Home Purchase Mortgage Loans are an extremely significant part of buying a home. Unless a consumer can actually pay cash for their dream home, they will need a Home Purchase Loan. A consumer may use a Home Purchase Loan to buy any type of home, inclusive of a primary residence, secondary residence, as well as investment property. The sole restriction is that the property must be a home. There are a vast amount of loan programs and products to assist consumers in obtaining a Home Purchase Mortgage Loan.
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About Home Purchase Loans
What Are Some of the Mortgage Loan Programs That Can Be Used for a Home Purchase Loan?
Consumers may wish to consider these options which all have their own pros & cons:
• A Fixed-Rate Mortgage Loan
• An Adjustable-Rate Mortgage Loan
• An Interest Only Loan
• A Jumbo Mortgage
• A LIBOR Mortgage
• Other Loans Are Available – Consumers should check directly with a trusted lender
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Will a Consumer’s Credit Score Influence their Mortgage Rate?
Yes – this is one thing a consumer can count on! A consumer’s Credit Score/FICO is a determining factor of the many aspects in applying for a mortgage. Consumers are advised to get a copy of their current credit report to begin with. Next, a consumer can use these guidelines in deciding which category they may be in credit-wise:
• Excellent Credit – 1) the consumer has not been reported to a collector/agency within the last ten years; 2) the consumer has had only late payments reported to the credit bureau within the previous seven years and zero within the last year.
• Good Credit – 1) none of the consumer’s payments were over thirty days late; 2) the consumer has established a credit history with other items such as auto loans, credit cards, and/or mortgages; 3) the consumer has not missed a single payment in the last twelve months (although they may have missed a couple of payments over the past seven years).
• “Needs Improvement” Credit – 1) the consumer has a few payments that are overdue; 2) the consumer has a history of payments made sixty days late; 3) the consumer is over eighteen and therefore has very little credit history.
• Fair Credit – 1) the consumer regularly pays their bills on time; 2) the consumer is eighteen and working toward establishing their credit history.
• Poor/Bad Credit – 1) the consumer has been reported to a collection agency within the last ten years; 2) the consumer is over eighteen and has no credit history at all.
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This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.