What Do I Need To Apply For A Mortgage?

If you are buying a home for the first time, you need to get financing. So, what do I need to apply for a mortgage?What Do I Need To Apply For A Mortgage?Research is the first step of the loan application process. Familiarity with budget, the type of desired property, and the type of loan that will work best for you are some of the vital issues you need to figure out first. The key to getting the loan you want is to be prepared.One of the key aspects you will need to review is your credit history. Your credit score can be a make or break factor in the determination of whether to give you financing. On the downside, most credit reports contain erroneous information. In fact, more than forty percent of all credit reports contain at least one error.Once you have completed your preparation, it is time to actually apply for a mortgage. So, what are the hard items you are going to need?1. Pay stubs for the last 30 days.2. Documented proof of any other income such as alimony payments, stock dividends and such.3. Monthly investment statements – 3 months.4. Bank account statements for the last 3 months.5. W-2 Forms covering the past two years. 6. Federal Tax Returns for the last two years.7. Bankruptcy filings, if any.8. Any estimate of proceeds from another home you are selling.9. An optional, but wise, statement should be included explaining where the down payment for the home is coming from. 10. Documents showing ownership and value of any high worth assets. At the end of the day, the documentation is not really that difficult of a hurdle to jump. The key is to know what you need, organize it and provide it to the lender.

Funding the Costs of Your Reverse Mortgage

Many older people are taking advantage of reverse mortgages to help with living expenses. If your house is paid for, this may be a viable option for you. A reverse mortgage means you are taking a monthly draw from the equity in your home. It can mean the difference between being able to stay in your home as you get older, or having to sell it and move someplace else. A great mortgage tip - ask that your closing costs be paid out of your loan proceeds. This means you can secure a reverse mortgage for no out of pocket costs

Mortgage Payment Calculator

The right mortgage has to have the right monthly payment for your particular financial situation. The mortgage payment calculator is a simple way to make sure that you've got a match. It calculates your potential monthly payment by computing parameters related to loan and property information. It also takes into consideration tax and insurance information. Input these numbers and you've got quick estimate of whether or not the loan is in your budgetary ballpark.Our monthly mortgage payment calculator is simple to use. The first step includes four fields for loan amount, interest rate, length and home value. The loan amount is how much you'll need to borrow, the interest rate is the rate advertised by the lender, the length is the amount of time it takes to repay the loan (generally 15 or 30 years) and the home value is the estimated price. The second step of the mortgage payment calculator includes three more fields; annual taxes, annual insurance and annual PMI (Private Mortgage Insurance).When you use the mortgage calculator, the main fields to keep your eye on are the interest rate and the length. If you input a lower rate, you can expect your monthly payment to go down. Just how much an interest rate decrease affects your monthly balance depends on the size of your loan.Choose a loan with a shorter term, and you can expect your monthly payment to rise. Consider that you're paying off the same loan in a shorter period of time.This quick overview is great for comparing lenders. It's the first step to finding a mortgage that matches your budget.Also see the other mortgage loan calculators to perform additional calculations.