Blog Archive

Home
Filter by: Loan

Couple talking to agent about mortgageSome people have the misfortune of taking out a mortgage when their finances are not great shape, and the repayment rates go off the charts. If you feel that you didn’t get the finest deal out there, you can get a chance to right this misfortune.

Luckily, the interest rates on your loan are not cast in stone, and with a little bit of effort, you can renegotiate the terms. To get the best mortgage refinance rate in Salt Lake City, you must demonstrate a considerable improvement in our credit report.

Luckily, you can do this without pulling out your hair. Here’s how.

Scrutinize your credit report

The credit bureau is not without its shortcomings, and this can spell bad news for you if you fall in the 5 percent of people with errors in their credit reports. Such errors can sentence you to an exceptionally high interest rate since they result in your credit score taking a dip.

You are entitled to three free credit reports annually, and you should take advantage of them. By examining each report, you can pick out any errors and have the bureau rectify them. Doing so can earn you a boost in your credit score, thereby giving you room to negotiate better terms with your lender.

Go easy on the credit cards

The amount of debt you carry on your credit cards has a strong bearing on your credit score. A high debt utilization ratio (over 30 percent) is not good for your credit score. It also tends to make mortgage lenders skittish as carrying too much debt means that you might have difficulties making payments.

Staying below your card limits boosts your score. Also, try to clear much of the credit card with small debts. Doing so will put good debt in your credit history, which is crucial to building your credit score.

Your credit score is a major factor that determines your ability to secure an affordable interest rate on a mortgage loan. Building your credit score affords you a chance to renegotiate better terms on your home loan.

LoanThe government offers many benefits to the country’s veterans, including an ideal home mortgage loan.

As banks and other financial institutions continue to tighten their lending standards, the demand for Veteran Affairs mortgages has increased significantly in the past few years. For homebuyers who want to keep their monthly payments low and those who need help with the down payment, a VA loan is one of the ideal mortgage options.

No Down Payment Needed

With loans guaranteed by the VA, you don’t need to put any money down. In addition, this type of mortgage doesn’t require monthly mortgage insurance.

As UtahLoanPros.com explains, “A VA mortgage is one of the few loan programs that allows borrowers to finance 100% of the home’s value and purchase with $0 down. There are certain qualifications you have to meet in order to qualify for a VA loan (typically at a minimum you must be a veteran or an active member of the US armed forces). But, if you do, you can enjoy lower closing costs, lower mortgage payments and the possibility of no down payment.”

Eligibility

It’s easier to qualify for VA loans than conventional mortgages. Those eligible to apply are veterans, most members of the military, active duty personnel, some surviving spouses, and reservists and National Guard members.

To get a VA loan, veterans and active-duty members should have served a minimum of 90 days during wartime. Reserve or National Guard members, on the other hand, must have served at least six years.

Fees and Requirements

VA loans have a one-time funding fee, which can vary depending on the financial situation, type of veteran, and the amount of the down payment. First-time homebuyers, without down payment, have to pay a fee of 2.15 percent. Those who are applying VA loan for the second time, with zero down payment, will pay 3.3 percent of the overall amount of mortgage.

To qualify for a VA loan, it’s important to be familiar with the program’s benefits and requirements. This type of mortgage can make a big difference to the lives of our country’s heroes.


Recent Posts

Latest News

  • A Lawyer’s Victory: The Role of Paralegals
    While lawyers handle the matter of resolving a court case, they rely on paralegals to accomplish other legal tasks. These include conducting legal research, drafting documents, organizing files, and any other delegated tasks a lawyer is usually responsible. In fact, according to the American Bar Association, they can improve a lawyer’s practice by fostering cost […] The post A Lawyer’s Victory: The Role of Paralegals appeared first on GPL Pedia.
  • Skin Care? You Only Need These 4 Essential Products
    Even if you’re new to skin care, you’ve undoubtedly heard of things like “10-Step Korean Skin Care” or “Everyday Skin Care Routine.” While these things may prove effective to some, many include products you don’t really need on your skin, causing you to unnecessarily spend too much. Too many products may even prove to be […] The post Skin Care? You Only Need These 4 Essential Products appeared first on GPL Pedia.
  • How to Tell if Your Storage Tank Needs a Replacement
    These days, you can enjoy many benefits when you invest in a sturdy storage tank. First, there is no contamination since each liquid product is stored in a separate container. In addition, when you have an aboveground steel tank, you can store rainwater. Hence, you can reduce your overwhelming water bills and save money for […] The post How to Tell if Your Storage Tank Needs a Replacement appeared first on GPL Pedia.
  • No Wedding Expense Goes to Waste with Wedding Insurance
    Weddings are an expensive affair. The Knot, a famous wedding planning website, reported that weddings in the United States cost approximately $33,391 in 2017 alone. The total could also go up depending on the location of the wedding. For instance, couples in Manhattan, New York can spend as much as $76,994 while those from Southern […] The post No Wedding Expense Goes to Waste with Wedding Insurance appeared first on GPL Pedia.
  • How Important Is Landscaping For Commercial Properties?
    Lawn and landscape maintenance for commercial properties offer more than just a neatly trimmed exterior for any building. Entryways with greenery are more appealing to the eye based on studies, so landscaped entrances evokes a more welcoming vibe for people. If you plan to sell your property in the future, the National Association of Realtors […] The post How Important Is Landscaping For Commercial Properties? appeared first on GPL Pedia.
Copyright 2012 Builder - Company. Design by OrangeIdea