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When Is A Ten-Year Mortgage Right for You?

Several lenders offer a ten-year mortgage as their lowest available term. This means the mortgages taken out will be paid over the course of ten years versus fifteen, twenty, or thirty, on a schedule of regular payments in uniform size.

While the payments for these loans are much higher than their traditional longer-term counterparts, the interest rates are amongst the lowest available on any fixed-rate loan in the industry.

Here is an example for the different loan options for a $300K mortgage:

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Income Verification Docs to Have Ready When Applying for A Mortgage

Before you decide to fill out the paperwork for a mortgage you will want to ensure you have all your paperwork together. While it may seem like there is a substantial number of documents needed, they can all be broken down into two simple categories: identity verification, and income verification.

Identity Verification

Identity verification is straightforward, although lenders may vary slightly in how many documents are needed, which forms they will accept, or which they generally prefer. Examples of identity verification include your driver’s license, school or work ID card, birth certificate, social security card, or passport. It is wise to have at least three of these on hand.

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How to Survive the Process of Getting A Home Mortgage

Purchasing your first home is an exciting experience. It is the accumulative of years of hard work, effort, determination, and a lot of hope. It is, however, also a very stressful experience. One way to reduce this stress is by ensuring you are realistic, prepared, and educated on what is going on. Today we will talk about how these ways can help you to survive the process of getting a home mortgage.

Have Realistic Expectations

The very first expectation most people need to adjust is the idea that a preapproval guarantees you will be approved for the mortgage. While most people who can achieve a preapproval do end up getting the mortgage they are hoping for, it does not always happen this way. This is because additional paperwork and proof of income is necessary. The final numbers may vary from what was listed on your preapproval.

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Are Lenders Getting Picky with Smaller Dollar Amounts?

You would think smaller loans would be easier to get considering there is less money you would owe the bank, right? It would make sense to believe with less possible loss lenders would be more willing to help. If you believe this sentiment, however, you would be wrong.

Smaller Purchases with Less Mortgages

A recent analysis done by the Urban Institute has found that lending institutions are denying mortgages with smaller dollar amounts at a much higher rate than those with larger amounts. This is specifically for single-family purchases, and apparently it has nothing to do with the credit history of the applicants.

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Now Is A Good Time for A Mortgage – Rates Are Dropping!

The rates of long-term mortgages in the United States fell once again this week. This follows a trend which has encompassed five of the previous six fiscal weeks. While the drop may not be jaw dropping, it does bring a modicum of relief to those who are currently in the market to purchase a new home.

Although interest rates are dropping, they are still higher than they were at this time in the previous year when they sat at 3.96 percent. Currently, even with the downward trend, rates are sitting at just over four and a half percent. Shorter, 15-year fix rate loans are lower than the previous year – if just barely. Today they sit at 3.99 percent, whereas last year they sat at just over four percent.

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