There is a considerable difference in the experience and relationship you build with a home you are renting and one you actually own. For example, if you have a problem with your rental home, you simply complain to the landlord and like magic, the situation is resolved. No worries about homeowners insurance, saving for a roof replacement or considering the longevity of the HVAC.
But, when it comes to homeownership everything changes. Suddenly all those repairs, payments and upgrades fall on your regular expense account. You may even ask yourself if you actually want the responsibility of the landlord.
But, here is my longer answer on why you will find the homeownership experience to be most rewarding.
Build Equity
When you own your own home and make amortized payments (not interest only), you are not simply shelling out cash to your landlord and you are building the equity of your home. As the property values in the surrounding area also increase, the value of the property of your home also climbs higher. Through keeping your home and property well-maintained and keeping up with your regular payments, your home’s total equity will increase. Knowing that your hard-earned housing payments are improving your total worth and not just filling your landlord’s coffers is an especially satisfying notion.
Your Payments Are Predictable
When you rent a house, you have a very unstable agreement on how much your payments will be each month. When the costs of housing go p, the difference in your rent is only more riches for your landlord. But when you own a home the only thing that can change the costs of your regular payments are tax hikes and increased charges for homeowners insurance. Although, certain neighborhoods may include special assessments and homeowner’s associations that also include increased prices on a yearly or monthly basis.
Your Home Is Your Castle…A Place Of Your Own
Generation to generation teaches the value of being industrious and frugal as the optimal path to gaining the things we desire. Children and adolescents learn to save allowance and take on additional responsibilities to accumulate the resources to purchase toys, vehicles and the capacity to increase their life experience.
Home ownership is yet another step in this grand scheme of finance as you are engaged financially, mentally and very personally to your home and its ownership. If something is amiss, there is no one to complain to. You alone are responsible for maintaining and upgrading your home as well as enjoying the benefits thereof.
A home is the largest investment many people will make in their lifetime and it is important to protect this investment at all costs. In many ways, your home will be a reflection of yourself and your capacity as a responsible homeowner. It is not uncommon for homeowners to feel their home as an extension of themselves; feeling anxious when it is not well-maintained and especially proud when everything is just right.
If you are interested in taking this considerably large step into the joys of homeownership, we would love to tell you more about your options and what to expect from this new stage in your life.
We hope to create lasting relationships with our clients and continue our plans for excellent service through your future as a homeowner. Unlike some of the larger nationwide services, we value our clients far too much to ever share their information or data with anyone. This is what makes us a trusted name in the mortgage community.
To speak directly with one of our representatives, call us up at the number listed below or visit our website and use any of the interactive tools provided. We look forward to being a part of your bright future as a homeowner.
Before making a decision, let one of the experts at The Texas Mortgage Pros help you find out exactly what loan is best for you. Feel free to contact us or call us today!
It takes more than just a house to find your dream home. Just like a life partner, you have to look for and choose someone that not only understands you but one who makes your heart keep calm despite everything else. The perfect home is where you can make memories and unwind without thinking of anything else. Although a dream home can be compared to finding the perfect partner, finding the perfect home is much easier. All you need is do some legwork, budget well, and plan for your dream home. You never have to go to a blind date to find a good home. Here are a few tips and ideas on how to find the home of your dreams
1. Know What You Want In A Home (Style)
Although the sleek modern kitchen in that penthouse apartment or the craftsman homes might seem fun and appealing, is this what you look for in a home? As mentioned earlier, a home is where you are most at peace. That said, single-family homes are recommended for they offer the freedom and privacy you would need, particularly if there are children or even pets in the picture. This type of home is, however, demanding as you will have to spend several weekends maintaining everything in and around the house. This might or might not be fun for you. Condos, on the other hand, might not have all these maintenance needs, but do not offer lots of green space for the family. In addition to this, you will be required to pay condo association fees for its maintenance monthly.
2. Research
Before settling on a neighborhood you’d wish to live in, research on it and see what appeals you more about it. Some find the perfect home in the countryside, downtown, and even uptown; what do you look for in a home environment. Take your curiosity online and start researching on the neighborhoods you find appealing. Use various tools to find out more about the area, its walkability scores, and safety.
Online research isn’t enough. Go to these neighborhoods in person, walk or drive around, and see if you can find everything you need in a home environment. Be sure to look into factors such as security and social amenities.
3. Get Your Finances In Order
Once satisfied with the neighborhood, you can then start getting your finances in order. You need to get pre-approved as a homebuyer. The first step to doing this is by requesting your credit score and report to have an idea of your credit standing. From this, you can plan your next cause of action; this can be to correct any errors with the credit reports, as well as having all bills paid on time to improve your score. Next, you need to see how much you have saved, how much is required for a down payment, and closing costs.
4. Stick To Your Budget Range
It’s after getting pre-approved that you can know what you qualify for. For most people, the most expensive homes (within their price range) seem more appealing than the cheaper more affordable ones. Although you might be tempted to go for the top of the range homes, it’s advisable to go for something you can afford comfortably. Going for the expensive home might taint the love you initially had for the new home.
Financial experts recommend sticking to the 28/36 rule when budgeting for your money. This is to say; you shouldn’t pay more than 28% of your total monthly income on housing expenses. In addition to this, other expenses such as car payments, student loans, and housing costs mustn’t exceed 36% of your income. Sticking to your budget and the guidelines outlined here is the only way you will be comfortable in your new home.
5. Make Future Plans
The process of looking for the ideal home can be lengthy and tiring. You, however, should look for a home you will be able to stay in for at least 5 years. That said, it is advisable to consider what works for you now, and what your future plans are (with the home). Planning well will help you build equity and even be able to pay the mortgage on time.
The perfect home will always grow with you. Any plans, such as getting a family, having kids, the need for a home office, and such need to be put into consideration before buying that five-bedroomed house. While the -bedroomed house might seem ideal then, it won’t make any sense when it’s just you and the walls. Give yourself time to grow before shooting for such a big house.
6. Don’t Focus Too Much On The Flaws
Most of the houses you will come across when ‘hunting’ for the perfect home will have a few flaws here and there. Some will have odd-shaped rooms, not the best roof, or even slight damage on the entry door. While some issues might be hard to overlook, you shouldn’t focus too much on the minor flaws a house might have. Some of these imperfections are what make a house a home.
Instead of focusing on the cosmetic blemishes, look for homes with a layout fitting your lifestyle, space, and a price you can work with. Some of these cosmetic issues can be dealt with or fixed over time. Merely updating the colors and kitchen cabinets would create the home you have been dreaming of.
7. Pay Special Attention To Potential Home
Finding a house, you’d consider a potential home takes a lot of research and legwork. Should you find a home you are interested in, start looking into the tiny details that aren’t noticed on the first day. Some homes will seem to have all the qualities and be in a peaceful neighborhood, only to turn out to be in the worst neighborhood. Although the neighborhood was quiet and calm when you came for viewing, it might be close to a night club or a noisy part of the street. Paying special attention to these can save you lots of frustration in the future.
8. Know More About The Neighborhood
The only way your love for your new home will last is if you fall in love with the neighborhood as well. There’s no better way to learn about the region that taking a walk around. Taking a walk will help you identify amenity centers, jogging trails, and even the nearest supermarket or grocery store you’ll use in the future. Look for restaurants, schools, and other aspects that will make you love the neighborhood.
9. Have A Licensed Home Inspector Inspect The House
Don’t take any chances with such a huge investment. While the house might seem OK to you, you still need the confirmation of a licensed home inspector. The inspector should be able to detect anything from potential roof problems, a failing plumbing line, and the age of the house in no time.
10. Be Flexible
Back to a perfect partner. The person you imagined to be an angel while dating doesn’t turn out to be that person in the long run. You, therefore, have to make adjustments to accommodate their bad sides and imperfections. The same applies to find the perfect home. Don’t get fixated simply because the porch is too big, or the stairs aren’t as they seemed to be. Allow yourself to be flexible and deal with each imperfection wisely. This is the only way you will be able to create your dream home from this simple house.
Before making a decision, let one of the experts at The Texas Mortgage Pros help you find out exactly what loan is best for you. Contact us or call us today for more pieces of information!
Knowing The Role Of Mortgage Brokers, Mortgage Lenders & Banks For Owning A Home In Texas
If you have been looking for a mortgage company then you will have noticed that there are large mortgage companies and banks, and also mortgage brokers. So is there actually a significant difference between them?
What are the pros and cons involved in using a mortgage broker versus going through a bank?
In this article, we will be explaining all of the major differences between Mortgage Brokers and Banks, along with the pros and cons of each so that you can make an informed decision on which is the best option for you and your situation.
What Is A Mortgage Broker?
This professional is an individual who acts as the middle man between the mortgage lender and the homeowner. A broker is able to prepare your financial documents, loan applications and provide you with mortgage pre-approvals just like lenders are able to do.
A mortgage broker will work with several different banks and mortgage lenders and submit your loan files to these financial institutions for them to issue you a loan. The broker’s commission is paid by the lenders for completing your documents and mortgage application.
How Do Direct Lenders & Banks Work?
A direct mortgage lender or Bank is the company that is funding the loan. The loan officer is the person you will be working with and they work for the Bank. Banks are usually licensed in all or most of the 50 states.
Who Can Provide You With A Better Deal, A Mortgage Broker Or A Mortgage Company?
There are important things to take into consideration when choosing whether you want to work with a Bank/Lender or a mortgage broker. Although it might seem like working with a mortgage broker will save you money due to the fact that they have access to numerous lenders and programs, that is actually not always true.
The mortgage company pays the broker’s commission and some lenders pay higher commissions than others. In some cases that can generate a conflict of interest.
One lender might pay a small commission but offer the best deal. Another loan company might pay brokers a higher commission but be more expensive for borrowers.
Which Lender Is The Broker More Likely To Choose?
When you work with a Bank, your loan officer will only have access to the mortgage rates and mortgage programs that their Bank offers. You could potentially get a better deal from a different Bank.
Just be sure to shop around at all times, whether you are working with a Bank or a mortgage broker. You always should speak to at least two lenders or brokers and compare their loan offers. That way you can ensure that you really are receiving the best deal on a home loan.
That is how you save money on your mortgage.
How To Shop For A Mortgage
When you are shopping around for a mortgage loan it is a good idea to talk to both direct lenders and brokers. Mortgage brokers do have access to many different loan programs and hundreds of lenders.
They can shop for interest rates on your behalf and help you with comparing different terms like 15-year and 30-year terms, adjustable-rate mortgages vs. fixed-rate mortgages, and provide you with advice on other things so that a loan can be tailored that is ideal for you.
Using a broker instead of a direct lender can be advantageous if you have imperfect credit since there will be more programs available that you might qualify for.
Pros & Cons Of Both
Advantages of Working with A Mortgage Broker:
Working with an independent mortgage broker does have several advantages associated with it compared to going through a mortgage banker or bank. Brokers have the ability to submit your loan application to several different lenders. That can make them a very attractive option, particularly for borrowers who have a hard time getting a loan due to issues having to do with their income or low credit scores.
In these situations, there are several lenders that the broker has access to that might have programs with lower requirements. That can save you money and time in having to apply with multiple lenders in order to find one that will provide you with a loan.
Access to multiple lenders for finding the lowest fees and rates
Usually more knowledgeable
More options available for individuals with bad credit
A majority of brokers work for or own a small company which can make it easier to get in touch with them than a loan officer who works for a large bank or lender.
If the mortgage broker is located nearby, then you can meet with them in person
Disadvantages of Working With a Mortgage Broker:
There are some drawbacks as well to working with a mortgage broker instead of with a direct lender. The broker, in some cases, might charge a higher origination fee. They are not actual lenders, so it might take longer to get your loan processed sometimes when you go through a mortgage broker.
Independent mortgage brokers often do not have an in-house underwriter that they have direct communication with, so they will need to submit your loan application to the lending institution’s underwriter. That can delay closing since it causes additional overlays.
They charge higher fees sometimes.
You might not get the best deal (they could have a preference for lenders that pay the highest commissions)
Delays In Closing
Advantages of working with Direct Lenders and Banks:
When you work with an actual lender instead of a middleman you will be able to avoid some of the fees you would need to pay to a mortgage broker. Your loan officer will get paid a commission when they close your loan.
On the other hand, mortgage brokers might not be that interested in finding the best deal for you, and instead, choose to work with the lenders that pay the highest commissions.
Loans might not have as many overlays since it is a completely internal process
If you use a Local Bank you might know the banker already who is processing your loan, which allows you to speak to the lender directly without having a middle man.
A conflict of interest is not created by the commission that is paid
You can save on fees that are charged by a broker
Disadvantages of Working with a Direct Lender or Bank:
Directly working with a lender does have some disadvantages. The loan programs with a Bank tend to be more rigid and come with higher requirements. If your credit score is low many local lenders and banks might not be able to assist you unless you have a 620 credit score at least.
Since the loan agent will not have multiple companies that can be compared, you cannot be sure you are receiving the best interest rate on your mortgage.
Fewer mortgage options
Sometimes the loan officer might be inexperienced
You might not get the lowest rate
Requirements are less flexible
To speak with one of our experienced mortgage professionals directly, just call us anytime or use any of the interactive tools that we provide throughout our website. We look forward to meeting and working with you.
If you have any questions, please feel free to contact us today!
Owning a home is an investment, however, it actually is not. Home-ownership is an essential wealth-building tool, apart from the fact that it can be financial suicide. Historically, owning a house outpaced stocks, but they actually do not.
Rent Or Buy: Which Is Better?
Home-ownership in the past was an affordable, accessible option. However, the recent financial crisis saw the value of homes drop dramatically, with home prices reaching astronomical levels now due to a shortage in housing, things have changed dramatically over the last ten years. Finding affordable housing can result in increased commute times and having to move away from jobs, which explains the increase in “super commuters” all across the United States.
Is it still worth it to own a home? The answer varies depending on whom you ask, the inputs that are included in the financial model, and one’s general investment philosophy – so that answer is “it depends” most of the time.
There are numerous online tools that are available to assist you in assessing whether or not your current financial situation would result in monthly mortgage payments that are lower than your current monthly rent. However, there are many other factors that need to be considered before you make what will probably be the biggest purchase you ever make in your life. We have attempted to simplify the arguments for reasons why you should and should not buy a house. If you are a longtime renter who struggles to wrap your head around the question, the following are two opposing perspectives on the great home-ownership debate.
Why Should You Buy A House?
There are many financial advisers and academics, equipped with economic models and spreadsheet, who are very happy to show off their fiscal wisdom and arriving at the following conclusion: in terms of dollars and cents, it doesn’t add up to own a house. However, when trying to determine whether to buy a house or not, you need to consider qualitative factors as well as quantitative ones. Ultimately, you need someplace to live.
1. The Shelter Is One Of Our Basic Human Needs
Frequently the benefits over home-ownership are discussed on the basis of return on investment. However, that is not the best way to think about this issue. One of our most important human needs is shelter. It will not make financial sense for everybody in every location to buy a house, but for many people, it will. If it does for you, the reason you should buy a house is due to needing shelter.
Anybody who has been following current events over the past two years most likely has an increased awareness of just how fragile our organizing principles and institutions are that provide us with a certain degree of societal stability for debating home-ownership from the perspective of an investment rather than a basic need. If any massive shift were to occur in our government or political alliances, personally, I would much rather own the house I lived in than be subject to the wishes and needs of a landlord. That might sound a bit paranoid, but do you want to find out whether or not it is paranoid thinking when you currently have the option to purchase a house?
2. It Isn’t An Investment, But It Is Also Not Financial Suicide
Fact: You shouldn’t purchase a home thinking that you are going to get rich off of the appreciation of its value or believing it will pay for itself ultimately. That might be true in some markets. However, it is better to not view owning a home as an investment asset such as bonds and stock, but more as the four walls or more where you live.
However, if you do your research to ensure this is the right time for you to purchase a home financially, professionally, and personally, then it won’t be a bad investment for you, no matter where you happen to live. That is due to the fact that the underlying supply and demand conditions will, over time, continue to push the value of your home up to at least keep pace with inflation.
Although the supply of houses is being restricted currently by numerous public policy positions and economic factors, the number of people who need shelter will continue to increase (unless, of course, a catastrophe strikes which would make the question of whether you should own a home or not the last thing that you need to worry about).
It is true that it is overly simplistic to state that the prices of houses will always increase, as anybody who has lived through the last 10 years knows. However, the underlying conditions that have resulted in a fairly swift recovery for housing should continue.
3. It Is Easier To Retire As A Homeowner
I’m sure you have noticed that it is pretty expensive to be old, due to healthcare’s skyrocketing costs. When you add in rising housing prices, a social safety net that is increasingly in jeopardy, and the strong likelihood that you will be living on a fixed income and have a lower earnings potential, it is easy to see how not needing to worry about paying rent on a monthly basis could be very beneficial. You will still need to pay insurance, property taxes and other maintenance expenses, but there is a very good chance that it will be less than the amount that you pay in rent.
The detractors of home-ownership often bring up the opportunity cost that is involved in investing in a house. If you assume that stocks outperform house appreciation, and that is a completely reasonable position to take, then you may think you would be better off putting your money into equities and then buying a house with the proceeds when you reach retirement age or use the money to pay your rent with.
You can definitely take that route. However, it is a fairly roundabout way of securing a house when you could simply use the money directly to purchase a home. There are also added risk with the stock market’s higher returns. What will you do if the market is down when you get to retirement age and you don’t have enough money to purchase your house? Or what if your investments end up going bad and you are completely wiped out?
You should seriously consider playing it safe, and simply purchasing a house, and do it before your generation hits retirement age and the housing market is overwhelmed. If you can pay off your house completely, or something close to that, you will always have the option of trading down to a less expensive house and pocketing the difference, which will give you a place to live during your golden years – and have some extra money, also.
Before making a decision, let one of the experts at The Texas Mortgage Pros help you find out exactly what loan is best for you. Feel free to contact us or call us today!
A Perfect Guide To Finding A Suitable Mortgage In Texas
For most people, a mortgage will be the largest long-term debt they will ever have. This is why you need to take the time to get the best possible mortgage rate. Doing so will help to minimize the overall costs of owning your own home. If you are unsure about how to start shopping around, there are some tips that you can use to unlock the best rates possible.
Know Your Credit Score
Your credit score will be used by potential lenders to determine if you qualify for a loan and the interest rate you will pay. The higher your credit score, the better the terms of your mortgage will generally be. This is why you need to be proactive and scrutinize your credit report at least 6 months before you start applying for loans. This will give you time to identify and correct any errors.
Consider The Mortgage Types
When you are shopping around for a mortgage, you need to know which loan type is best for you. There are 2 types that you need to consider.
The first is conventional loans which make up around 65% of all the mortgages which are issues. These loans will be offered by private enterprises such as mortgage companies, commercial banks, and credit unions.
The second is government-backed loans. While these loans are obtained through private lenders, they will be fully or partially insured by the American government. These loans will often have less-rigid requirements, smaller down payments, more flexible income requirements, and low credit expectations. The one thing with these loans is that the property will need to be owner-occupied and not an investment or rental property. Low-income individuals and first-time buyers should consider this type of loan.
After looking at the type of mortgage you can get, you need to consider the financing category that the loan falls into. There are two categories that you need to be aware of.
The first is the fixed-rate mortgage. As the name suggests, this mortgage will have a set rate that does not fluctuate throughout the loan term. This is ideal for borrowers as you have predictable payments for the entire mortgage term.
The second option is adjustable-rate mortgages which are also known as variable rate. These mortgages will have interest rates that change periodically and in relation to an index. The introductory rate for these loans is usually lower than the fixed-rate mortgages, but this will change after a set period of time. These loans can be favorable to buyers as the interest rates could decline.
Contact Several Loan Providers
It is important to note that loan officers are not all-knowing. This is why you need to do some homework and understand what the pros and cons of the different mortgage products are. You can hire a mortgage broker to help with this as they source mortgages from lenders and help to facilitate the transaction.
However, these brokers will take fees from lenders in exchange for sending customers to them even if the mortgage product does not suit the customer. Any recommendations you get from a broker should be considered carefully. Never blindly trust the recommendation provided by a broker.
Include The Additional Costs
Borrowers are often distracted by the low advertised interest lenders advertise and overlook the many fees which can increase the overall costs of the mortgage product. This is why you need to take the time to consider all of the costs such as appraisal costs, application fees, underwriting, loan-origination and broker fees. There could also be settlement costs to look out for.
Linked to the interest rates are points which are fees that are paid to lenders and brokers. The more points paid, the lower the interest rate will be. A single point could cost 1% of the loan amount and reduce the interest rate by 0.25%. To fully understand what you will end up paying, you will need to ask that the points be quoted in dollars.
Negotiate
All lenders have to legally provide a three-page loan estimate which details the costs associated with the mortgage you want to get. This has to be provided within 3 days of application. The information on this estimate will include the monthly expenses, the total closing costs, and the estimated interest rates. It is important to note that this is not a loan offer, but it does obligate the lender to accept the listed terms if you have the available finds and meet the required credit approval.
Get It In Writing
If you are happy with the terms proposed, you need to ask for a written rate lock or lock in on the estimate. This needs to include the agreed rate, the term of the loan and the number of points that have to be paid. The majority of lenders will charge a non-refundable fee for locking the terms, but this is generally worth paying as there are a lot of issues that can occur on the road to approval.
Once you have chosen a lender, you will get a pre-approval letter. This is a legally binding agreement to lend the money after income verification, credit checks and funding is secured.
Choose The Best Rate
Completing some online searches and using mortgage rate calculators can help you get a better idea of what is on offer. However, it is important to note that interest rates fluctuate and different lenders could have offers on certain loan products.
Choose The Best Lender
When it comes to choosing the lender, you need to consider the customer service on offer. Loan applications require a lot of paperwork and information which is why you need a reliable point of contact. This contact will answer any questions that you have and will make the entire application process easier. Good customer service also ensures that the approval schedule stays on track and that all the documentation is signed in an efficient and timely manner.
The Online Option
Human interaction is generally preferred, but you can save some money by choosing a mortgage with online lenders. These lenders will theoretically have lower overheads and can offer better rates and lower fees. However, if you would prefer more hand-holding through this process, a traditional lender might be better.
Shopping around for the best mortgage rate is important and you need to be focused. You need to understand the terminology used and choose the right type of mortgage. Your mortgage is something that you will live with for many years to come and it is vital that you choose correctly.
Before making a decision, let one of the experts at The Texas Mortgage Pros help you find out exactly what loan is best for you. Feel free to contact us or call us today!
The Different Types Of Mortgages In Texas: Which Is The Right One?
A potential homeowner who approaches a lending institution for a mortgage loan should be knowledgeable on the different kinds of mortgages that exist. Furthermore, they have to understand the advantages and disadvantages of each type of mortgage facility. This article takes a deep dive into the following mortgages: fixed rate, adjustable rate, 2-step, 3/3 and 3/1 adjustable rate, 10/1 adjustable rate, 5/25 mortgages, 5/5 and 5/1 adjustable rate and balloon mortgages.
Fixed-Rate Mortgages
As the name indicates, a fixed-rate mortgage has the same interest rate throughout the entire loan period. These mortgages are quite popular accounting for 3 out of every 4 home loans taken. The period of the loan agreement can be 10, 15 or 30 years. The 30-year mortgage is a favorite of many people. Though the 30-year mortgage is the preferred choice for a lot of people, it builds up equity very slowly. The 15-year option provides the fastest equity accumulation.
The major edge of the fixed-rate mortgage is that the homeowner is certain on the principal and interest payments throughout the term of the loan. Certainty on payments allows the homeowner to plan their finances with ease as they are sure that the repayment amount is constant.
Due to their predictability, fixed-rate mortgages are favored by homeowners. The interest rate is fixed, the percentage agreed upon on commencement of the loan term does not vary. Payments are constant hence the homeowner knows the exact amount to pay each month. This provides for better insight during budgeting. A borrower who takes up a mortgage during a high-interest rate environment can refinance the mortgage when the rates move lower. However, for refinancing to occur closing costs have to be paid.
The table below provides a comparison of the current interest and the corresponding monthly installments for the different types of home loans.
One Year Adjustable Rate Mortgages
These have adjustable rates. This means that the interest rate for an ARM (adjustable-rate mortgage) changes based on a predetermined periodic schedule after the fixed-rate period at the beginning of the loan elapses. It is a risky alternative as the payments fluctuate significantly from one period to the next. To compensate for the excessive risk taken by the homeowner, a lower interest rate than that of the 30-year fixed rate is applied. Simply put when one borrows using a one year ARM they will have acquired a 30-year loan where the interest rate is reset each year on the loan commencement anniversary date.
Using the one-year adjustable-rate option allows the homeowner to be approved for a higher loan limit, therefore, affording them the opportunity to acquire a higher value house. Homeowners with substantial mortgages can use ARMs and then refinance each year. Lower rates provided under the option will enable them to purchase more valuable homes. Also, they make lower monthly repayments as long as rates remain low.
10/1 ARMs
For the 10/1 ARM, the interest rate for the first ten years of the mortgage is fixed. Once the ten years are over, the rate changes after every year for the remainder of the loan period. The life of the loan is thirty years, so the customer will have the stability of a 30-year fixed-rate mortgage for the first ten years at a lower cost than that of a fixed mortgage loan with the same tenure. However, the adjustable-rate mortgage is not the top option for individuals keen on owning the same house for more than 10 years unless they are accelerating loan repayment through extra payments with the intention to clear their loan in advance.
2-Step Mortgages
A 2-step mortgage is an ARM that has a constant rate for a fraction of the loan and another rate for the remaining section. The interest rates are aligned or changed with respect to the prevailing market rates. The customer might be accorded the chance to choose between a fixed interest rate and a variable rate on the variation day.
Borrowers who choose a two-step mortgage carry the risk that the rate on their mortgage loan will be adjusted upward once the fixed-interest rate stretch is over. Customers who use two-step mortgages usually have intentions of refinancing in the future or are likely to move out of the house before the loan period comes to an end.
5/5 And 5/1 ARMs
5/5 and the 5/1 ARMs are variations of adjustable-rate mortgages where the interest rate and the monthly installment remain constant for five years. The interest rate is usually adjusted at the beginning of year six. Henceforth, for the 5/1 ARM, the interest rate is adjusted after every year while for the 5/5 the change is effected after every 5 years. These ARMs work best for homeowners who intend to stay in the home for more than five years and are open to fluctuations in payments later on.
5/25 Mortgages
This mortgage is also referred to as a “30 due in 5” where the interest rate and the monthly installment remain constant for a period of five years. After the end of the five years, the interest rate is changed to correspond to the prevailing current rate. This means that over the remaining mortgage tenure the payment will not vary. This is an excellent option if the customer is comfortable with a single variation of the payment over the mortgage period.
3/3 And 3/1 ARMs
3/3 and 3/1 ARMs are housing loans where the interest rate and the monthly payment remain constant for 3 years. Changes to the interest rate only occur after the end of the third year. At the start of year 4, the interest rate is changed, for 3/3 ARM the change is after every three years. On the other hand, the 3/1 ARM’s rate changes each year. If a homeowner is considering an adjustable-rate after three years this type of mortgage is a perfect solution.
Balloon Mortgages
They are similar to a fixed-rate mortgage on the way they work and last for a short duration. Usually, monthly installments are significantly lower due to the large lump-sum payment at the end of the mortgage. Basically, only interest is being paid on a monthly basis hence the lower payments. Balloon mortgages are highly suitable for responsible customers who plan to sell their home prior to the expected date of the balloon payment. This is a risky option. If homeowners are unable to meet the balloon payment on the due date they might be necessitated to refinance the balloon payment from the initial lender of the mortgage.
Before making a decision, let one of the experts at The Texas Mortgage Pros help you find out exactly what loan is best for you. Feel free to contact us or call us today!
How Long Does It Take To Buy A Home In Houston Texas?
Are you planning to purchase a house in Houston, Texas for the very first time? If you are then over the years you might have heard “rumors” about how long it can take to purchase a house.
Some individuals might have told you it is 30 days and others will say it is 60 days. However, in reality, every individual’s experience is solely based on things such as the state of the Real Estate market when it was purchased, real estate demand, and whether or not a buyer could get pre-approved before looking for a house to buy.
How Long Does Buying A House Take?
Say you know the kind of house in Houston Texas you want to purchase all the way down to the specific area, as well as features and amenities inside of the house.
If that is the case, after you have found a house, and have submitted an offer for it, it can take 30 to 60 days from contract to closing.
Why Does The Process Take So Long?
That’s a good question. Every lender has its own process they follow when it comes to the home appraisal process it can take as long as 30 days for the lender to get their appraisal process completed.
While the lender is undergoing through the home appraisal process, as a buyer you can help yourself by hiring a house inspector on your own to have the house checked from the top to the bottom and also you should review the property disclosure statements to ensure there isn’t anything wrong with the house.
If You Are Just Beginning The House Buying Process
If you just getting started with the house purchasing process, then you should take the time at first in order to identify what you are looking for in a house before hiring a Realtor since that will make the job that your agent is to do help you a lot easier.
Once you know what you want in a house, then you should get pre-approved to get a mortgage loan so that you can move forward with purchasing a home without having any questions regarding the financing of the property.
About Us
The Texas Mortgage Pros
The team at Texas Mortgage Pros is comprised of experienced mortgage professionals all across the state of Texas. We are fully committed to providing the highest quality service to all of our clients for all of your mortgage needs. Multiple loans programs from your local area – San Antonio, Tomball, Dallas, Austin, the Woodlands, Spring, and Houston, Texas are combined with the lowest interest rates. Our excellent mortgage professionals have years of experience and will work closely together with you to ensure you get the home loan that is specifically tailored to meet your expectations and specific situation. So whether you are buying your first house, your dream home, consolidating your debt, or refinancing a loan that you currently have, our highly experienced loan officers can assist you with finding the best loan program for you at the lowest possible rate.
The ultimate goal that we have is to create long-lasting relationships with all of our clients so that we can continue providing outstanding service well into the future. Unlike many big national mortgage companies, we will keep all of your information secure and private. We are a trusted name within the lending community that you can rely on.
To speak with any of our experienced mortgage professionals directly, just give us a call or use any of the interactive tools that are located on our website. We look forward to assisting you. Visit our blog for more related articles on how to execute the best SEO in Houston!
With interest rates on the rise, you might want to seriously consider purchasing a house sooner instead of later. The next thing that you might be thinking about is whether you can qualify to get a mortgage or not given where interest rates are currently.
Although lenders have somewhat relaxed their standards since the height of the financial crisis that started ten years ago, there are certain minimum standards that you will need to meet in order to qualify for certain mortgages.
Specific financial documents, a decent debt-to-income ratio, and good credit scores are a few things that you will need for applying and qualifying for a home loan.
The specific requirements will mainly depend on the kind of loan you apply for. Therefore, in this guide, we have broken the lending requirements down for several different kinds of loans.
Requirements of FHA Loans
One of the easiest types of home loans to obtain is a mortgage from the Federal Housing Administration. Because insurance is provided on the mortgage by the FHA, quite often FHA-approved lenders can offer terms and rates that are more favorable.
Also, lenders are more comfortable with borrowers who are potentially more riskier given that 90 of the mortgage is backed up by the FHA. FHA mortgages have lower downpayment requirements which make them good for first-time homebuyers who might not have enough money in saving to make the regular 20% downpayment is when buying a house.
For FHA-approved mortgages, the following are the current minimum requirements:
Down Payment
A minimum 3.5% downpayment and credit score of 500 at least. A 10% downpayment may come from your personal bank account, a local downpayment assistance program, or gift from one of your relatives.
Debt-to-Income Ratio
The debt-to-income ratio on FHA mortgages is set by the Department of Housing and Urban Development (HUD). The front-end ratio currently is 31% with a 43% back-end. The front-end ratio only considers housing-related costs, like the monthly mortgage payment, insurance, and property taxes. The back-end ratio considers all monthly debt, which includes housing costs, credit card payments, car loans, and any other forms of recurring debt.
Residence
The house must be your primary residence for the first year at least. That includes whether you are purchasing a single-family house or a four- or two-unit property.
Employment
You are required to have proof of employment and steady income for the past two years, along with explanations if you have frequent employment changes.
Mortgage Insurance
On an FHA loan, you are required to have mortgage insurance no matter how much your downpayment is. On FHA loans you need to pay two different mortgage insurance premiums – an upfront mortgage insurance premium payment and your monthly mortgage insurance payments that are paid each month for the entire life of your loan. The upfront mortgage insurance premium that must be paid is 1.75% of the balance of your loan. It is due at closing and normally financed as part of your loan. Once you make your 3.5% minimum downpayment, then you will need to pay a yearly 0.85% fee of the total amount of your loan. That amount is divided by 12 and then is part of your monthly payments for the life of your FHA loan.
Requirements On Conventional Loans
A conventional 15-year or 30-year mortgage as requirements that are slightly stricter compared to an FHA loan. However, it does come with some longer-term benefits and flexibility.
Down Payment
There are some lenders that might let you make as low as a 3% downpayment in order to qualify to get a conventional mortgage, but you will be required to have mortgage insurance. Some low downpayment programs might have income limits, so make sure you check the address on the properties along with your loan officer to find out if there are any restrictions or not.
Mortgage Insurance
On a conventional mortgage, you are not required to carry private mortgage insurance (PMI) and pay for it every month if you can make at least a 20% downpayment on the property. However, if you pay a lower downpayment, then you will need to pay 0.15 to 1.95% of the balance on your loan in FMI fees every year.
Another benefit that conventional loans offer is that after you have the principle down to 78% of the original property value, the lender is required to stop charging mortgage insurance if you make your payments on time. On an FHA loan, when you make a minimum downpayment, the only thing that you can do to eliminate monthly mortgage insurance is refinancing your loan.
Credit Score
On a conventional mortgage, the minimum score that you need to have is 620. However, there are some lenders that might require a 640 minimum score. Remember that having a better (higher) credit score will allow you to receive a better interest rate along with a lower mortgage insurance monthly payment.
Employment
Proof of regular income is required by lenders and they will look more closely at your earnings and employment history from the last two years.
Debt-to-Income Ratio
Conventional lenders, as of 2018, allow for up to 50% DTIs in certain cases. For any with a debt ratio more than 45, there is one caveat: For people with higher debt ratios, Numerous mortgage companies now require a 700 minimum credit score.
Requirements For VA Loans
The Veteran Affairs Department offers a mortgage for active-duty military personnel, veterans, reservists, and their families. Part of the loan is guaranteed by the VA, which allows lenders to offer military personnel more favorable terms.
Certificate Of Eligibility
In order to qualify to receive a VA mortgage, you also are going to need to get a VA loan certificate of eligibility. It verifies that the military service requirements are met by the applicant in order to be eligible to get a VA mortgage. Certain identification and documents. Veterans and military personnel may apply, by mail, or via a lender after the form is completed.
Down Payment
There is no downpayment that is required.
Mortgage Insurance
There are no PMI fees that come with VA loans. However, a funding fee is charged. It is charged at closing and normally is financed with the loan amount. The funding fee amount will depend on whether or not it is the first time that the veteran is using their eligibility. If an applicant has a disability that relates to her or his military service, then the funding fee might be waived.
Credit Score
There is no minimum credit score requirement on VA loans. However, a majority of lenders funding VA loans do have a minimum 620 credit score requirement. The VA loan program just requires the lender to review the whole loan profile in order to ensure that the veteran applying for the loan has the ability to repay it.
Income
No minimum income threshold must be met, although applicants do need to provide steady income proof.
Debt-to-Income Ratio
It is recommended that your debt-to-income ratio be no higher than 41% to qualify for VA loans. A higher debt ratio might be approved since a VA lender will also look a the residual income of the veteran, which is calculated based on the borrower’s after-tax income, less expense along with a monthly maintenance calculation that is based on the number of members in the veteran’s family and size of the home.
Requirements for USDA Guaranteed Loans
A mortgage program is offered by the U.S. Department of Agriculture to give low to moderate-income families the opportunity to own their own house in designated rural areas. Applicants may relocate, improve, rehabilitate, or build a dwelling that is located in an eligible rural area. 2010 U.S census data on population is used to determine the rural designated areas.
On USDA-guarantee loans, the program backs 90% of the amount of the loan, and that enables USDA-approved lenders to take borrowers into consideration that might not qualify to get a conventional home loan. A 640 minimum credit score is required on UDA mortgage loans to be automatically approved – as long as the other requirements are met as well. However, homebuyers that have lower credit scores still might be considered for a loan that is underwritten manually.
Special eligibility requirements for your state must be met in order to qualify for a USDA mortgage. The USDA online tool can be used to determine whether or not the property is in a designated rural area. You will have to enter the address, city, and state of the house into the tool. That will confirm whether or not the house you are interested in buying is in one of the USDA designated rural areas or not.
The USDA map can be used to choose your state and then determine whether you meet the income eligibility requirements. The income limits vary based on family size, county, and city.
The homebuyer must meet the following basic requirements as well in order to qualify to get a USDA mortgage:
Agree to personally occupy the house as their primary residence. The home cannot be rented out or used as a second house.
Must be either a qualified alien, noncitizen national or U.S. citizen.
Can incur a loan obligation legally. That just means the homebuyer hasn’t been declared to be incompetent and has the ability to enter into legally binding contracts and understand what the debt obligations are.
Has not been banned or suspended from participation in federal programs.
Indicate a willingness to meet their loan obligations on time.
Buys a property that satisfies all of the criteria of the USDA program, including being located in a rural designated area.
Debt-to-Income Ratio
For UDA home loans, the standard DTI ratio is 29%/41% of the gross monthly income of the applicant. On a UDA loan, the maximum allowable DTI is 32%/44% of the person’s gross monthly income, when all of the applications of a loan have credit scores of 680 at least. Under some circumstances, higher ratios are allowed by the USDA on a case-by-case basis. In order to get a waiver for a higher ratio, the borrower must request it from a USDA-approved lender and have it documented by them.
Requirements For HomePossible & HomeReady Loans
HomeReady Loans
The HomeReady mortgage program is offered by Fannie Mae, which is a government-sponsored agency.
Income
The programs are designed to assist prospective homebuyers with low and moderate incomes and limited funds for a downpayment on a house.
Down Payment
A 3% downpayment is required from a gift or the borrower’s own funds.
Credit Score
A minimum 620 credit score is required.
Credit History
For homeowners lacking a credit score due to not having a credit history, a HomeReady loan can be a good solution. They can offer financial statements as a substitute such as on-time rental payments for 12 months or other types of monthly payments such as utility bill payments that don’t appear on a credit report.
Debt-to-Income Ratio
The HomePossible and HomeReady programs may be approved with up to a 50% debt-to-income ratio with strong credit along with other compensating factors like retirement funds or extra savings for reserves.
HomePossible
This program is managed by Freddie Mac.
Income
The HomePossible mortgage is similar to the HomeReady one, but there is one key difference between them. The HomePossible programs allow a borrower to include a non-borrower’s income into the financial calculations – which is income from another individual or individuals who are living in the house to count towards the total monthly income, even when those people are not on the mortgage loan. That can frequently benefit a homeowner who is taking care of a family member who lives in their home who receives Social Security or disability.
Credit
A minimum 620 credit score is required.
Down Payment
There is a 3% minimum downpayment required, and additional flexibility in terms of what the source is for the downpayment. The HomePossible guidelines allow the total downpayment now to come from sweat equity, meaning that the borrower can contribute handyman skills rather than money towards their downpayment.
Debt-to-Income Ratio
There is a 43% maximum DTI, but there are exceptions up to 50% depending on how strong the borrower’s credit and income are, and whether or not they have any extra money in their bank account (reserves) for making future mortgage payments.
Key Mortgage Documents
Before you apply for a mortgage, the process can flow a lot smoother if you organize all of the paperwork and financial documents that are typically required by lenders on the loan application.
They may include:
Pay stubs for the past 30 days
W-2’s for all jobs that go back two years
A signed purchase agreement with the home’s seller
Tax returns dating back two years
Bank statements for the past 60 days
If you are self-employed, 1099 forms
Homeowners insurance proof
Documented sources of income such as stock earnings and dividends
Pension statements
Proof of any bonus income
If applicable, disability or Social Security income award letters
Securities documents like life insurance policies, bonds, and stocks
Some lender might require written verification of your position and salary, printed on the company letterhead of your employer. The might send a form for verifying employment to the human resource department of your employer to complete.
Before shopping for a house, it is wise to find out the amount you potentially will qualify to borrow. This means you don’t have to waste your time looking at houses that are outside of your price range. When you have a mortgage pre-approval, that means that the lender has examined your current finances, income stability, and credit history, and is prepared tentatively to provide you with a loan on a house.
You will need to provide the following in order to obtain a pre-approval from your lender:
Your social security number and identification.
All of the banks on your bank statements from the two most recent months.
Employment verification, which consists of either W-2’s for two years (or if you are self-employed tax returns) or a month’s worth of pay stubs.
Your credit report will also be pulled by the lender.
Usually, a mortgage pre-approval is good for a maximum of 90 days. Once that time has passed, a creditor will normally want to review your fiance again to see if there have been any changes.
You don’t need to worry about having several inquiries on your credit report if you obtain pre-approval from several different lenders. All of them will count as just one hard inquiry when they are done within a short period of time (typically 15 to 45 days).
Purchasing a house is a major financial commitment and culminates a lifelong dream for many people. Texas Mortgage Pros can assist you with comparing mortgage offers and products. It might be a long road to homeownership, but it doesn’t need to be a rocky one. If you arm yourself with the necessary information ahead of time about various loan programs that are available and what the minimum requirements are for each of them, and the financial documents that you will need to have, then you will have taken the important first steps towards smoother mortgage processing.
About Us
The Texas Mortgage Pros
Our team at the Texas Mortgage Pros is comprised of mortgage professionals all across the state of Texas. We are dedicated to providing all of our clients with the best service possible for all of your mortgage needs. When combined with the lowest interest rates and the multiple loan programs that are available in your local area – Houston, Austin, Dallas, the Woodlands, Tomball, San Antonio, and Spring, Texas. Our mortgage professionals have years of experience and will work personally with you to ensure that you receive a home loan that is specifically tailored to meet your expectations and situation. Whether you are consolidating debt, refinancing your existing loan, buying your first house or dream home, our highly experienced loan officers can assist you with finding the best loan programs at the lowest possible rate.
Our ultimate goal is to develop a lasting relationship with all of our clients so that we can continue providing them with outstanding service for many years into the future. Unlike many large nationwide mortgage companies, we will keep all of your information private and secure. Throughout the entire lending community, our name is a highly trustworthy one.
To speak with one of our experienced mortgage professionals directly, just call us anytime or use any of the interactive tools that we provide throughout our website. We look forward to meeting and working with you.
If you have any questions, please feel free to contact us today!
Understanding Soft Credit Check & Its Impact On Your Credit Score
Your credit history does influence a significant part of your financial life choices. A soft credit check is mostly done for promotional or informational purposes at is one of the methods you can employ to ensure that you stay on top of your credit score. Three top-end credit bureaus – the Equifax, Experian, and TransUnion – handle credit reports for consumers and provide one free report annually.
Every time you or any other party checks your credit, it will be reflected in your credit reports. Given this fact, have you ever received an offer for a credit card via email or postage and wondered who the credit card companies knew you would need one or qualify for a credit card? They probably did a soft credit card check to determine if you are eligible for such an offer.
Why Soft Credit Check?
As stipulated by the Fair Credit Reporting Act, all consumer credit reporting bureaus are required to keep a record of all the parties (businesses or organizations) that review your credit score.
In most cases, the soft credit check is done without your knowledge, and you do not get to initiate these inquiries, such as when applying for new credit. But there is an exception to it, which is only when you check your credit score yourself.
The soft credit inquiry may be:
A review of your credit history and score by a lender from whom you requested your current line of credit
Pre-approved credit offers
Review of your credit for certain purposes such as security insurance
Review requests from your landlord
The soft credit checks will be reflected on your credit history reports for two years so that they highly all the parties (individuals, businesses, or organizations) that reviewed your credit. Fortunately, the soft inquiries do not dent your credit score or history.
A Soft Check Vs. A Hard Check, What Is The Difference?
A hard credit check is initiated when you request for a line of credit such as an auto loan, credit card, personal loan, or a mortgage. After submitting your application to the lenders, they will make inquiries into your credit history and score to find out if you qualify to get the line of credit.
In comparison to the soft credit check, hard inquiries can hurt your credit history and score. One of the top reasons is the fact that the hard check will highlight high credit risks that the lender will take into consideration when approving your loan request. The more the hard inquiries, the less favorable things are for you since they make it appear as though you are having a tough time managing your finances.
On the other hand, soft credit inquiries are never included in the risk calculation since the checks are conducted without you knowing are for promotional or informational purposes. As such, your credit score is never dented irrespective of the many soft inquiries that are done and appear on your credit history report.
What Are The Benefits Of A Soft Credit Check?
The soft credit inquiries have few drawbacks that are quickly overshadowed by the benefits that include:
The queries offer for new and better lines or credit as well as credit cards
You can manage to maintain or increase your credit score thanks to the regular inquiries.
The checks can help you get pre-approved for better mortgages
They can help landlords distinguish you from other tenants when you are interested in leasing an apartment with controlled rent.
Overall, the soft credit checks will let you know the number of inquiries made and by whom, and when. All this information can be reflected in a section of your credit history report. Moreover, you also can review your credit details when you see the need, and you do not have to worry about being penalized.
Texas Loan Companies: What You Need To Look Out For
We have all been there. You have an emergency or bills to pay but have no money at all. A personal loan is the first thing that comes in mind when in a tight spot and need cash fast. With dozens of loan companies at your disposal, you are spoilt for choice, or are you? You, however, shouldn’t borrow from the first company you come across.
There are several important factors that one should consider applying for a loan from any company.
Understanding Personal Loans
A personal loan can be defined as money borrowed from a lender to be paid back with interest at a later time. Lenders have to determine a person’s eligibility for a loan before processing or approving a loan application. Lenders will look into an applicant’s:
Income
Credit history and score
Employment status
Debts
Expenses
After submitting the loan application papers, the lender starts processing the loan immediately, then calculates how much you should pay for the same. You will, however, get these details once the loan has been approved. Should you be unable to repay the loan in full, the lender might choose to use debt collectors or even use legal action against you.
Why Should You Get A Loan?
Most people are eligible for different types of loans. Nonetheless, you should go about applying for loans simply because you can borrow. Financial experts advise against this and only recommend going for one for genuine reasons. Personal loans should, therefore, be treated with the utmost care to avoid building a mountain of debt on yourself. You should also avoid inquiring about a loan too often, as this too can affect your credit score.
Outlined below are some of the good reasons why people get personal loans.
1. To Pay For Medical Expenses
You can never prepare adequately for a medical emergency. Even your medical insurance might not be enough to cover for all expenses. If your savings are running low and unable to settle the medical debt, you can apply for a personal loan. With the personal loan, you should be able to clear the expenses more conveniently. The loan repayment plans are more manageable as compared to having to pay a lump sum at once.
2. For Home Improvement
A home improvement project can help give your home a value boost. That said, some projects can be too costly for the homeowner, forcing him/her to seek financing instead. A personal loan will come in handy in funding some of the expensive projects such as roof replacement or extensions. Some of these improvements tend to pay the loan off in one way or another.
3. Debt Consolidation
There are times when you will have several loans to service. This means some of the loans might end up being forgotten, forcing you to make late payments. Going for a debt consolidation loan can however help you manage these loans at once. The loans are consolidated into one, meaning you only have to think of one loan from that moment on. This reduces the risk of late payments and additional charges that may come with late payments.
4. Significant Purchases
Big purchases may put a huge dent to your savings account. Some investments, such as when you need to replace appliances in the house, or need to buy a car require lots of money. You can take a personal loan to help top up the amount you already have. Many people take loans to pay for their cars and other major purchases in the house. As long as you are confident, you’ll be able to repay the loan on time, then taking a personal loan can be beneficial.
Factors To Consider When Looking For A Loan Company
As mentioned earlier, it wouldn’t be wise of you to apply for a loan from the first company you see. Shopping around can land you a better deal. Here are some of the factors you need to consider when looking for a lender.
1. Interest rates: Check to see how much the company charges in interest. Variable interest rates may seem enticing but are riskier in the end. 2. Reputation: Look for a company reputable enough to stick to the terms of the contract. In addition to this, the company shouldn’t share your information with other companies or advertisers.
4. Upfront fees: Some companies will require you to pay upfront fees. Most of these companies aren’t worth it.
5. Customer care: Customer support is critical too. You should be able to reach the company at any time of the day when in need. They should also be responsive to inquiries.
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When you own your own home and make amortized payments (not interest only), you are not simply shelling out cash to your landlord and you are building the equity of your home. As the property values in the surrounding area also increase, the value of the property of your home also climbs higher. Through keeping your home and property well-maintained and keeping up with your regular payments, your home’s total equity will increase. Knowing that your hard-earned housing payments are improving your total worth and not just filling your landlord’s coffers is an especially satisfying notion.
Although the sleek modern kitchen in that penthouse apartment or the craftsman homes might seem fun and appealing, is this what you look for in a home? As mentioned earlier, a home is where you are most at peace. That said, single-family homes are recommended for they offer the freedom and privacy you would need, particularly if there are children or even pets in the picture. This type of home is, however, demanding as you will have to spend several weekends maintaining everything in and around the house. This might or might not be fun for you. Condos, on the other hand, might not have all these maintenance needs, but do not offer lots of green space for the family. In addition to this, you will be 
What Is A Mortgage Broker?
Rent Or Buy: Which Is Better?
Are you planning to purchase a house in Houston, Texas for the very first time? If you are then over the years you might have heard “rumors” about how long it can take to purchase a house.
Although lenders have somewhat relaxed their standards since the height of the financial crisis that started ten years ago, there are certain minimum standards that you will need to meet in order to qualify for certain mortgages.
Understanding Personal Loans