Mortgage rates are at historic lows, so now may be a fantastic time to buy a new home or refinance your existing home loan—if you can qualify
Decide whether a fixed- or adjustable-rate mortgage is right for you.Prior to this year, a credit score of 580 was usually good enough for many lenders, as was a down payment as low as 3% of the purchase price. In some cases, borrowers could verify their income with last year’s tax return. The process wasn’t fun, but it was easier than it is now.
Finessing a credit score is one thing, but coming up with tens of thousands of dollars for a bigger down payment is something else. One way borrowers may be able to do this is through a. Make sure, however, that it’s not a loan; you may be asked to prove the money is a gift. Lenders don’t want you to borrow your down payment from another source.
When it comes time to apply, shop around for the best mortgage for you. Lender standards, while they’re getting tighter, still vary widely. Big commercial banks may be reacting the fastest to economic uncertainty by ratcheting up requirements. You may find a more welcoming reception at a small community bank, credit union or online lender.
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