Don't Get a Mortgage - Lender411.com By Sari R. Updated on 2/3/2014 Most of our articles are addressed to those who are ready to or want to get a mortgage. Up until 2014, you might have even thought that you and your spouse were ready to get a mortgage. Here are some reasons why you’re not ready to pursue a mortgage: You’re not sure how long you will stay. If you don’t know how long you will stay in the house, you’re not ready for a mortgage. You only have money saved up for a down payment. If you only have enough money saved up for a down payment, whether that’s 3.5% of the loan amount or 20% of the loan amount, you’re not ready to get a mortgage. You have a hard time paying rent every month. If you have a hard time paying rent every month, you’re not in a good place to take on a mortgage. Now, in 2014, there are more rules that make you no longer eligible to get a mortgage. Your debt-to-income ratio exceeds 43%. If your debt-to-income ratio exceeds 43%, you won’t be eligible for a mortgage. You have a credit score below 620.
Silver Spring senior living | Erickson Living Communities Welcome to Riderwood Looking for an exciting alternative to typical retirement communities? Look no further than Riderwood. Our full service community is the perfect place to enjoy an active lifestyle. And, if your health needs ever change, expert continuing care health services are available right on campus. Savor the freedom! Enjoy a variety of delicious food choices served daily in our on-site restaurants. The opportunities for fun are endless! Live in maintenance-free comfort At Riderwood you'll find an impressive selection of maintenance-free apartment homes—more than other Silver Spring senior living communities offer. Situated on a scenic 120-acre campus near the heart of the D.C. metro area, this lovely wooded sanctuary offers the perfect balance of natural beauty and convenience.
How to Buy a House -- A guide for first-time home buyers Welcome! I'm a writer and a real estate investor, so it made sense to combine those jobs to produce this ultra-comprehensive guide to how to buy a house. I've bought and sold several homes, and my writing specialty is making things easy to understand, so I'm in a good position to help you know what you need to know to buy a house (or a condo, or townhome, if that's what you're looking for). This might have actually been the first guide to home-buying on the Internet, launching around 1999. Of course, over the years I've kept it updated and added to it. This site contains a lot more than a typical pamphlet or even what you'd learn from most real estate agents. ...and lots more. I believe everything here to be accurate, but of course it's "use at your own risk". Ready to get started? If you liked this site then you might like some of my other sites: How to Find Cheap Airfare How to Save Electricity How to get listed & ranked well in Google
Mortgage Pre-approval vs Pre-qualification Letter Types of Mortgage Letters 128 There has been some confusion among those looking to buy a home and qualify for a mortgage loan regarding the difference between a mortgage pre-approval vs a pre-qualification letter. Indeed, they sound pretty similar, so hearing these terms before or during the hectic time while considering buying a can only add to add to the confusion for novice buyers. It is important for you to know the difference between the two so you can plan accordingly when buying your first home. Mortgage Pre-Approval Defined According to the Federal Reserve’s definition, a mortgage pre-approval is a written commitment that’s issued by a lender following a comprehensive analysis of their overall creditworthiness. Mortgage pre-approval status for a loan is usually conditional upon the following: 1. 2. 3. A Pre-Qualification Letter Defined 128 Generally, the concept behind a mortgage pre-qualification is this: you are a buyer, and you’re looking for a home. So Why Seek Pre-Approval?
WalkScore, NabeWise and Upwardly Mobile Help You Find Your Ideal City - Lauren Goode - Product Reviews Since graduating from college, I’ve moved more times than I care to admit, always searching for that elusive, spacious, rent-controlled apartment. At times, I’ve sacrificed space just to live in a decent neighborhood with access to public transit. The question of where to live can be tough to answer, whether you’re looking for better bike lanes, quality schools, fine dining or just any place where you can land a job. Fortunately, there are Web sites that offer more contextual information about neighborhoods than you might find in a real estate listing or a Craigslist ad. WalkScore, which has its own site but also provides data for thousands of real estate sites, focuses on “walkability,” or proximity to amenities. None of these sites factor in crime data. I started by testing the WalkScore site. WalkScore also shows apartment rental listings, indicating an average rental price. But WalkScore wasn’t perfect. After taking the survey, Bethesda, Los Angeles and Seattle came up in my Top 5.
How much home can you afford? Use our simple calculator As you know from the basics page, to buy a home you need both the down payment and the monhly payments. So you're probably wondering, "How much do I need to make the monthly payments?" But we'll answer this question from the other direction: We'll find out the most expensive house you can buy given your income and savings. This is called how much home you can afford. You won't necessarily buy the most expensive home you can afford, but you still want to know what your upper limit is. You don't want to waste your time looking at homes you can't afford, and you also don't want to pass up homes you thought you couldn't afford but which might actually be within your reach. Here's the super-quick rule of thumb: Most people can afford a home that costs up to three times their annual household income. If you're single and make $35,000 a year, then you can probably afford only about a $105,000 home. The first concept for figuring how much home you can afford is pretty simple. Related Resources
Second Mortgages: Advantages and Disadvantages A second mortgage is a loan taken out against the value of your property, in addition to your primary mortgage. These loans can offer great benefits, but they certainly come attached with some large risks as well. Advantages Because second mortgages are based on the amount of equity built up in the home, they can allow homeowners to borrow a large sum of cash with the flexibility to use it for any purpose. Credit cards and personal bank loans are typically smaller and more limited in scope. And there are tax benefits of using second home loans compared with other sources. Disadvantages Even though banks consider second mortgages “safer,” there are still some major drawbacks involved with borrowing more money against a house. Second loans require fees and closing costs, just like first mortgages. And while second mortgage rates are better than credit card rates, they are still higher than first mortgage loans.
Bay Point CA Homes For Sale | Bay Point Real Estate | Pacific Union Located at the confluence of the Sacramento and San Joaquin Rivers, Bay Point is a small town of fewer than 25,000, tucked up next to the eastern portion of San Francisco Bay. As a gateway town to the Delta, Bay Point provides boaters with easy access to the upper Delta region and San Francisco Bay. The Pittsburg-Bay Point terminal of Bay Area Rapid Transit (BART) makes Bay Point a convenient location for commuting around the Bay Area. Begin browsing our listings of Bay Point homes for sale. Old Town Pittsburg, right next door, offers one-of-a-kind shops, from barbers to restaurants. Old Town Pittsburg Marina provides 575 slips, services and a dockside market for purchasing bait. Availabe homes for sale in Bay Point are attractively priced, compared with many other communities in the Bay Area. For mor information visit our Bay Point real estate market conditions page.
Family Opportunity Mortgage: What College Students & Elderly Have in Common The lowest mortgage rates and the most favorable terms are reserved for homes that are owner-occupied. As the phrase implies, the owner of the home or property lives in the place as their main residence. When analyzing risks for lending money, most organizations feel that the owner of the place is more likely to work hard and make the payments compared to a tenant or even in the case of a vacation home. However, this is an obstacle for people that wish to purchase a home for their aging parents or physically challenged child. For such situations, Fannie Mae has the Family Opportunity Mortgage. Family Opportunity Mortgage Basics Many Americans are faced with trying to keep their parents or adult children in a safe living environment. When people take out a mortgage to buy a 2nd home, the down payment requirement is quite large. The Family Opportunity Mortgage program is a conventional program offered by Fannie Mae that allows the buyer to pay only a 5% down payment. Eligible Properties