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Company spotlight loanDepot loanDepot prides itself on its technology platform, which combines robust lead-delivery systems and predictive data in order to better streamline the mortgage lending process. When it comes to the most important facets of mortgage loans – rates, reliability, and research,... Read Profile
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According to the Consumer Financial Protection Bureau, “nearly half of all mortgage borrowers do not shop around when buying a home.” Some homebuyers make a lending decision based off a single loan quote, and they assume every lender will offer the same rate and terms. This couldn’t be farther from the truth. When looking for a mortgage, you should comparison shop as you would with any other purchase. Mortgages vary from bank to bank, and if you don’t know your options, you could end up paying more than necessary for a loan. 1. You Could Pay a Higher Mortgage Rate  Shopping around and comparing rate information helps you gauge whether you’re getting a fair mortgage rate. Your interest rate affects your monthly payment and determines how much you pay over the life of the loan. The lower your mortgage rate, the lower your housing costs. Let’s say you borrow $200,000 for a home purchase. The difference between an interest rate of 3.98% and 4.3% is about $40 a month. Getting a mortgage quote will involve providing the bank with information… Read more

The process of purchasing a house isn't as simple as renting a house or an apartment. Mortgage lenders typically request more documentation than landlords; and whereas a landlord may overlook a poor credit history, lenders aren’t as forgiving. Mortgage applications are scrutinized, and unfortunately, banks reject a lot of applicants. If you’re rejected for a home loan, a bank may reconsider its decision if you re-apply with a co-borrower. A co-borrower appears on the mortgage loan with you, and the bank takes this person’s income, credit and assets into consideration when determining whether to approve the application. A co-borrower can be anyone such as a spouse, a parent, sibling or child. This person has ownership interest in the property and is equally liable for the mortgage debt. Having a co-borrower isn’t a requirement for a mortgage loan, yet it can be helpful if you’re having trouble getting a loan on your own. Before you proceed, here’s what you should know about adding a co-borrower to your mortgage. Adding a Co-Borrower Doesn’t Guaranteed a Better Mortgage Rate Mortgage borrowers with the… Read more

A mortgage lender doesn’t lend money until an applicant can prove their work history. This is why lenders request copies of past tax returns and recent paycheck stubs before approving home loan applications. But getting approved for a mortgage involves more than having a job — you need stable employment. And unfortunately, getting a new job or starting a new career can jeopardize a mortgage approval. If you’re pre-approved for a mortgage, a major change to your employment status can postpone or possibly cancel the loan. Even if you don’t have an employment gap and there’s a seamless transition from one job to another, any change will prompt your lender to take a second look at your application. The bank will verify your new employment and they’ll need to confirm that your income can support the mortgage. A job switch might not stop a mortgage, but it will slow the process. Ideally, you should avoid any employment changes until after the mortgage closing. But if you find yourself job hunting after getting pre-approved, here are a few tips to protect… Read more

Buying a house no longer requires a 20% down payment, but some banks will require private mortgage insurance (PMI) if you purchase with less money. PMI is a type of insurance that minimizes your lender’s risk and protects the bank in case you default. You purchase the policy, but your lender is the beneficiary. Annual premiums are typically between 0.5% and 1% of the loan balance and paid monthly as part of the mortgage payment. Since PMI can increase your monthly housing cost, you may look for ways to avoid this expense. Giving your lender a 20% down payment is the obvious solution, but like so many buyers, you may not have this type of cash lying around. Fortunately, there are ways to buy a house without the added expense of private mortgage insurance. Piggyback Mortgage Piggyback mortgage loans became practically extinct after the 2008 housing bust, but they’re slowly making a comeback.  If you don’t have a 20% down payment, yet you want to avoid private mortgage insurance, these loans might be an option depending on your lender. With… Read more

If you meet the lending requirements for a VA or USDA home loan, you may be able to purchase a house with zero down. Conventional and FHA mortgages, on the other hand, do require a down payment of 5% and 3.5%, respectively. A down payment is one of the biggest roadblocks to homeownership. The good news is that mortgage lenders recognize this challenge and they allow borrowers to use gift funds as down payment for a house. There are, however, specific rules with using gift money. 1. The Gift Must Come From a Family Member When your mortgage application goes through underwriting, the underwriter will ask about the source of your down payment funds. And while banks do allow borrowers to use gift funds as down payment, they don’t allow all gifts. Some mortgage lenders only allow gifts from a family member, such as a parent, a grandparent or a sibling. Other lenders are more flexible and allow gift funds from a non-relative, such as a friend or godparent. However, the lender will inquire about your relationship with the giver.… Read more