Home Mortgage Loans

tSmart about Home Mortgage Loans
Buying a home can be very exciting, but the excitement may soon turn to apprehension. GetSmart is here to make purchasing your home easy, whether you’re a first-time or experienced home buyer.
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Purchase Mortgage Tips
With today’s changing mortgage market, lending requirements have gotten stricter. Bottom line, for those with less-than-perfect credit, it’s harder to get a loan now than it was a year or two ago, but following these home mortgage loan tips can help improve your attractiveness to mortgage companies and be a smart shopper.
Improve your credit score.If your score is below 700, you may want to improve it before applying for a loan.
Increase the size of your down payment.A down payment of at least 10 percent makes you a more attractive borrower to lenders because the lender assumes less risk if you default on the loan.
Lower your debt-to-income ratio.In general, lenders consider borrowers with more than 36 percent of their income going towards housing and recurring debt to be a higher lending risk.
Shop around.A good idea in any time, comparison shopping is particularly useful in a tighter mortgage market.
Include a loan contingency in your offer contract.A loan contingency simply states that your offer to buy the house depends on your ability to obtain financing.
Home Mortgage Loan Articles
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Qualifying for a Home LoanYour ability to repay is verified by your current employment and total income. Your willingness to repay is closely related to how you’ve fulfilled previous financial commitments. Read more.
Low Down Payment? Here Are Two SolutionsIf you are paying less than 20 percent down for your new home, you will probably be required to pay private mortgage insurance. Read more.
Finding the Best MortgageHome buyers can choose from many different types of mortgages. The basic models are fixed rate mortgages and adjustable rate mortgages or ARMs.Read more.
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