If you’re thinking about buying a home but you have outstanding student loan debt, you’re far from alone – you’re riding in the same boat with 37 million Americans. Quicken Loans Operations Director Lindsay Villasenor said about half of the applicants she sees have some sort of student loan debt on their credit report. If you have student loan debt, it doesn’t mean a mortgage is out of reach.
Understanding mortgage rates and how they relate to mortgage terms and interest is critical to making the best mortgage decision. That’s why we’ve created a new Zing educational guide – Mortgage Rates 101. We want you to be knowledgeable before you apply for your mortgage.
There are a variety of ways your mortgage payment can be misapplied. Our team members who handle payments put together a list of some common mistakes and how to avoid them. They generally come down to making sure you clearly communicate what you’re intending to do with the money you’re sending in.
Here’s some good news: After falling through the floor in the aftermath of the 2008 financial crisis, housing prices are finally enjoying a sustained upswing. According to the CoreLogic Home Price Index, year-over-year home prices rose by an impressive 11.8% in 2013, making it the best year for home price appreciation since 2005. According to the Case-Shiller Home Price Index, the U.S. housing market is “on a roll,” with year-over-year gains of over 20% in some parts of the country. After years of fretting, you may now be sitting on some valuable home equity you didn’t even know you had! The question is, how can you harness that increased equity?
You might think that you can just use whatever financial gifts your friends and family give you for your down payment, but it’s not as cut and dried as you might think. When you’re qualifying for a mortgage, the source of the funds in your bank account will matter just as much as how much money you actually have. Here’s what you need to know if someone’s given you money to put toward your down payment.
You’re probably familiar with what a foreclosure is – when a lender forecloses, or takes over, a home that they loaned money on. You may not be as familiar with the acceleration clause the lender invoked to begin that foreclosure process. So what’s an acceleration clause and what does it mean for you? Let’s find out!
Great news, Zing readers. This Thursday at 3 p.m. ET (April 24, 2014), Quicken Loans is hosting the aptly titled Mortgage 101 webinar. And the best part? It’s FREE! We’ll discuss the latest on mortgage rates, the housing market, and pretty much everything you need to know to make sure that you’re in the best position when you buy a home or refinance!
Considering the large sums of money associated with buying a house and how large a monthly mortgage payment is in relation to household finances, it’s understandable that most home shoppers get number fatigue when shopping for home loans. But if you’re in the market for a mortgage, you should consider whether or not a mortgage rate buydown might make sense for you.
An appraisal report can be tricky to read thanks to a lot of financial and inspection jargon. Here’s a breakdown of 26 appraisal terms that will come in handy when you’re buying a home and trying to make sense of your appraisal report.
Can an appraiser make a report on the value of an unfinished home? In short, yes. To do so, there are two different routes the appraiser can take: determine an “as-is,” or a “subject to,” appraisal value. Read on to find out more!