The days of needing 20% down to buy a home are long gone. To compensate, lenders charge private mortgage insurance as means to offset risk, driving up would-be borrowers’ mortgage payments. Here’s how you can buy a home with less than 20% down and still avoid dreaded PMI… Quick PMI Nuts And Bolts Private mortgage…
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Looking to finance larger loan size? If you plan on being in the market for a mortgage loan $417,000 or larger, your credit score along with your equity will play an important role in your ability to get approved for a jumbo sized home loan. What you’ll need to know if you’re looking for a…
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The cost of your educational isn’t just interest you pay on student loans, no, in fact, an ulterior cost also lurks in the mix, mortgage ineligibility. A deferred student loan usually be will be counted against your income when you apply for the big ticket debt. If you have student loan or multiple student loans,…
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Looking to get your foot in the door? If you’re tired of paying someone else’s mortgage, now may be the time to pursue the American dream of homeownership. In fact, you need not put down 20% either. Those days are long gone. While you can always elect to put down the full 20% or more,…
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An important home buying hurdle you’ll need to over is the relationship between the proposed new housing payment and current liabilities against your monthly pre-tax income. The payment to income ratio on debts, including other debt houses you own, play a vital role for the mortgage broker determining how much house you can bite off.…
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Are you one of the millions of homeowners who short sold a house in the last few years? If yes, you’ll now be waiting a little while longer for your second chance. On August 16, 2014 new rules take effect surrounding a previous short sale now requiring you to wait an additional two years before…
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Demand for real estate is prevalent is many markets across the country, one of the challenges that inevitably follows suit, is a particularly competitive real estate climate. All cash offers, offers going for thousands over list price, and a continual squeezing between affordability and prices in a given area, only adds to the frustrations many…
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Buying a primary home? The 20% down rule is yesterday’s news. More down payment options exist, including both government and private sector alternatives, allowing more flexible choices. Don’t be fooled however, as most of the programs that allow for less than 20% down include PMI, an added premium built into the mortgage payment. If you…
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