Category: Financing Your New Home

Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your

Step 1 Set up a meeting with your loan officer to fill out the loan application. After you provide the required documents, a credit report will be ordered by the

In high-priced housing markets, it can be difficult to afford a home. That’s why a growing number of home buyers are forgoing traditional fixed-rate mortgages and standard adjustable-rate mortgages and

Acceleration Clause – A provision in a contract that gives the lender the right to demand repayment of the balance of the loan, in the event that the borrower violates

Brush up on these mortgage basics to help you determine the loan that will best suit your needs. Mortgage terms. Mortgages are generally available at 15-, 20-, or 30-year terms.

W-2 forms — or business tax return forms if you’re self-employed — for the last two or three years for every person signing the loan. Copies of at least one

How Big a Mortgage Can I Afford? Not only does owning a home give you a haven for yourself and your family, it also makes great financial sense because of

Get Your Finances in Order Develop a household budget. Instead of creating a budget of what you’d like to spend, use receipts to create a budget that reflects your actual

Finding A Loan Officer Thinking about the mortgage process can be scary. It seems so complicated, with so many offers to choose from. So where do you start? With your

Creative Financing Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National

5 Factors That Decide Your Credit Score Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score: