However, the truly unsettling idea about credit scores and their relation to home financing is the fact that most people do not even know they are extremely important even after you have been approved…
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It doesn't make much sense, does it? Why would the buyer with the smaller down payment (and therefore the riskier borrower) would benefit from lower rates?
As you know, variable rate mortgages, lines of credit and/or student loans are all based on the Prime Rate. Many of you might be asking should I lock in my variable rate mortgage?This is not an easy question to answer. Why? Because, just like when purchasing a property, everyone’s own personal situation is different.
Here are 3 main points to consider before you jump to action: 1. Your current variable interest rate 2. Your future goals and housing/mortgage plans, and 3. Your potential new fixed rate Let’s explore these in more detail...
In the case of a separation, it is possible to structure a new mortgage that allows you to purchase the property from your ex-spouse for up to 95% of the property’s value. Alternatively, if your ex-spouse wants to keep the property, they can buy you out using the same program.
Here are some common questions about the spousal buyout program:
1. Amount
Loan Amount is often the critical component of your financing. This is particular true in the case of a property purchase. The loan amount will drive your other considerations. You may have secured a great low rate, but if you lender is only prepared to provide you a loan equal to 60% of purchase price or appraised value, are you prepared to inject additional equity? |
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