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Are you ready to rent or buy?
It’s a big question, and it’s important to do your research before making such a significant decision. Here are some key areas to investigate before making your choice: Financial Considerations: Budget: How much can you afford to spend on rent or a mortgage payment each month? Savings: Do you have enough savings for a down payment on…
First time Homebuyer? Do your research.
Research is essential for first-time homebuyers. It’s not just about finding the right house, it’s about understanding the entire process and making informed decisions. Here’s a breakdown of some key areas to research: 1. Finances & Budgeting: Calculate your budget: Determine how much you can comfortably afford to spend on a monthly mortgage payment. Consider factors like your…
What mortgages are assumable?
What mortgages are assumable? You’re asking a great question! While the term “assumable mortgage” gets thrown around, it’s not as common as you might think. Here’s a breakdown of the most common assumable mortgages: 1. FHA Loans: The Good: FHA loans are generally assumable, meaning a buyer can take over the existing loan’s terms, including the interest rate, if the lender approves.The Catch: This depends heavily on the loan’s origination date. FHA loans originated after December 31, 2014, are not assumable unless the lender specifically allows it.The Bottom Line: You’ll need to carefully check the loan documents and see if it’s assumable before getting too excited. 2. VA Loans: The Good: VA loans are typically assumable, but again, with some caveats. The Catch: The VA loan must have been originated before 2018, and the lender may require a credit check and income verification on the buyer. The Bottom Line: VA loans are a good option if you’re a veteran and find a house with an attractive existing rate. 3. USDA Loans: The Good: USDA loans are generally assumable, offering the potential to lock in a low-interest rate. The Catch: Similar to FHA loans, the assumability of USDA loans depends on the loan’s origination date. The Bottom Line: Check the loan documents and the USDA guidelines to see if the specific loan is assumable. 4. Conventional Loans: The Bad: Conventional loans are typically not assumable. The Exception: Some conventional loans may be assumable, but it’s rare and usually requires the lender’s approval. The Bottom Line: Don’t count on a conventional loan being assumable. Important Considerations: Lender Approval: Even if a mortgage is technically assumable, the lender may still need to approve the new borrower. Loan Terms: The assumable loan must be in good standing. Any late payments or delinquencies can be a deal-breaker. Transfer Fees: There might be fees associated with transferring the loan, so factor those into your calculations. In Summary: Assumable mortgages are possible but not always guaranteed. If you’re looking for a home with an assumable mortgage, do your research, and talk to a mortgage lender to see if the specific loan is eligible and what the requirements are.
But what about my credit score?
Your credit score is an important factor in determining whether or not you will be approved for a mortgage refinance, and the interest rate you will be offered. A higher credit score will generally lead to a lower interest rate. Here are some things you can do to improve your credit score before you refinance…
