Preparing for a positive mortgage experience starts well before the paperwork begins. So before you apply for a home loan, make sure you don’t do these 10 things.
Buying a home can be an exciting journey, but can also feel like a daunting task at times. We at Minute Mortgage want to help make the journey to homeownership as smooth as possible. Consider this guide to be your Buying a Home 101 course.
Refinancing for the right reasons at the right time can be hugely beneficial for homeowners. While the positives are plenty, there are things to consider before refinancing your home’s mortgage.
Think about these pros, and a few considerations, before you commit to refinancing your home loan.
Planning to refinance your mortgage starts long before you fill out an application. Like when you got your original mortgage, it’s best to start planning and getting your finances in order before applying.
Here are six things to consider as you plan for a positive refinance experience.
A high credit score is very beneficial when applying for a new or refinanced mortgage. The higher the score, the better the terms. The better the terms, the more hard-earned money you save over the life of your loan.
Following these steps will put you on a path toward a credit score that will make any lender smile.
While fixer-upper and buy-and-flip shows make for entertaining TV, the reality is most homebuyers want their new digs ready to live in on day one.
These projects and upgrades can help boost your property value and make your home appealing to those looking for move-in-ready residences.
The key to getting approved for a home loan when you’re self employed is to plan well in advance—think two years, at least—and be meticulous with your income documentation during that time.
Here are four tips to help you secure a mortgage if you’re self employed.
Discount points are fees paid directly to the lender at closing in exchange for a reduced interest rate. This is also called “buying down the rate,” which can lower your monthly mortgage payments.
One point costs 1 percent of your mortgage amount (or $1,000 for every $100,000). Essentially, you pay some interest up front in exchange for a lower interest rate over the life of your loan.
In general, the longer you plan to own the home, the more points help you save on interest over the life of the loan.
The example payments do not include taxes, insurance or assessments. Mortgage Insurance Premium (MIP) is required for all FHA loans and Private Mortgage Insurance (PMI) is required for all conventional loans where the loan amount exceeds 80% of the subject property value (LTV).
Mortgage interest rates shown are based on a 30 day rate lock period. All loan products and pricing assume the property type is single family and will be used as your primary residence. All loan products and pricing are based on the location of Maricopa County, AZ.
The Annual Percentage Rate (APR) is a measure the total cost to borrow money as an annual percentage. The APR includes the interest rate plus other charges or fees (such as mortgage insurance, discount points, and origination fees). The APR can be a useful method to compare the costs of similar loans between lenders.
The rate, terms and estimated closing costs above do not constitute a Loan Estimate. The Loan Estimate is prepared based on your specific information provided that you will receive once you apply for a loan. The rate, terms and estimated closing costs, are estimations based on the assumptions noted above. This is NOT a mortgage loan approval or commitment to lend. The actual fees, costs and monthly payment on your specific loan transaction may vary, and may include city, county or other additional fees and costs.
The displayed interest rates and APRs are based upon a variety of assumptions and conditions which include an assumption for consumer credit profile. Your actual credit score may be higher or lower than the assumption shown. Your loan's interest rate will depend upon the specific characteristics of your loan transaction.
Minute Mortgage is located at 8388 E Hartford Dr, suite 111, Scottsdale, AZ 85255 NMLS 1696333. 1-602-443-5000. Copyright 2019. All Rights Reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations apply. Click Here for Licensing Information.
Minute Mortage is an independent mortgage lender and is not affiliated with the Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA)