Down-payment Most homebuyers are aware of the required down-payment fee but some are not as well informed. Generally the down-payment is 3.5 to 5 percent of the home's total sales price, however there are some loan types that require lower to zero down-payment. A common belief is that at least a 20 percent down-payment is required for buying a home, but the reality of it is that there are other loan programs available to home-buyers that will require less of a down-payment. Of course buyer and … [Read more...]
Houston, Texas Mortgage Availability has Improved with Time
Whenever an unplanned and unwelcome financial situation develops, a Houston mortgage-holder can find himself or herself in the onerous position of being unable to keep up with the monthly home loan payments. If the unhappy situation continues long enough, the likely result is a foreclosure or short sale. In addition to losing the property, the impact on personal credit then takes years to undo. That means it takes that much longer for a consumer to acquire a new home and start to build equity … [Read more...]
Keeping an Eye on Mortgage Experiment for Sugar Land Buyers
Sugar Land home buying activity may be going great guns, but for some would-be buyers, credit score woes are still a stubborn obstacle. That’s why we have been keeping an eye on the new pilot project that was announced late last year. This was the one called the "Wealth Building Home Loan." It’s an experiment aimed at opening up home ownership options, particularly for first time home buyers. Bank of America and Citibank were first to sign up for the program, said to “take a fresh approach to … [Read more...]
Sugar Land Mortgage Rates on the Rise? Bellwether Signals Clues
If you’ve ever had the kind of neighbor who is apt to borrow something (like your hedge trimmer), only to later complain about how it performed, you know how much patience it takes to hold your tongue. The Mortgage Bankers Association would be justified if they felt that way about me: I read their website, and sometimes quote it in posts about current Sugar Land mortgage rates—but it sure makes for dull reading! Anyway, with apologies to their (undoubtedly hard-working) writing staff, last … [Read more...]
Missouri City Loans, Credit Scores—and “Invisible Ink” Safeguards
You may have wondered why there are credit repair companies out there, since the credit reporting agencies have to allow any Missouri City consumer to dispute incorrect line items on their own. The big Credit Reporting Agencies (“CRAs”) even have online systems for challenging erroneous information. The Agency must act speedily to investigate and correct any false information. Soooo, why pay someone else to just fill out their form? The answer seems to be the same one that makes practitioners … [Read more...]
