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As mentioned, negotiating a deal is something you can do. Work with the dealership to get the price down. Use a significant down payment. Have a trade in. Buy when there is a dealer incentive taking...
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Updated homes frequently sell faster. The renovation of dark or dated kitchens is one of the most profitable home improvements you can make.
Time to refinance your mortgage? If interest rates are...
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...And so the fact of the matter is that you want to eliminate that debt as soon as possible. Talking to the callers is probably a good idea because you can either work out a payment plan or find some way to remedy the problem. The debt collectors will be much less likely to continue hounding you if you show initiative and...
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...Home Mortgage Disclosure Act (HMDA or HUM-duh) is a federal act that was enacted in 1975 that requires home mortgage lenders or federal home loan banks in the US to disclose information regarding...
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Step 3: Get Prequalified and Preapproved for Your Mortgage
Before you start looking for a home, you will need to know how much you can actually spend. The best way to do that is to get pre qualified for a mortgage. To get pre qualified, you just need to provide some financial information to your mortgage banker, such as your income and the amount of savings and investments you have. The Lender will review this information and tell you how much we can lend you.
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Posted: 28 October 2014
Repayment Mortgage Calculator
Repayment Mortgage Calculator
The repayment mortgage calculator is only the first step towards the house of your dreams. Here, you will get a rough estimation about the money that you can get through a mortgage facility. However, from the calculator to the contract, there is a long and sometimes risky path to follow.
The repayment mortgage calculator does not know what your financial situation is. The majority of calculators will ask you some details about your credit report, but only a banking officer could really read it. However, the mortgage calculator tells you if it is worth to take a shot. The next step is to contact the bank directly.
You need some serious patience and nerves, as the number of documents requested by the bank are burdening. You need salary documents, personal and legal documents, and a co-payer, if you are willing to have one. Based on those documents, the bank will issue a pre-approval of a mortgage. Sometimes, the pre-approved sum is different than the one obtained with the repayment mortgage calculator. Good news is that it might even be bigger.
The pre-approval represents a statement from the bank that you are entitled to the money. Based on this sum, you need to look for the house of your dreams. Don’t be afraid to look for the real estates with a higher listing price than the one approved by the bank. Some owners are willing to negotiate, and you can aim offers 10% higher than your budget.
Things to consider while buying a house
An essential factor of the buying selling contract is the price. With the goal of paying less taxes and commissions, the parts agree to write a smaller price in the contract. This is not in the interest of the parts at all time. If a third person appears and asks for the right of property on the respective house, the things will complicate if the case goes to a court of law. If the judge decides to cancel the buying selling contract, the buyer will only receive back the sum stated in the contract. You can avoid such problems by writing the real value of the transaction in the contract.
If you decide to buy the house using a mortgage contract, you need a repayment mortgage calculator that keeps track of other costs, such as the commissions, evaluation and taxes. The classical definition of mortgage means that the credits are warranted with the right of action against the real estate. In other words, the bank has the right to apply foreclosure on the house in case the client does not respect his obligations.
The mortgage is a method to guarantee the rights and obligations towards a creditor, with the mortgage facility. When you calculate the monthly rate for a credit, make sure not to pay more than 50% of your incomes on rates.
Consider that, besides the interest, which is different from one bank to the other, there are many other things to consider: the evaluation tax depends on the approximate value of the real estate, but there is also the insurance that must be paid, along with the commission for approving the credit.
If the house is not built yet, you will have to pay the rates even before the actual construction of the house. Pay attention to those types of contract. If you are paying rent currently, you will have to pay the rent and the mortgage rate even before moving to your new home, and this might be a huge financial pressure. Moreover, if the constructor is late with the construction, you will have to pay rent and mortgage for a longer period.
More information about repayment mortgage calculator click here.
By Mcaleer Aube
|Date: Mar 6, 2014, 3:35 AM|
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|Date: Jun 9, 2014, 6:04 PM|
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5 SIGNS You Are a Great VA Loan Candidate
VA loan applicants come from all kinds of different places in life. Some are soldiers deployed overseas, defending our freedoms while also hoping to claim a piece of the American dream they’re fighting to protect. Others are veterans decades removed from military service. Some are even surviving spouses of those killed in the line of duty or of a service-connected disability.
Beautiful two story home
Good credit and steady income are just two of the signs you might be a great candidate for a VA home loan.
They can also come from very different places financially. Some prospective borrowers have great credit and a solid chunk of assets. Others have experienced a foreclosure or a bankruptcy and are unsure of whether they can use the VA home loan program, which has helped more than 20 million veterans since 1944.
So what makes you a great candidate for a VA loan? It’s an important question to consider when the time comes for loan prequalification and preapproval. This isn’t exactly like trying to get into Harvard. You won’t have to write any essays or embellish your resume. But lenders are going to take a long, hard look at your financial situation before extending an invitation to the world of homeownership.
Here’s a look at five signs you’re in a great position to land a VA loan:
Your Credit Score is at Least 620
True, the VA doesn’t actually have a credit score requirement to participate in the program. But the VA doesn’t actually make loans; it basically insures them. VA-approved lenders are the ones lending you money, and they can impose requirements beyond what the VA wants to see. One of the most significant ones is a qualifying credit score, which will vary from lender to lender depending on your unique situation.
Right now VA lenders are looking for borrowers with a credit score of at least 620. That’s not an exceptionally high score. In fact, it’s considered only a “Fair” credit score, which is two steps below “Excellent.” You may need a higher score if you’re seeking a refinance loan or if you’ve had a recent bankruptcy or foreclosure. It’s also important to note that a co-borrower (that would be a spouse or another veteran in the case of VA loans) also needs a qualifying credit score.
Borrowers below that credit threshold can check out the Lighthouse Program at Veterans United Home Loans. Our Lighthouse specialists work with veterans and their families for free to develop a plan to repair their credit and get on the road to loan prequalification. You can reach a Lighthouse specialist at 888-392-7421.
You Have Steady Employment
Do you need a job to get a VA loan? Technically, no. Retirees do it all the time. But they also tend to have sources of income beyond a paycheck. For most veterans who aren’t quite ready for retirement, you’re going to have to show lenders you have acceptable sources of stable, reliable income that’s likely to continue. In general, the gold standard is two years of steady employment at the same job.
That’s not always possible, especially for military members preparing to separate and join the civilian workforce. It’s possible to be on the job for less than two years and still satisfy a lender, although you’ll typically need a good letter of explanation (LOX).
Self-employed veterans may struggle to obtain home financing without two years of business tax returns. Lenders can be wary of self-employment income because it's so subject to fluctuations depending on the nature of your business.
VA purchased home
Bankruptcy or foreclosure doesn’t mean you’re automatically out of the running for another VA home loan.
You Have a Good Balance of Debt to Income
Lenders are going to look at your debts as well as your income and calculate your monthly debt-to-income (DTI) ratio. This looks at your major revolving expenses like a mortgage payment, car payments and student loan payment and divides that monthly outlay by your gross monthly income. Generally, the VA wants to see a DTI ratio of 41 percent or less, which is a higher standard than what you’ll find on conventional and FHA financing. But it’s possible to have a ratio greater than that and still obtain a VA loan.
In order to do that, you would need to meet additional requirements regarding a unique VA standard called residual income, which is basically how much money you have left over each month after those major expenses for normal household needs.
You also can't be in default or delinquent on any federally assisted loans such as student loans. Getting these debts repaid or at least developing a satisfactory repayment agreement will need to be your first step.
No Recent Bankruptcies or Foreclosures
Experiencing a bankruptcy or foreclosure doesn’t exclude you from ever using your VA home loan benefits. But you may have to wait a bit or see your purchasing power diminished. You’ll generally need to wait at least two years from the date of your bankruptcy discharge to pursue a VA-backed mortgage. It’s the same for a foreclosure, a short sale or a deed-in-lieu of foreclosure. These events will exact a toll on your credit score, and prospective borrowers often need to spend those two years working to repair their credit.
Losing a VA mortgage to foreclosure doens’t mean you automatically lose your benefits. It’s often more a question of how much VA loan entitlement you have left, since some is likely lost to that foreclosed property. Qualified borrowers can use what’s called second-tier or secondary entitlement to purchase again using the program.
Consumers who file for Chapter 13 bankruptcy protection can be eligible after 12 months of on-time payments, but it's often tough to find a lender willing to go any earlier than the two-year mark.
You’ve Got Enough Cash for a Few Up-Front Costs
VA loans come with no down payment, which is an incredible benefit in the current housing market. Ninety percent of VA buyers purchase without having to put money down. But there are some costs you’ll likely need to front, although you’re likely to get some if not all of them back. One of those is earnest money, which is like a good faith deposit you make with a home seller. Earnest money can range anywhere from a couple hundred dollars to a couple thousand depending on the purchase price.
Another up-front cost is the fee for an appraisal, which will determine the value of the property and whether it meets the VA’s Minimum Property Requirements. Conducted by independent VA appraisers, these typically range from $350 to $500 depending on where you live. You’ll also want to spend money on a home inspection, which will set you back about $400. These are different from appraisals and much more exhaustive. A home inspection isn’t mandatory for the loan to close, but you should pretend it is.
To learn more, check out our in-depth guide on VA loan fees and costs.
By: Chris Birk
|Date: Jan 14, 2014, 8:19 PM|
Number of Comments on Photo:0
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