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Although most would assume that people picked their mortgage companies based on who had the lowest interest rates, this isn’t actually the case. In fact, it’s the determining factor with the least amount of pull in the final decision, according to recent surveys by the MortgageSAT Borrower Satisfaction Program.
While a lot of money could be saved by lower interest rates, other things were foremost in the minds of those consumers surveyed. Here we’ll look at what those things were.
Looking to purchase your first home in 2018? If this year is the one in which you make the huge leap into home ownership, you can utilize the following tips to ensure your successful in choosing a home and obtaining a mortgage.
General Tips
Several lenders offer a ten-year mortgage as their lowest available term. This means the mortgages taken out will be paid over the course of ten years versus fifteen, twenty, or thirty, on a schedule of regular payments in uniform size.
While the payments for these loans are much higher than their traditional longer-term counterparts, the interest rates are amongst the lowest available on any fixed-rate loan in the industry.
Here is an example for the different loan options for a $300K mortgage:
Before you decide to fill out the paperwork for a mortgage you will want to ensure you have all your paperwork together. While it may seem like there is a substantial number of documents needed, they can all be broken down into two simple categories: identity verification, and income verification.
Identity verification is straightforward, although lenders may vary slightly in how many documents are needed, which forms they will accept, or which they generally prefer. Examples of identity verification include your driver’s license, school or work ID card, birth certificate, social security card, or passport. It is wise to have at least three of these on hand.
Purchasing your first home is an exciting experience. It is the accumulative of years of hard work, effort, determination, and a lot of hope. It is, however, also a very stressful experience. One way to reduce this stress is by ensuring you are realistic, prepared, and educated on what is going on. Today we will talk about how these ways can help you to survive the process of getting a home mortgage.
The very first expectation most people need to adjust is the idea that a preapproval guarantees you will be approved for the mortgage. While most people who can achieve a preapproval do end up getting the mortgage they are hoping for, it does not always happen this way. This is because additional paperwork and proof of income is necessary. The final numbers may vary from what was listed on your preapproval.
You would think smaller loans would be easier to get considering there is less money you would owe the bank, right? It would make sense to believe with less possible loss lenders would be more willing to help. If you believe this sentiment, however, you would be wrong.
A recent analysis done by the Urban Institute has found that lending institutions are denying mortgages with smaller dollar amounts at a much higher rate than those with larger amounts. This is specifically for single-family purchases, and apparently it has nothing to do with the credit history of the applicants.
The rates of long-term mortgages in the United States fell once again this week. This follows a trend which has encompassed five of the previous six fiscal weeks. While the drop may not be jaw dropping, it does bring a modicum of relief to those who are currently in the market to purchase a new home.
Although interest rates are dropping, they are still higher than they were at this time in the previous year when they sat at 3.96 percent. Currently, even with the downward trend, rates are sitting at just over four and a half percent. Shorter, 15-year fix rate loans are lower than the previous year – if just barely. Today they sit at 3.99 percent, whereas last year they sat at just over four percent.
Getting a home loan with 100% financing is exactly what it sounds like. You do not have to make a down payment on your home, but instead receive the full purchase price of the home in way of a mortgage. This full amount is reflective in your loan payments, which will be significantly larger than were you to put a 20% or more down payment.
Those who have heard of these loans often wonder whether they are the right way to go. Keeping more of your own money while still purchasing a house sounds like an extremely good idea. Then again, if you speak with those who have obtained these types of loans you will hear just as many (if not more) people tell you that a fully financed loan is a terrible idea.
While a constantly fluctuating economy is rarely beneficial, it does every great once in a while offer a time where it is good to refinance your current mortgage. You might have heard of someone else refinancing and getting a great deal, but keep in mind that each person has a different situation. Sometimes what worked great for one person is not such a great idea for another. So how do you know when it is an appropriate time to refinance? Check out our useful tips below.
Purchasing your first home is an exciting – albeit anxiety ridden – experience. The most important thing you can do on your journey to becoming a first-time home owner is become well-informed about each step in the process, and reading this article is a great start. Today we discuss seven important financing tips you need to know.
Your credit score will be a crucial factor in determining whether you qualify for a mortgage. Check your credit score ahead of time and get a copy of your report. Scan for any errors. If your credit score is not up to par, consider taking half a year to give it a little boost prior to applying for a loan. You can obtain a secured credit card and make payments on any negative accounts.
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