse seriously. They wrote soooo many bad loans that they even made names for them. Ever hear of a NINJA loan? no, it's not a joke. NINJA stands for No Income No Job Applicant And now they wonder why our entire system is imploding. But to answer your question. since they fvcked up so bad they had to tighten their lending practices so much that now you need perfect credit, a six figure annual income, and a million dollars liquid. and that's just to buy a car! lol
- Well getting pre - approved is the action you need to take. You need to go into any banking ins ution, fill out and application and let them determine how much you can afford. From there they will tell you just how good your credit is, how much you need to pay down if any and how much of a house you can afford. It's extremely easy
Knowledge Base
Mortgage on primary home to buy second home, can i deduct taxes?
my friend's primary home mortgage is paid off. she want to take a mortgage on the primary home in order to buy a second / vacation home. can he deduct the taxes?. your best answer would be to contact either the irs directly or a tax preparer in your area. (mortgage refinancing)
Mortgage Lenders?
even though i am making payments on time with my home mortgage. can lose my home if if my lender declares bankruptcy?. no. if your lender goes bankrupt, the bankruptcy trustee will appoint someone to manage the current accounts. you will be protected. good luck. no, what happens is all (mortgage loan)
Can the bank apply a payment for mortgage to another loan?
we have 2 loans, our mortgage and a line of credit on our home equity. my husband lost his job and we were trying to keep up the payments on our mortgage. when he paid a payment he used a payment coupon for the mortgage loan. instead of applying the (mortgage lenders)
Knowledge Base: Mortgage
How to apply for mortgage loan modification?
i have lost my job and am now working as a cashier at a grocery store. the problem is that my new salary is not enough to cover the mortgage. i am in a very tight situation so i am curious to know my options. i have heard that applying (mortgage refinancing)
home mortgage?
help! my wife and i would like to buy a home and / or land. i know that we can afford a payment of $400 a month, and we do not need anything special. a $40, 000. 00 loan would be sufficent. - problem is: i have no clue how (mortgage)
Mortgage Lenders?
even though i am making payments on time with my home mortgage. can lose my home if if my lender declares bankruptcy?. no. if your lender goes bankrupt, the bankruptcy trustee will appoint someone to manage the current accounts. you will be protected. good luck. no, what happens is all (mortgage)
What caused the home mortgage rates to sky rocket, causing people being unable to pay their monthly mortgages?
the recession was caused by people being unable to pay back their home mortgages because the mortgage rates were too high? banks were not getting their money back from home owners, causing a credit crunch, thus they were unable to lend money to big businesses. big businesses then had to (mortgage lenders)
mortgage loan?
is it possible to get mortgage loan with collections on your credit report 17 in all 8 paid in full, 3 reported more than once by different collection agencys which i disputed on / in 1 - 07. the other 9 are medical bills from 2 from 2002 2 from (benchmark lending)
Knowledge Base: Home Mortgage
Home mortgage?
i have a mortgage of $100, 000, and i want to pay it off super fast, so ive been selling heaps of stuff on e. bay, and putting the cash straight onto my home loan, what other ways can i generate cash?. be sure to avoid early mortgage termination fees, (home mortgage)
What caused the home mortgage rates to sky rocket, causing people being unable to pay their monthly mortgages?
the recession was caused by people being unable to pay back their home mortgages because the mortgage rates were too high? banks were not getting their money back from home owners, causing a credit crunch, thus they were unable to lend money to big businesses. big businesses then had to (home mortgage)
What are the key factors in obtaining a home mortgage loan?
my credit is not bad or fair. it's good, just below excellent. how good does your credit have to be and what other factors are key to successfully obtaining a home mortgage loan?. well getting pre - approved is the action you need to take. you need to go into (home mortgage)
Why is home mortgage loan considered a tax benefit ?
i am planning to buy a home and wanted to know why everyone thinks that home mortgage loan is tax beneficial. example: - if we are paying around $15, 000 a year in interest property taxes and in tax refund 15% tax bracket we get back around $2k - 3k (home mortgage)
home mortgage?
help! my wife and i would like to buy a home and / or land. i know that we can afford a payment of $400 a month, and we do not need anything special. a $40, 000. 00 loan would be sufficent. - problem is: i have no clue how (home mortgage)
