Here's the recent articles submitted by john russell
Articles By john russell
Is A Conventional Mortgage Right For You
By: john russell
If you have had a bankruptcy in the last four years, you are probably just better off trying to acquire a different type of Utah home loan. The lender wants you to have a high credit score, make all your payments on time and have had no bankruptcy so they can give you a lower interest rate on your loan. Utah home financing is not difficult but you must be organized and have many things together before you jump in. Some conventional mortgages will only require you to put five percent of the home's value for your down payment. Most conventional mortgages require somewhere around twenty percent, however. If you are asking for the maximum of four hundred seventeen thousand dollars, your five percent down payment will be twenty thousand eight hundred and fifty dollars. If your down payment is the more standard twenty percent you will have to put down eighty three thousand four hundred dollars. This is why it is imperative that you have a good credit score and that you stay on top of it. A lot of conventional mortgages also require that you put down three months worth of payments. So if your monthly payment is eleven hundred dollars, you will need thirty three hundred dollars held back. This money that is held back doesn't have to be money, but can also be something like a 401K account.(read
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Category : Real Estate and Foreclosure
The Steps To Finance Your First Home
By: john russell
When it comes to what you must do to get everything together to purchase your first home, many people have no idea what to do. This is because the process can be long and difficult if you don't know where to ask for help from. Utah home loans can help you with all those questions by answering them for your specific situation. After you have found the Utah loan programs that fit you and your lifestyle, then you can get on your way with finding the home you want. So what is the first step? First you must check on your finances and see where they lie. Do you have a good credit score? What is your credit score? Can you do anything to bring it up and are you doing things on a monthly basis that are making your score go down now? You need to get a list together of all the money you have going out every month and how much you are able to save. You will also need to know how much you do have saved and how much value you have in your property. This ranges from vehicles to property and everything in between. This information is important because your lender wants to know that if you default on their loan they will be able to get something back from your negligence. In this case the something is your property. This is also an important lesson in that you should have your finances together so there is no chance you will be defaulting on any loan and you won't have to forfeit your property. After you have all those numbers together you can fill them into a mortgage calculator to determine how much you can afford every month and what you need to do to get to that number.(read
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View : 238 Times
Category : Real Estate and Foreclosure
Take The Right Steps For Your Loan Pre-qualification
By: john russell
One of the first steps in getting your Utah home loan is getting pre-qualified for that loan. Before you ever look at a house you should be pre-qualified with your lender so you know what your budget is and how much you can afford to spend on a home. You can't begin to talk to someone about buying a home without pre-qualification, and with good reason. If you are way out of your price range when looking at homes, you are not only wasting your time, but you are wasting the realtor's time as well. If you do start looking at homes without pre-qualification and you happen to have some questions, the realtor or whoever is selling the home is going to want to know some figures from you. You probably won't have these figures together until you have been pre-qualified for a mortgage. So what is the first thing you need to do to get your pre-qualification moving forward? First, you need to get all of your financial statements together. This will include all of your sources of income and all of your monthly bills. You will need proof of your income and it will need to go back for some time. Paystubs will work and probably so will bank statements. It is recommended that you probably keep two years worth of these statements to give to your lender for helping them make their decision. The lender is trying to make sure that you are financially able to buy a home and that you have some constancy in your life. If you have happened to move a lot or changed jobs a few times, you should write up a document specifying why this was so the lender can have trust that you aren't flaky. Make sure you have all your tax statements together.(read
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Category : Real Estate and Foreclosure
Which Loan Program Is Best For You
By: john russell
If you are in the market for a Utah home loan then there are many options available to you depending on what your background is and what you need your loan for specifically. It doesn't matter if you have great credit or not the best credit; there are Utah loan programs available to you. You may be in the market to buy a new home, buy a used home, re-finance your current home, remodel your current home or whatever it may be, there is probably a loan available for you. You just need the information on the different loan programs available to you so you can make an informed decision on which loan you want to use for your new home or whatever it may be. If you have a large amount of money to put down you might be interested in one loan over another. If you have poor credit you may have to deal with less than ideal terms because of the situation you have put yourself into. If you have credit that is not ideal, you may want to check into a Federal Housing Administration insured loan. These loans are a type of federal assistance that the federal government backs. Because the federal government backs these loans, the lenders are more lenient when it comes to the requirements to qualify for the loan. The Federal Housing Administration insured loan also requires a very low on comparison three percent down payment.(read
entire article)
View : 102 Times
Category : Real Estate and Foreclosure
