One of the biggest issues facing homebuyers today are problems with their credit scores. Unlike in the past, the available loan products and interest rates will vary significantly with a person’s credit score. Below are 5 Do’s and Don’ts to make sure that your credit score is as high as it can be:
1. DO-Make your mortgage on time and in no event later than the 30th day of the month. Even one 30 day late mortgage in a year can drop your credit score by 40-50 points and make you ineligible for certain mortgage products. If something has to be paid late, make it ...
There’s a general feeling in the market that in order to get a mortgage now, a person has to have a credit score over 700 credit score; a very high income and a large down payment. This can be difficult since the economy is still recovering so that high paying jobs are hard to come by. Also, due to the high cost of living, it is hard to save a lot of money in order to buy a house. But none of that is necessary. So long as you have a job and a little money saved or available to use from some source, you can buy a home!
For example, on a Fannie Mae or a ...
If you are looking at the mild, dry weather this winter and the low interest rates and thinking "We should look into buying a house this year," then this is for you. Likewise, if you have an interest rate above 4.25%; want to change from a 30 year fixed to a 15 year; have PMI on your loan but an increased house value; have an FHA loan with PMI of 1.35%; or want to convert an ARM to a fixed, this is for you too.
But, in order to get a new loan, there are a few things that you should know. Though some of them are "self-evident" and would appear to the untrained eye to ...
A lot of people have been asking lately what documents they need to provide in order to get approved for a mortgage to buy a house. With this video, we'll go over the documents that you need to provide the lender to make the mortgage application easier for you and the lender. They fall within basically three different categories.
Watch this video and learn about the requirements and documentations you need to prepare to get a mortgage for that home purchase.
Daniel M. Shlufman has been a practicing real estate attorney concentrating in residential and commercial real estate transactions since 1989, with an office conveniently located in midtown Manhattan, New York.
112 West 34th Street, 18th Fl.
New York, NY 10120
The Law Offices of Daniel M. Shlufman
112 West 34th Street 18th Floor
New York, NY 10120
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