Editorial Disclaimer

In the market for a new home or refinancing an existing loan?

In the market for a new home or refinancing an existing loan?

If you are looking to buy a new home or refinance your existing mortgage loan, be prepared that the process may not be as easy as you think.  With the unemployment rates, extremely low home prices, and foreclosures on the rise, consumers are finding it difficult to get financing. Even if you have good credit and a down payment, you may still have to jump through hoops to get your loan.

Some things that lenders may look at, besides your credit score is:

  • Loan to value ratio – some lenders may require this to be at or around 85% or less.
  • 1st and 2nd mortgages, along with any additional cash requested, will need to be considered for a mortgage refinance, home equity line of credit, or debt consolidation loans.
  • A down payment for a new home loan may be required up to 3.5% or more.

If you are a first-time homebuyer, be sure to do your research on the house you are interested in as well. Know your mortgage options and if there is federal or state aid available to help with your purchase.

Follow Us Here!

Editorial Disclaimer: Information in these articles is brought to you by CreditSoup. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles. The information is accurate to the best of our knowledge when posted; however, all credit card information is presented without warranty. Please check the issuer’s website for the most current information.

Advertiser Disclosure

CreditSoup is an independent, advertising-supported comparison service. The offers that appear on this site are from companies from which CreditSoup receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditSoup does not include all companies or all offers available in the marketplace. CreditSoup may use other proprietary factors to impact offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

Editor’s Rating

Our editors review each credit card and provide our ratings based on the features the credit card offers consumers including the fees, interest rates, benefits, rewards, and how it compares to other credit cards in its category. Card ratings may vary by category as the same card may receive a different rating based on that category.

CreditSoup.com may be compensated by companies mentioned on our site when a consumer’s application is accepted or approved by the company.