When it comes to securing a mortgage, timing is everything–especially when it comes to locking in an interest rate. Mortgage rates can fluctuate daily, and even a small change can have a significant impact on your monthly payments and the total cost of your loan. To protect yourself from rising interest rates while you’re in the process of buying a home or refinancing, you can use a mortgage rate lock.
Legal Documents You Need When Buying a House
You will need to provide several documents to your lender and the seller. The specific documents required may vary depending on the lender and the type of loan you are applying for, but here are some of the most common documents you may need.
ITIN Loans: Are These Loans Right For You?
As you take a look at your mortgage options, you might find that a conventional mortgage presents a few qualification challenges.
Do You Need Mortgage Insurance Even If It’s Not Required By Your Lender? Let’s Take A Look
Most loan applications with less than 20% down payment are required to include mortgage insurance with the loan. However, mortgage insurance may still be needed, even if it’s not typically required by your lender.
You May Need More Than You Think To Buy Your First Home
Those who are thinking about buying their first home soon are likely saving up for a down payment. This can be a challenging process because, for many people, this is the largest amount of money they have ever saved in their lives. Sadly, the amount that people might need to buy their first home is more than they think.
