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What would be the best type of home mortgage that you should choose if your FICO score is 830?
Wiki User
∙ 16y ago
Good for you!! Often bank loans are cheaper, since there is not a broker commission (2-3%) involved. Price a 15 year and a 30 year FIXED loan and get the best rate offered. You'll pay more if you are in a hurry or if you want to go "stated" income. With a fully documented loan, you can cut the time needed by asking for a list of documents they need before you apply and then providing them at the time you sign the application. You might find a copy of a 1003 form online, so you can work out the information you need. The old formula of getting a mortgage of no more than 2.5 times your income is pretty sound advice if you can manage it. Also, if you are paying 20% down, you will be more quickly approved and will not have to pay for mortgage insurance. In this time of fluxuating house prices, this will also provide you with a cushion should you need to sell later at a lower price than you paid.
Wiki User
∙ 16y ago
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Does paying off your mortgage early affect your credit score?
Yes, it would help your credit score.
How does one get a mortgage with CCJS?
In order to get a mortgage with CCJS they would need to meet specific qualifications. They would need to have a good employment history and a good credit score.
How can one obtain a low credit score mortgage?
There are many steps one can take to obtain a mortgage if one has a low credit score. One step to consider would be applying for government help with the Federal Housing Administration.
Where can one find mortgage calculator loans online?
Many websites offer calculators to see what your yearly rate would be, should you choose to do business with their company. A few of these are: Bankrate, the mortgage division of Chase Bank, and The Bank of America.
What kind of loan should be used for a manufactured home on a basement with a score of 572?
It would be a subprime loan, which means it is less than good credit. If you were to purchase the home your interest rate would be much higher than prime credit. It will usually be 2-4 percentage points higher. If your credit score was 750+, your rate may be 6.5% or 7% with something between 550-575, you may get a rate of 9%-12%. At 7% monthly mortgage payment on $100,000 = about $665.30 At 10% monthly mortgage payment on $100,000 = about $877.57. Therefore you could be paying 212.57 more a month for your lower credit score. That would equal $76,417.20 over the life of a 30 year mortgage. Make sure that you raise your credit score as soon as possible and refinance your mortgage as soon as you get a higher credit score. Good luck! Henry
Does paying off your mortgage early affect your credit score?
Yes, it would help your credit score.
Who can I talk to for credit score advice?
The person you would speak to is a mortgage consultant at a mortgage company. You would have to submit your financial information and wait for the mortgage consultant to determine what you are elligable for.
How does one get a mortgage with CCJS?
In order to get a mortgage with CCJS they would need to meet specific qualifications. They would need to have a good employment history and a good credit score.
How can one obtain a low credit score mortgage?
There are many steps one can take to obtain a mortgage if one has a low credit score. One step to consider would be applying for government help with the Federal Housing Administration.
What are some tips on getting a good rate on a second mortgage?
In order to get a good rate on a second mortgage, one would have to be on top of payments, or have the first mortgage paid. The next step would be ensuring that one has a good credit score.
Where can one find mortgage calculator loans online?
Many websites offer calculators to see what your yearly rate would be, should you choose to do business with their company. A few of these are: Bankrate, the mortgage division of Chase Bank, and The Bank of America.
What kind of loan should be used for a manufactured home on a basement with a score of 572?
It would be a subprime loan, which means it is less than good credit. If you were to purchase the home your interest rate would be much higher than prime credit. It will usually be 2-4 percentage points higher. If your credit score was 750+, your rate may be 6.5% or 7% with something between 550-575, you may get a rate of 9%-12%. At 7% monthly mortgage payment on $100,000 = about $665.30 At 10% monthly mortgage payment on $100,000 = about $877.57. Therefore you could be paying 212.57 more a month for your lower credit score. That would equal $76,417.20 over the life of a 30 year mortgage. Make sure that you raise your credit score as soon as possible and refinance your mortgage as soon as you get a higher credit score. Good luck! Henry
Should husband and wife both be on mortgage?
The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.
What is the average mortgage percentage rate in the state of Colorado?
Average Mortgage rate in Colorado depends on your choice of a 15 year mortgage or a 30 year fixed mortgage. There are also other variables. if you chose the 15 year mortgage, it would be around 2.75%. If you choose the 30 year fixed mortgage, your rate would be around 3.7%.
When you refinance do you start over at 30 yr mortgage?
Yes if you choose to get a 30 yr mortgage. You also could get a 25, 20, 15, and 10 year mortgage. I would look at the 15 year mortgage is is about 4.5% on todays market.
What form needs filed to put a mortgage lien on a property?
Generally a mortgage should be executed however mortgages take different forms in different jurisdictions. You should consult with an attorney in your jurisdiction. You would want the mortgage properly drafted so that you can take possession of the property if there is a default in the mortgage payments.Generally a mortgage should be executed however mortgages take different forms in different jurisdictions. You should consult with an attorney in your jurisdiction. You would want the mortgage properly drafted so that you can take possession of the property if there is a default in the mortgage payments.Generally a mortgage should be executed however mortgages take different forms in different jurisdictions. You should consult with an attorney in your jurisdiction. You would want the mortgage properly drafted so that you can take possession of the property if there is a default in the mortgage payments.Generally a mortgage should be executed however mortgages take different forms in different jurisdictions. You should consult with an attorney in your jurisdiction. You would want the mortgage properly drafted so that you can take possession of the property if there is a default in the mortgage payments.
What is token mortgage?
I don't believe this is a legal term. It probably refers to a mortgage where the amount borrowed is small compared to the value of house. One reason for doing this would be to improve your credit score.
