When you feel ready to buy a house, different types of loans may be available to you. Two primary mortgage options are an FHA loan and a conventional loan. Below, we briefly compare each to help you understand which might be right for your situation.
An alternative type of loan, hard money loans, can provide financing in particular situations. If you need money fast or don’t qualify for a more traditional type of loan, you might consider hard money loans.
When you’re buying something major with a loan, namely a house, you likely need a down payment. A down payment covers part of the purchase price.
Think you might have trouble qualifying for a mortgage because your current credit load is a little on the high side? You'll want to speak directly with a loan officer to get a bit more specific but if you want or need to pay down debt before applying for a mortgage, there are some things you need to know.
Freddie Mac's results of its Primary Mortgage Market Survey® shows that "Mortgage rates decreased for the second week in a row due to multiple headwinds that the economy is facing. Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the economy, such as consumer spending on durable goods."
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