money

6 Valuable Lessons To Improve Your Credit

1. Paying interest is one tough chore (*Making monthly credit card payments isn’t fun. But the pain compounds when you’re paying interest on top if it).

2. Even a half-percentage interest-rate reduction matters (Negotiating isn’t always on the docket for financial literacy programs, but it’s worth mentioning — some numbers carry more wiggle room than you’d expect)

"NO DOC" loans are back!

 

The term “No Doc” is usually defined as no income, no asset, and no employment verification. Typically, self-employed, unemployed, seasonal workers, and new immigrates generally struggle to meet strict requirements to qualify for loans. A loan with few to no documentation is easier to qualify for, but generally carries a significantly higher interest rate. Essentially, all the borrower must document is their credit history (in the form of a credit report), and the lender will use this alone to determine if they are suitable for home loan financing. 

 

Criteria

How much money will you have to come up with to buy a home? Read below to find out

Well, that depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money - the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you must pay when you go to settlement; and closing costs, the costs associated with processing the paperwork to buy a house.

Are you aware that mortgage rates change?

Just like the stock market, mortgage rates change throughout the day. Therefore, the mortgage rates you see today may not be available tomorrow. If you are in the market for a mortgage loan, be sure to check the current rates being offered. If you have already done your research and have found your dream home, consider locking in your rate as soon as possible with Miller Mortgage. If you have any questions give us a call.

 

Chris Miller

Manager

Miller Mortgage, LLC.

978-535-1822 (office)

866-289-7495 (fax)

877-538-7967 (toll free)

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