Securing the best conventional mortgage rate possible can pose a challenge for even veteran property buyers.
Once you and the seller have negotiated an offer and you’ve been pre-approved for a mortgage, you might think that you are in the clear as far as your closing goes. However, that is not always the case. Many surprising things can put a halt to closing. Some may ultimately stop the closing altogether while others could simply cause a delay.
Home buyers are typically advised to put at least 20% down for a mortgage. Coming up with that amount can seem almost impossible if you have little to no money left over after paying bills each month.
Borrowers who cannot qualify for a conventional mortgage are often able to obtain an FHA loan. However, to secure this type of loan, you must still meet certain requirements.
Going solar can make life sunnier for some homeowners. In addition to reducing energy dependence by “borrowing” energy directly from the sun, purchasers may also enjoy a 30 percent federal Solar Investment Tax Credit and other incentives, according to SEIA.
Many first time home buyers often wonder what factors determine their mortgage rate. Is it their credit score? Is it the type of loan chosen? Is it the size of the loan?