Mortgage Loans

If you’re like most Americans, you’ve seen a lot of alarming news about the state of the mortgage industry. Headlines about the home mortgages have been hard to miss, Are you wondering what exactly does this mean to me?

The mortgage industry is undergoing a chances, and the turbulence we’re seeing may continue for some time. The interest rate is at all time low levels.

The landscape has undoubtedly changed, but it’s not time to panic. It’s simply time to get informed. At LendingTree, we’re committed to helping you understand what’s going on in the market, get the information and answers you need, and find the loan that’s right for you. We’re here to help you borrow smarter.

So what exactly is going on?

Is it still possible to get a loan in today’s market?
You may worry that you can’t get a home loan right now. The fact is, many homes are being purchased and refinanced, many loans are being funded.

1) Don’t panic – If you’re a prime borrower looking to buy a home or refinance your mortgage, you’re in a strong position because lenders are clamoring for your business. What does “prime” mean? If your credit score is 700 or higher, if you can document your income and assets, and if you’re able to put at least 10% down, you’re considered among the least risky .

Check your credit – It’s vital to know both your credit score and what’s on your credit report before you shop for a loan.

Anticipate the true costs of homeownership – Owning a home costs more than just the mortgage payment. When you think about what you can afford, you must consider your property taxes, homeowner’s insurance and maintenance costs. Be realistic about your budget to determine what you can afford before you begin house or mortgage shopping.

If you’re seeking to refinance (out of an adjustable rate mortgage, for instance), first make sure you understand the mechanics of your existing loan. When is your rate due to adjust? What kind of increase should you expect? Does your loan carry a pre-payment penalty? Before you start talking to lenders, learn about the different types of mortgage products.