Save Your Cash - Think Like a Mortgage Lender

Save Your Cash - Think Like a Mortgage Lender. Ben Yost Review for a Mortgage Loan with Lisa C. 5 Stars out of 5

Save Your Cash - Think Like a Mortgage Lender video duration 1 Minute(s) 45 Second(s), published by Dawn Symington on 10 09 2019 - 20:11:44.

Requirements for getting a mortgage loan often change, and if you are considering applying for a home loan in the near future, be ready to cough up the cash Zero Down VA Home Loans with Linda Sinacola of PLB Lending NMLS # 129281 NMLS # 127717.

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Requirements for getting a mortgage loan often change, and if you are considering applying for a home loan in the near future, be ready to cough up the cash. Walking into a lender’s office with zero cash is a quick way to get your home loan application rejected. Mortgage lenders are cautious: Whereas they once approved zero-down mortgage loans, they now require a down payment.

Down payment minimums vary and depend on various factors, such as the type of loan and the lender. Each lender establishes its own criteria for down payments, but on average, you’ll need at least a 3.5% down payment. Aim for a higher down payment if you have the means. A 20% down payment not only knocks down your mortgage balance, but it also alleviates private mortgage insurance or PMI. Lenders attach this extra insurance to properties without 20% equity, and paying PMI increases the monthly mortgage payment. Get rid of PMI payments and you can enjoy lower, more affordable mortgage payments.

However, down payments aren’t the only expense you must worry about. Getting a mortgage also involves closing costs, home inspections, home appraisals, title searches, credit report fees, application fees, and other expenses. Closing costs are roughly 3% to 5% of the mortgage balance – paid to your lender before you can seal the deal.

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