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Buy My Mortgage

Purchase Loans Help you purchase a home at a competitive interest rate often without requiring a downpayment or private mortgage insurance. Cash Out Refinance loans allow you to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. Learn More

buy my mortgage


The Access Deferred mortgage is a safe, 30-year, fixed rate mortgage. That means your interest rate will never change. Are you concerned about saving for the down payment? Access Deferred offers a maximum of up to $7,500 in assistance for down payment and closing costs. Your contribution is limited to $1,000 or 1 percent of the purchase price, whichever is greater. So for as little as $1,000 out of pocket, you can get into your new home.

The Access Repayable mortgage is a safe, 30-year, fixed rate mortgage. That means your interest rate will never change. Are you concerned about saving for the down payment? Access Repayable offers a maximum of up to $10,000 in assistance for down payment and closing costs. Your contribution is limited to $1,000 or 1 percent of the purchase price, whichever is greater. So for as little as $1,000 out of pocket, you can get into your new home.

Not only will this information help you estimate how much house you can afford, but it will help to determine how much money each person can contribute to the down payment, closing costs and monthly mortgage payments.

If you want to buy a home with your boyfriend or girlfriend, it is important to consider the realities of different credit scores. In some cases, partners with vastly different credit scores could benefit from just one partner applying for the mortgage. A borrower with a good credit score can unlock better mortgage rates and lower the overall expenses for the household.

If your name is not on the mortgage or the title to the home, then you are not the legal owner. Although you may be contributing to the homeownership expenses, the titleholder is the official owner of the home.

If your partner has bad credit, it might be a smart move to apply for the mortgage on your own. A good credit score can unlock better mortgage rates which could lead to thousands saved over the life of your loan.

You're ready to buy a home, but the bank said you don't qualify for a mortgage. It's all right; you still have options. When your income, savings, or credit history falls short, adding a co-signer to your application can give you the boost you need to get approved for a mortgage.

No matter the reason, the last thing you want to receive is a denial letter from the mortgage lender just days before your closing. No one wants to be left scrambling to finance their home last minute. This is why pre-approval is crucial, especially for first-time buyers.

It would help if you got a verified mortgage pre-approval when you're 30 - 120 days from buying a home. Contact NewCastle Home Loans for your verified pre-approval letter, so you feel confident about making an offer to buy a home.

For a conventional mortgage, co-signers need a social security number. In addition, the co-signer must be a U.S. citizen, a lawful permanent resident, or a legal non-permanent resident. Your co-signer doesn't need to be a relative, but they should live in the U.S.

Because the debt of your mortgage is added to their credit report, it can be more difficult for co-signers to qualify for a mortgage or buy or refinance their own home. Late payments will also count against their credit and can hurt their chances of opening additional accounts for mortgages, cars, and credit cards.

With mortgage co-signers, you benefit from someone else's good financial history and their pledges to repay if you don't, allowing you to buy a home. Being conscious of this favor can help protect your relationship with your co-signer.

Before closing on your home, you should already have a plan to remove the co-signer. Make arrangements so you don't saddle your co-signer with your long-term mortgage debt. Set realistic expectations to preserve the relationship you have with the co-signer.

TIP: Set up an auto-pay through your bank or the mortgage lender to easily prove that you've made consistent and timely payments. Proof that you're making the payments will be helpful when the time comes for the co-signers to buy or refinance. In addition, they'll be able to exclude your home's mortgage debt if you provide bank statements or canceled checks showing that you made the last 12 consecutive payments on time.

Most borrowers ask someone to co-sign their mortgage because they need additional income to qualify for the loan. However, without a co-signer, borrowers often have too much debt and not enough income--their debt-to-income ratio is too high.

Lenders use a debt-to-income ratio to measure your ability to repay the mortgage. Your debt-to-income ratio is all of your monthly debt payments, including the payment for the home you're buying, divided by your gross monthly income.

Andy applied for a mortgage pre-approval with NewCastle last summer. He was ready to shop for a condo, and his budget was around $400,000. He had enough money to cover a 5% down payment ($20,000) plus the closing costs. He was hoping to mortgage the other $380,000.

Even though Andy made good money, a significant portion of his income came from bonuses. The previous year, his employer started paying him a bonus for meeting monthly goals. But because Andy didn't have proof of this variable income going back two full years, this income couldn't be factored into his debt-to-income calculations. Without this income, Andy didn't qualify for a mortgage.

Your credit score represents your history of paying bills on time and other significant financial events like bankruptcy. A poor payment history or recent bankruptcy produces a lower score and illustrates to your lender that your loan is risky. People with higher credit scores tend to make their payments on-time more often than folks with lower scores. So your lender will want to approve borrowers with higher scores--they're more likely to make their mortgage payments on time.

Limited credit makes it hard to get approved for your mortgage. It's not that your credit score is terrible; your lender needs more information about your payment history before approving a large loan like a mortgage. Unfortunately, the lender can't predict whether you'll repay the loan without an established credit history, so they may have to deny it.

A co-signer with good credit can make up the difference and help you get approved. For example, with another borrower listed on the loan application, you benefit from your co-signer's good credit history and established record of paying on time. And because the lender knows that one of the borrowers on loan has a positive credit history, they're more likely to approve your mortgage.

With a co-signer on your mortgage application, you can get the home you need while strengthening your credit history. If you make your payments on time, in 6 months or so, you can plan to refinance your home. When you apply for a refinanced loan, you can remove the co-signer, leaving you the only borrower on loan and freeing your co-signer from their obligation.

Ultimately, this was an excellent deal for Tony and his daughter. They bought the home she lived in while she was in college, so Tony didn't have to worry about helping his daughter with rent. And because she could rent the spare rooms out to roommates, the rental income covered the mortgage payment due on the home each month.

Co-signers are responsible for the mortgage until you release them from the loan. To remove a co-signer, you have to pay off the mortgage. For example, selling or refinancing the home will pay off the mortgage and release the co-signer.

Your co-signer allows you to benefit from their positive credit history and income, but it's only a benefit to lean on for a while. Because your co-signer carries your debt, it may prevent them from being able to qualify for their mortgage or other loans. The fastest way to remove your co-signer is to refinance the mortgage using only your financial information.

Refinancing your loan doesn't mean you have to have enough money to repay the entire loan. Instead, refinancing replaces your old loan with a new one. When you've had time to make payments on your mortgage and build up your credit and income, you'll apply for a new loan for the same property--this time without your co-signer.

Since so many variables come into play when you refinance, it's best to know what to expect. Use our mortgage calculator to estimate the costs for your home, and make a plan with one of our loan experts to help you refinance, so you can make sure you know what to expect.

If you play your cards right, refinancing could be an opportunity to lower your monthly payment. Mortgage interest rates might be lower when you refinance than when you originally applied for your loan. In addition, because property values usually appreciate over time, your home may be worth more now than it was when you bought it. If your place is worth more, you can reduce the amount you pay for mortgage insurance, lowering your monthly costs.

If you can't refinance, do your best to prevent your debt from becoming a big problem for your co-signer. Make your mortgage payments on time, and make them through your bank. When the time comes for your co-signer to apply for a mortgage of their own, provide your co-signer's lender with your bank statements proving that you make the monthly mortgage payments. Mortgage lenders will exclude the co-signed debt if you can prove that you've made the payments on time for the last 12 months.

If you have a co-signer on your mortgage, your ultimate goal should be to minimize the impact of your loan on your co-signer's finances. Your co-signer is probably someone you're close with, and you don't want to negatively impact your relationship because of missed payments or defaulting on the loan. 041b061a72


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