It is a lot easier to qualify for a mortgage loan if you have a great job and excellent credit, but there are ways to buy a house even if you do not have any credit. Without credit, it might be a little harder to do, but there are some tips that may help you buy a house if you currently have no credit at all.
Prove your financial state in other ways
Applying to refinance a home mortgage is on the minds of many Americans as they watch home mortgage interest rates slowly tick upward. Home loan interest rates, as well as those used for auto loans, and some other types of credit, are tied to the bank prime rate. According to industry experts, this rate is expected to continue to rise, reaching 6.25 percent by the year 2020.
Homeowners who have been on the fence about refinancing to pull some equity from their home must now move forward to refinance or risk having to pay a much higher thirty-year fixed rate than they are currently paying.
If you are in the search for a home, you might encounter the terms market value and appraised value while perusing the listings. Knowing how these terms affect things like selling price, property taxes, homeowners' insurance, and more are a vital part of the home-buying process. Read on to learn more about these two terms and be ready to snag a deal on your dream home.
When you find a home listed at a certain price, you are probably looking at the market value.
When qualifying people for mortgages, banks typically look at how much debt a person has relative to their income. Called the debt-to-income ratio (DTI), this number should be—at maximum—43 percent, according to most experts. In some cases, however, you can have a DTI ratio much higher than that and still get approved for a mortgage. Here's more information about these exceptions.
Exception #1 – High Credit Rating
A good credit rating can open a lot of doors and allow access to a lot of opportunities, and qualifying for a mortgage while you have a high debt-to-income ratio is one of them.
If you love to golf and if you are the process of purchasing a home, then one thing that you might be looking for is a home that is located in a golf community. To help ensure that you are happy with the home and neighborhood that you choose, you should know that there are a few things that you should look for. These are some of the things that you will probably want to look at when choosing a home in a golf community.