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Is Now the Best Time to Buy that House? Find Out First If You Qualify
from:Buying a house is both exciting and scary, especially for the first-time buyer. Most people prefer to factor in timing, in order to get the best rates. But other than being able to understand market trends, there are other things you need to look at to see if you qualify for that home mortgage.
You have a steady source of income. Examine carefully your current cash flow. Qualifying for a home mortgage means you are capable of a long-term payment commitment so you will need to consider your situation years from now. Try to foresee future expenses, plans, job movements and changes.
You have enough money saved to last you at least three to six months in case your income source is cut or interrupted. This means that you can continue to pay for your mortgage (along with other bills) and the lender has nothing to worry about.
Your debts are under control. Sure you still make monthly payments on that student loan and that credit card and you still haven’t paid up the car loan, but if your debts are consistently paid with no bad marks at least a year or two from today, then you’re looking good. That means you can be trusted.
Your monthly total debt payments (mortgage, loans, credit cards) remain below or well below 38% of your gross monthly income. This shows the lender that you are capable of paying responsibly and that a home mortgage will not drive you to bankruptcy.
If your credit history is less than perfect, it will not automatically disqualify you for a home mortgage, but a good history means paying lower interest rates and monthly mortgage payments. Before talking to a lender, check your history from one of the three credit bureaus. There might be some errors you need to correct or you might want the best arrangement that can lift your credit rating a notch higher.
You can afford to pay downpayment. You will need a sizable amount of cash to pay downpayment for your house of choice. That’s 20% of the total price. You may also choose a low or zero downpayment scheme, but it may not be cost effective in the long run.
Decide to buy when you’re ready. A house is probably the biggest financial decision you will ever make in your life so be sure you go into it when you yourself feel that you can handle the responsibility. All that timing in order to qualify really depends on you.
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Jumbo Home Mortgage Rate News
Housing fix backfires - CNN
Housing fix backfires CNN - That was supposed to bring down mortgage rates on jumbo loans and help goose sales in cities across the country - mostly on the East and West coasts - where ... |
Moody's reviewing jumbo mortgage securities as loan defaults soar - Los Angeles Times
Moody's reviewing jumbo mortgage securities as loan defaults soar Los Angeles Times, CA - Defaults among homeowners "across the credit spectrum" have soared as home prices slump, mortgage rates rise and lenders rein in debt offerings, ... Many mortgage bonds weakened in 1st half -Moody's Delinquencies, Losses Continue to Rise On Loans Backing ... |
Pimco Seeks as Much as $5 Billion for Distressed Debt (Update1) - Bloomberg
Pimco Seeks as Much as $5 Billion for Distressed Debt (Update1) Bloomberg - Jumbo loans are those over $417000. The commercial-mortgage bond market hasn't faced the same rate of late payments as debt tied to subprime home loans. ... |
Raising the bar - San Diego Union Tribune
 San Diego Union Tribune | Raising the bar San Diego Union Tribune, United States - If someone with a high credit score bought a home for $400000, with a down payment of 10 percent and using a fixed-rate 30-year mortgage, ... |
Australian Mortgage Bonds Offer World's Best Value, Pimco Says - Bloomberg
Australian Mortgage Bonds Offer World's Best Value, Pimco Says Bloomberg - Default rates may increase as the biggest drop in Australian home prices in five years, the highest borrowing costs in a decade and slowing economic growth ... |
What If Fannie and Freddie Could Go Private? [Housing Tracker] - Seeking Alpha
What If Fannie and Freddie Could Go Private? [Housing Tracker] Seeking Alpha, NY - “Jumbo home loan specialist Thornburg Mortgage (TMA) said its survival remained in doubt following additional margin calls, but it is on track to complete a ... |
Credit eases for buyers of more-affordable homes - Arizona Republic
Credit eases for buyers of more-affordable homes Arizona Republic, AZ - At the end of July, the average interest rate on a jumbo 30-year mortgage was 7.82 percent. The average rate on a 30-year "conforming" fixed-rate mortgage ... Restructuring of mortgage loans gets tougher |
FOMC Minutes: Fed Poised To Take Harder Stand On Inflation - Clusterstock
FOMC Minutes: Fed Poised To Take Harder Stand On Inflation Clusterstock, NY - Offer rates on 30-year jumbo mortgages also rose, and credit for nonconforming mortgages remained difficult to obtain. In the secondary market, ... |
Thornburg survival in doubt after new margin calls - Reuters
Thornburg survival in doubt after new margin calls Reuters - By Jonathan Stempel NEW YORK (Reuters) - Thornburg Mortgage Inc (TMA.N: Quote, Profile, Research, Stock Buzz), a specialist in jumbo home loans, ... Thornburg survival in doubt, sees completing tender |
A rise in mortgage rates - Los Angeles Times
 ABC News | A rise in mortgage rates Los Angeles Times, CA - From The Wall Street Journal: "Home-mortgage rates are nearing their highest levels in a year, adding to pressures on the already weak housing market." Video: House Bails Out Lenders Mortgage Rates Fall in Response to Speculation about Overnight ... Capital-area homebuyers get path out of loan grief |