Sunday, December 22

Tag: loans

Should You Co-Sign a Mortgage Loan? | Mortgages and Advice
11Jul By adminNo Comments
Money

Should You Co-Sign a Mortgage Loan? | Mortgages and Advice

If you have good credit and a stable income, you could help a close friend or family member get approved for a mortgage by co-signing the loan. But whether you should co-sign a mortgage depends on whether you can afford the risk to your credit, finances and personal relationship with the borrower. What Does It Mean to Be a Co-Signer on a Mortgage?A co-signer shares responsibility for the payment of a loan. If the borrower stops making payments, the co-signer is required to pay back the loan."When you co-sign a mortgage, you are signing up to be responsible for repaying that mortgage," says Dawn-Marie Joseph, founder of Estate Planning & Preservation in Williamston, Michigan. "If the mortgage payments don’t get made, it will impact your credit score and future borrowing power."If a mor...
Read More
What Credit Score Do You Need to Buy a House? | Mortgages and Advice
10Jul By adminNo Comments
Money

What Credit Score Do You Need to Buy a House? | Mortgages and Advice

Mortgage lenders consider your credit score a measure of your ability to responsibly manage debt. The higher your credit score, the better your chances of being approved for a home loan, and vice versa. Having good credit can also make it possible to qualify for a mortgage with more competitive terms, like a lower interest rate.The minimum credit score you need to buy a home depends on the type of mortgage you plan to borrow. A conventional mortgage usually requires a credit score of at least 620, but it may be possible to qualify for a government-backed loan with a score as low as 500. However, just because you've reached the minimum credit score to borrow a mortgage doesn't necessarily mean you'll meet all the other eligibility requirements. And generally, having a higher credit score w...
Read More
Complete Checklist of Documents Needed for a Mortgage | Mortgages and Advice
8Jul By adminNo Comments
Money

Complete Checklist of Documents Needed for a Mortgage | Mortgages and Advice

When you're buying a home, gathering the paperwork for your mortgage before you apply can be a big task. Tracking down documents can take time, but doing it before you need them could help you get to the closing table faster. You will owe your lender a stack of documents once you apply – and during underwriting – that show you can repay the loan. A mortgage application typically requires a paper trail to verify: Income and employment. Assets and debts. Credit history. Identity. Rental history. Other information, such as divorce, bankruptcy or gift funds. Compare Top Mortgage Lenders Lender Learn More Min. Down Payment Min. Credit Score Lender Learn More Min. Down Payment Min. Credit Score Lender Learn More Min. Down Payment Min. Credit ScoreMortgage Application InformationThe fir...
Read More
Mortgage Rates Surge to Highest Level This Year | Mortgages and Advice
7Jul By adminNo Comments
Money

Mortgage Rates Surge to Highest Level This Year | Mortgages and Advice

Mortgage rates jumped higher across the board this week, with both fixed and adjustable interest rates trending upward. The 30-year fixed rate was 7.26%, the highest it's been since peaking at 7.33% in November 2022. Here are the current mortgage rates, without discount points unless otherwise noted, as of July 6: 30-year fixed: 7.26% (up from 7.15% a week ago). 20-year fixed: 7.32% (up from 7.24% a week ago). 15-year fixed: 6.61% (up from 6.58% a week ago). 10-year fixed: 6.79% (up from 6.74% a week ago). 5/1 ARM: 6.12% (up from 6.1% a week ago). 7/1 ARM: 6.25% (up from 6.23% a week ago). 10/1 ARM: 6.5% (up from 6.43% a week ago). 30-year jumbo loans: 7.31% (up from 7.22% a week ago). 30-year FHA loans: 6.51% with 0.05 point (up from 6.27% a week ago). VA purchase loans: 6.69% ...
Read More
What Is the Student Loan Grace Period? | Student Loans and Advice
6Jul By adminNo Comments
Money

What Is the Student Loan Grace Period? | Student Loans and Advice

Once you've graduated from college, the quest to land a job, find an apartment and start your adult life can seem overwhelming. There are so many questions to answer and so little time to go searching for the answers.For instance, you might start wondering when those student loans you took out actually need to be paid back.Fortunately for most borrowers, there is a reprieve after graduation known as the student loan grace period, which functions as a temporary delay of required loan payments. Read below to learn how a student loan grace period works, when it ends and what it might cost you.What Is a Student Loan Grace Period?A student loan grace period refers to a time when payments are not due. Interest may still accrue during this time, but that depends on the type of loan you have. Mos...
Read More
Can You Buy a Second Home With a VA Loan? | Mortgages and Advice
5Jul By adminNo Comments
Money

Can You Buy a Second Home With a VA Loan? | Mortgages and Advice

The U.S. Department of Veterans Affairs offers veterans and active-duty military members a number of benefits, including VA home loans. When you use this benefit, the home must be your primary residence, which means VA loans are generally not available for second homes unless you're moving. Can you buy a vacation or investment home with a VA loan? The short answer is no. When you buy a home with a VA loan, you're usually expected to move in shortly after closing – within 60 days in most cases. That means an investment home you rent out entirely or a vacation home you visit regularly but don't actually live in won't qualify for a VA loan. But there are some situations that allow you to use your VA entitlement to buy an investment or vacation home. Read on to find out some of the ways in wh...
Read More
Can You Get a Loan for a Mobile Home? | Mortgages and Advice
4Jul By adminNo Comments
Money

Can You Get a Loan for a Mobile Home? | Mortgages and Advice

Mobile homes can provide the stability and comfort of a traditional home but at a much lower price. The catch? Financing a mobile home can be more difficult than taking out a regular mortgage. Here's what you need to know if you want a mobile home loan. What Are Mobile Home Loan Requirements?If you want a mortgage for a mobile home, it must qualify as real property and not personal property. Real property refers to land and permanent structures, while personal property pertains to movable items. "When approaching the purchase of a mobile home, you first need to determine whether it's on a permanent foundation," says Matthew Yu, senior vice president of loans and investments at real estate lending and investment firm Socotra Capital. The traditional loan programs have options as long as th...
Read More
Who Is My Student Loan Servicer? | Student Loans and Advice
4Jul By adminNo Comments
Money

Who Is My Student Loan Servicer? | Student Loans and Advice

According to first quarter 2023 data from the Federal Reserve Bank of New York, borrowers in the U.S. owe more than $1.6 trillion in student loan debt.That mountain of debt is handled by student loan servicers – companies that manage billing and other administrative tasks necessary to maintain these loans.While borrowers don't have to pay extra for what student loan servicers provide, it helps to know which company services your loan and the different ways they can assist you throughout the life of your loan. Having this information can help you get the most out of your loan-servicer relationship.Find the Best Student Loans for You Lender Learn More Fixed APR Variable APR Loan Term Lender Learn More Fixed APR Variable APR Loan Term Lender Learn More Fixed APR Variable APR Loan TermWhat Do...
Read More
Does Paying Off a Loan Early Hurt Your Credit? | Personal Loans and Advice
4Jul By adminNo Comments
Money

Does Paying Off a Loan Early Hurt Your Credit? | Personal Loans and Advice

Paying off debt is a worthy goal, particularly if it can help improve your financial situation or free up money to spend in other areas. But while it may help your budget, are there any downsides to paying off a loan? Does paying off a loan early hurt your credit?It's important to know that paying off a loan early doesn't impact your credit any differently than if you were to pay it off on time. But it's true that paying off a loan can affect your credit score for better or for worse, depending on your credit profile overall.Even if there is some short-term negative impact to your credit, the benefits of paying off your debt can make the credit hit worth it. Here's what you need to know about what happens to your credit score when you pay off a loan.How Paying Off a Loan Affects Your Cred...
Read More
Mortgage Rates (and Home Prices) Rebound Higher | Mortgages and Advice
3Jul By adminNo Comments
Money

Mortgage Rates (and Home Prices) Rebound Higher | Mortgages and Advice

Mortgage rates jumped higher this week, with the 30-year rate increasing seven basis points to 7.15%. Fixed rates increased across the board, while adjustable mortgage rates decreased or stayed about the same.Here are the current mortgage rates, without discount points unless otherwise noted, as of June 29: 30-year fixed: 7.15% (up from 7.08% a week ago). 20-year fixed: 7.24% (up from 7.08% a week ago). 15-year fixed: 6.58% (up from 6.52% a week ago). 10-year fixed: 6.74% (up from 6.61% a week ago). 5/1 ARM: 6.1% (down from 6.12% a week ago). 7/1 ARM: 6.23% (up from 6.22% a week ago). 10/1 ARM: 6.43% (down from 6.45% a week ago). 30-year jumbo loans: 7.22% (up from 7.15% a week ago). 30-year FHA loans: 6.27% with 0.05 point (up from 6.19% a week ago). VA purchase loans: 6.53% wi...
Read More