Last week’s economic reports included readings on new and existing home sales, a speech by Fed Chair Janet Yellen, and a report on consumer sentiment. Weekly reports on mortgage rates and new jobless claims were also released.
Last week’s economic reports included readings on new and existing home sales, a speech by Fed Chair Janet Yellen, and a report on consumer sentiment. Weekly reports on mortgage rates and new jobless claims were also released.
Savvy home buyers who are preparing to make a real estate purchase should do their research and understand that they need to save money for not only the down payment but the closing costs as well. The closing costs can account for as much as three to five percent of the sales price in some cases, so this can be a rather sizable amount of money. Some home buyers however, may not realize that the amount of closing costs can vary considerably based on the home that is purchased. With a closer look at why this is, home buyers can make a more educated decision when selecting a home to purchase.
Last week’s economic news included the NAHB Housing Market Index, Commerce Department releases on housing starts and building permits issued. Weekly reports on mortgage rates and new jobless claims were also released.
What Is Prime? The Prime Lending Rate – sometimes just called “Prime” – is the interest rate that banks charge each other for overnight loans. Some consumer rates – like ARMs – are set in relation to Prime.
Who is NOT required to pay the VA funding fee? This video could save some veterans thousands. VA loan applicants pay a funding fee – as of 2014, 2.15% of the total loan amount – which can be thousands of dollars. Some veterans and spouses are eligible for exemption.
What Steps Need To Be Taken To Secure A Loan
You’ll see some pictures in this video to help you remember later, but the first step in securing a loan is to complete a loan application.
To do so, you’ll need the following information.
Video: Are There Special Mortgages For First-Time Homebuyers?
How Are Pre-Qualifying And Pre-Approval Different? Watch this video and it’ll make sense. Pre-qualification is an informal way to see how much you maybe able to borrow – but not a commitment by a lender.
For those who are looking to buy a home soon, keep in mind that the Debt-to-Income ratio of the borrower plays a huge role in the approval of your mortgage application. A low DTI may make it easier for the lender and the underwriter to justify making a loan to the borrower.
The best way to ensure you get a good rate on your mortgage is to become an informed buyer. The more you know about mortgages, the more you’ll be able to save, and that doesn’t just mean knowing where to find the best interest rate.
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