Mortgage Affordability Archives - Page 2 of 2

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Is a 40-Year Mortgage Worth It? How to Decide Whether or Not This Longer Term is Right for You

There are different timetables for mortgages. The most common types are 15-year and 30-year mortgages. However, a mortgage broker can establish unique timetables for a homeowner, such as a 40-year mortgage. Friends may recommend going for a long-term timetable, but what do professionals think of a 40-year mortgage? Here is what you may want to consider to see if a 40-year mortgage is appropriate for you. The Monthly Rates Will Be Low Compared to a 15-year or a 30-year mortgage, the monthly payments for a 40-year mortgage will be lower. Since the mortgage is spread over 10 years beyond a…

Three Ways That Your Credit Score Affects Your Mortgage (and Your Chance of Obtaining One!)

If you're thinking of buying a home, you've probably been thinking a lot about your credit score as well. Credit scores control so much of what we do in the world of finances, but what does your credit score really have to do with your mortgage? Here are three ways that your credit score could impact your mortgage application. Your Credit Score Affects Your Ability To Get A Mortgage The first thing your credit score tells a lender is whether they should lend to you at all. In some cases, if you have a very low credit score, you may…

Mortgage Budgeting 101: How to Determine What You Can and Can’t Afford

When taking on a new mortgage, it is important to know that you can afford to carry the debt load involved, as many people find themselves in financial trouble by spending more on real estate than they can comfortably maintain. Your mortgage budget can be calculated to determine just how much you should spend on your next mortgage. Mortgage Rates And Today's Market Conditions Mortgage rates change every day, and in times of high volatility can even fluctuate more than once in a twenty-four hour period. The market reflects a number of economic variables, including relevant world news and events.…