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  • 1. What things are generally required by a lender to get a loan? Views: 94
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    Terms of Use: Pay stubs for the past 2-3 months W-2 forms for the past 2 years Information on long-term debts Recent bank statements Tax returns for the past 2 years Proof of any other income Address and description of the property you wish to buy Sales contract During the application process, the lender will also order a report on your credit history and a professional appraisal of the property you want to purchase. The application process typically takes between 1-6 weeks.
  • 2. What things impact my credit score and what can I do to improve my credit score? Views: 90
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    Terms of Use Your FICO® scores, from Fair Isaac and Company ( FICO ), are the credit scores most lenders use to determine your credit risk. You have three FICO ® scores, one for each of the three credit bureaus – Experian, TransUnion, and Equifax. Each credit score is based on information the credit bureau keeps on file about you. As this information changes, your credit scores tend to change as well. Credit scores consider five main kinds of credit information. Listed from most   More...
  • 3. What is a mortgage? Views: 87
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    Terms of Use: A mortgage is a loan that is used to buy a home. In return for the loan, you pay interest on the amount loaned. The lender also has first rights on your house in case you neglect to pay back the loan. A mortgage has three components: Amount (how many dollars you need to borrow) Interest Rate (the percentage rate you pay on the loan) Term (how long it will take to pay off the loan, generally 15 or 30 years) All of these components impact how much your mortgage payment will be  More...
  • 4. What is considered to be acceptable debt-to-income ratios when getting an FHA Loan? Views: 74
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    Terms of Use: The FHA allows you to use 31% of your income towards housing costs and 43% towards housing expenses and other long-tem debt. With a conventional loan, the qualifying ratio allows only 28% towards housing and 36% towards housing and other debt. How to calculate these ratios 1) MORTGAGE PAYMENT EXPENSE TO EFFECTIVE INCOME Add up the total mortgage payment (principal and interest, escrow deposits for taxes, hazard insurance, mortgage insurance premium, homeowners' dues, etc.). The  More...
  • 5. Is it better to rent or buy a home? Views: 70
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    Terms of Use Before purchasing a home, ask yourself these questions: Do you have a steady source of income? Do you have a record of paying your bills on time? Are home prices fairly stable in your area? Are you planning to stay in the area for a few years? Have you budgeted for the costs of homeowners insurance, utilities, property taxes and other costs? Can you pay for unexpected repairs and maintenance? Have you factored in the tax benefits? When you are renting a home: There's little o  More...
  • 6. What are some things that I should consider when shopping for a mortgage? Views: 69
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    Terms of Use Table of Contents 1. Obtain information from several lenders 2. Obtain all important cost information 3. Obtain the best deal that you can 4. Remember: Shop, compare, negotiate 5. Fair lending is required by law 6. Credit problems? 7. Glossary 1. Obtain Information from Several Lenders Home loans are available from several types of lenders-- thrift institutions , commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you sh  More...
  • 7. What are the things that I should expect my mortgage broker and loan officer to do when buying a new home? Views: 69
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    Terms of Use: Your mortgage broker and loan officer are there to help you get the best mortgage possible for your specific needs and to make the process as convenient and hassle-free as possible. A good mortgage broker and loan officer should provide the following services: Assist you in selecting the best loan to meet your personal needs. This single decision can save you thousands of dollars throughout the years. Keep you informed of your loan status throughout the entire process. Keep y  More...
  • 8. Mortgage Shopping WorkSheet Views: 66
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    Terms of Use Type and amount of mortgage: Name and contact for Lender 1: Name and contact for Lender 2: Name and contact for Lender 3: Name and contact for Lender 4: Basic Loan Information Lender 1 Lender 2 Lender 3 Lender 4 Minimum down payment required Loan term (length of loan) Contract interest rate Annual percentage rate (APR) Points (may be called loan discount points) Monthly Private Mortgage Insurance (PMI) premiums How long must you keep PMI? Estimated monthly escrow for taxes an  More...
  • 9. How can I determine if my home has lead in it that could hurt my children? Views: 63
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    Terms of Use: If the house you're considering was built before 1978 and you have children under the age of seven, you will want to have an inspection for lead-based paint. It's important to know that lead flakes from paint can be present in both the home and in the soil surrounding the house. The problem can be fixed temporarily by repairing damaged paint surfaces or planting grass over effected soil. Hiring a lead abatement contractor to remove paint chips and seal damaged areas will fix th  More...
  • 10. What are the things that I should expect my real estate agent to do when buying a new home? Views: 63
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    Terms of Use: Selecting a real estate agent is an important part of buying a new home, although not required. A good real estate agent can be extremely helpful and should provide the following services: Present the homes that suit your needs as you've defined them. Preview those homes to weed out those that are overpriced, or undesirable in some other way. Help you determine the difference between a good buy and a property which, because of its characteristics (i.e. neighborhood, market app  More...
All information provided through this site is intended to be accurate. However, there may be inaccuracies from time to time which we will make every attempt to correct immediately. Information provided is intended to assist you in making decisions and does not eliminate the need to discuss your particular circumstances with a qualified professional.