Financing is the way you pay for a purchase – and the term is usually used in the context of buying a home or a car. Financing may be a 100 percent loan or some combination of a cash down payment and a loan. When you apply for bank financing, it helps to have a strong credit score because banks want to make sure you will pay on time and in full. The state of the economy, including how much cash lenders have available to loan, affects what kind of financing you can get at any given time. To get the best financing, it helps to become familiar with the market for the type of loan you’re trying to get, whether that’s an auto loan, mortgage, school loan or personal loan. From this topic page, you can search for information on all kinds of financing. We have many videos on different types of mortgage financing, and hundreds of articles. Use the topic cloud on the right-hand navigation to further refine your search.
What Mortgage Can I Get Approved For?
What mortgage can I get approved for? Fannie Mae found most Americans overestimate the credit score and down payment necessary to qualify for a mortgage. Credit scores and lending requirements are confusing - even to those of us who work in the credit industry or those that are tangentially related, like mortgage origination or banking. [...]
Mortgage Delinquency is Down, Credit Delinquency is Up
Mortgage delinquency rates are down, credit delinquencies are up. CoreLogic reports 30-day-plus delinquency is the lowest it’s been in over a decade. It’s a good news, not-so-good news situation. First, the good news: More people are paying their mortgages on time. Unfortunately, credit delinquencies are up as more people are having trouble getting their credit [...]
Financing Contigency For Home Buyer’s Financing
Most home sale contracts include a financing contingency, in case the buyer's financing falls through. Financing contingency sets a time frame for the buyer to find another lender. What options do the listing agent and the seller have when a buyer does not meet a financing contingency deadline?
Lien Protects Personal Loan For Home Financing
If you're considering lending money to someone for help with home financing, is a lien on the property the best choice? By placing a lien on the home, or obtaining a mortgage from the home buyer, you can protect your loan during times of uncertainty. When the loan is repaid in full, the lien will be released.
Owner Occupied Status Affects Mortgage Refinancing
A renter asks about an owner-occupied requirement with regard to mortgage refinancing. The renter says his landlord has refinanced the property twice, each time claiming he lives there. The renter wonders if the landlord breaks the law by claiming the property is owner-occupied during a mortgage refinance. Circumstances may change after the mortgage refinance occurs and that lenders don't have time to follow up.
Monthly Payments On Mortgage Exceed Refinancing Terms
A home owner says she tried to refinance her home and arrived to the closing to find her monthly payments on her new mortgage would exceed the original refinancing terms. She canceled the refinancing because the monthly payments on the new mortgage would be too high. The lender now wants her to pay fees even though she did not go through with the refinancing to change her monthly payments on her mortgage. Does the home owner have to pay the fees?
Getting A Good Home Mortgage Rate
A parent asks about selling a property to her daughter who has good credit. She wonders about home mortgage rates and whether they will fall. Even if the daughter sees high home mortgage rates now she can refinance in the future.
Choosing The Right Mortgage Lender
How can you choose the right mortgage lender? Ask friends and family for mortgage lender references, interview the mortgage lender and make sure the mortgage lender does meticulous underwriting.
Refinancing To A Negatively Amortizing Loan
When you refinance your mortgage loan, as when you get a new mortgage loan, you need to carefully read the loan documents. If you don't you could end up with a negatively amortizing loan, which means that your principal will increase as you make mortgage payments. It's critical to understand the terms of your new loan when you're refinancing.
Seller May Cancel Sale Due to FHA Mortgage Requirement
When you buy a home with an FHA loan you have to follow their rules, including one where you can't close on a home if it was just sold 90 days earlier. If a seller is eager to sell he may not want to wait that long. Can the seller keep the buyer's deposit if the closing gets delayed or canceled?