How much does it cost to refinance a mortgage? Key Points They are refinancing your mortgage costs between 2% and 5% of the new loan amount. These closing costs may include application, origination, and home appraisal fees. To determine if it’s worth paying for a refinance, figure out when you’ll break even — when the … Read more
Understanding the Mortgage Underwriting Process Key Points When you apply for a mortgage, lenders use a process called underwriting to determine whether to approve or deny your loan. Underwriters consider factors such as your credit history, financial profile, and home appraisal when deciding on your loan. The subscription process involves several steps, which may take … Read more
What is an assumable mortgage, and how does it work? Key Points A mortgage assumption means that the existing borrower co-signs the loan balance to you, and you are responsible for the remaining payments. Most conventional mortgages are not negotiable, but many government-backed loans (FHA, VA, USDA) are. The lender must approve you to take … Read more
Income Requirements to Qualify for a Mortgage Key Points There are no specific income requirements to qualify for a mortgage. To determine if you qualify for a loan, lenders use your debt-to-income (DTI) ratio to compare your Income to your total mortgage debt. Your credit score and down payment amount also greatly influence whether you … Read more
5 Types of Mortgage Loans for Home Buyers Key Points The main types of mortgages are conventional loans, government-backed loans, jumbo loans, fixed-rate loans, and adjustable-rate loans. Other types of mortgages exist for different purposes, such as building or renovating a home or investing in property. The right mortgage for you depends on the strength … Read more