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How Valid Are Prequalification Letters?How Valid Are Prequalification Letters?How Valid Are Prequalification Letters? The first step in the home buying process is to find out what price home you can afford to buy. The easiest way to do this is to talk to a mortgage broker or loan agent and ask him or her to prequalify you for a mortgage. Prequalification is an informal procedure. It requires a brief meeting with a... |
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Is It Possible to Buy With No Cash Down?Is It Possible to Buy With No Cash Down?Is it Possible to Buy With No Cash Down? Although entire books have been written about how to buy a home with no cash down, in the real world of residential home sales no-cash down deals are rare. The reason for this is that most lenders want a substantial cash down payment before they'll grant a mortgage. There are various reasons why... |
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Refinancing in Today's MarketRefinancing in Today's MarketRefinancing in Today's Market Interest rates are at 30-year lows, and homeowners are refinancing at a record pace. Some homeowners -- even those who purchased their home relatively recently -- are able to save several hundred dollars a month through refinancing. But, don't expect the process to be a piece of cake. The mortgage industry is... |
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Should I Use a Broker or Lender?Should I Use a Broker or Lender?Should I Use a Broker or Lender? With the myriad of mortgage alternatives available, it simplifies matters to think in terms of two options. You can either use the services of a mortgage broker. Or, you can bypass the broker and go directly to a lender. Banks, mortgage bankers and lenders make loans to consumers. They have the money to... |
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Using Ads to Shop for Home FinancingUsing Ads to Shop for Home FinancingUsing Ads to Shop for Home Financing For many home buyers, shopping to find the best home financing is as important as shopping to find the right house. After all, a small difference in the mortgage rate can make a big difference in monthly payments. Many consumers learn about available credit terms for new homes from newspaper. |
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Using the KeyUsing the KeyUsing the Key Rising interest rates make homebuyers nervous. As rates go up, buyers find it harder to qualify for mortgages. Buyers who can barely afford to buy a home at today's interest rates are often priced out of the market when rates move even higher. One way to keep cost down is to lock in an interest rate before rates rise... |
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What Are the Pros and Cons of 30 and 15 Year Mortgages?What Are the Pros and Cons of 30 and 15 Year Mortgages?What Are the Pros and Cons of 30 and 15 Year Mortgages? Consumers shopping for a mortgage typically think in terms of the interest rate and how that affects their monthly payment. The lower the rate, the better. However, even in today's low interest rate environment, borrowers are often shocked when they realize the total amount of money... |
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What Are the Pros and Cons of a No-Point Mortgage?What Are the Pros and Cons of a No-Point Mortgage?What Are the Pros and Cons of a No-Point Mortgage? When you shop for a mortgage you're usually looking for the lowest interest rate available. But knowing the interest rate alone doesn't necessarily give you the true cost of your loan. Lenders often charge points for a loan. Points is the term lenders use for the loan... |
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