Sentences with phrase «meet mortgage payments if»

It is much easier to meet mortgage payments if you suddenly lose your job when you have a year's worth of mortgage payments available.

Not exact matches

If you have a pretty good credit history, a manageable level of recurring debt, steady income, and a down payment of 3 % or more — you might meet the minimum qualification requirements for a 30 - year fixed - rate mortgage loan.

If you lost your only income source, how would you meet your debt obligations (i.e. pay your credit card bill, mortgage or car payments)?

The lender will want to know if you have enough money left over every month after you meet your necessary obligations (rent, mortgage, car payment, utilities, credit cards, etc.) to pay back the loan.

They will be willing to buy a home with a huge loan and even if housing prices decline, they probably won't sell and rent immediately and will do their best to meet the mortgage payments.

In the case of a mortgage on a house, that house is collateral, meaning the bank has some rights to that property if you fail to meet your mortgage payments.

The income of the veteran and spouse, if any, must be shown to be stable and sufficient to meet the mortgage payments, cover the costs of owning a home, take care of other obligations and expenses, and have enough left over for family support.

Mortgage servicing companies, which are the companies to whom borrowers make their mortgage payments, are charged with the responsibility of gaining approval from mortgage investors, PMIs, and finally determining if each short refinance application meets FHA guidelines for comMortgage servicing companies, which are the companies to whom borrowers make their mortgage payments, are charged with the responsibility of gaining approval from mortgage investors, PMIs, and finally determining if each short refinance application meets FHA guidelines for commortgage payments, are charged with the responsibility of gaining approval from mortgage investors, PMIs, and finally determining if each short refinance application meets FHA guidelines for commortgage investors, PMIs, and finally determining if each short refinance application meets FHA guidelines for completion.

Here's the formula: Loan amount ÷ appraisal value or purchase price (whichever is less) For example: The home you want to buy has an appraised value of $ 205,000, but $ 200,000 is the purchase price The bank will base the loan amount on the $ 200,000 figure, because it's the lower of the 2 You have $ 40,000 for a down payment, so you need a $ 160,000 loan to meet the $ 200,000 purchase price Your loan - to - value equation would look like this: $ 160,000 ÷ $ 200,000 =.80 You multiply.80 by 100 % and that gives you an LTV of 80 % Private mortgage insurance (PMI) If your down payment is lower than 20 %, your loan - to - value ratio for conventional financing will be higher than 80 %.

If your monthly payments have been high and it's been difficult to make ends meet, taking out a second mortgage loan is actually a great way of lowering monthly payments and interest rates, in the long run making it easier to repay the mortgage.

If something arises such as unexpected medical costs or substantial auto repairs, you would want to be able to pay those expenses without jeopardizing your ability to meet your mortgage payments.

If one spouse prefers to remain in the home but can not meet the monthly mortgage payments, a reverse mortgage can be used to pay off the mortgage, with any remaining proceeds going to the moving spouse.

If you have a pretty good credit history, a manageable level of recurring debt, steady income, and a down payment of 3 % or more — you might meet the minimum qualification requirements for a 30 - year fixed - rate mortgage loan.

If you're in the fortunate position of being able to meet your household's expenses — including a 15 - year mortgage payment — on either wage earner's income, then probably signing up for the 15 - year mortgage is the way to go.

With the stock market in recovery last year, I wanted a mortgage that would lower my payment, yet still let me pay off the mortgage in 10 years (or less if I decide to retire earlier)... it was very tough to find a mortgage that met both criteria, but in Dec 2009 I found a 3.85 % 10 - yr ARM (fixed for 10 - yrs, then it goes ARM)

If you are having trouble meeting your monthly mortgage payments, or would just like to take cash out to make home improvements or pay off debts, a FHA Refinance can help.

Having this kind of information is very handy when it comes to preparing your finances so that you can meet your succeeding loan payments, especially if you are trying to prioritize that along with your mortgage.

If you're a potential home buyer who meets the requirements, your mortgage payment can be temporarily reduced with a payment assistance subsidy.

So in short, a prospective homeowner can buy after short sale with FHA right away (and VA) if there are no late payments and other nuanced conditions are met, after one year using the FHA Back to Work program and after 3 years if there are late payments on the mortgage and / or installment debt and qualifications aren't met for the previous two options.

A meeting with our North York bankruptcy trustee quickly confirmed that if they could get this debt under control they could keep up with the mortgage payments and still help their children finish school.

The mortgage gives the lender the right to collect payment on a loan and to foreclose if the loan obligations are not met.

A reverse mortgage loan will become due if the borrower fails to meet the obligations of the loan, which include timely payment of property taxes, insurance and any homeowners association fees, and maintaining the property.

It could actually boost a person's credit score and increase the chance for mortgage approval, especially if the borrower (A) has made all loan payments on time and (B) has sufficient income to meet those obligations.

But the silver lining is this: by forcing consumers to meet a more demanding financial standard — proving that they can maintain their mortgage payments, even if interest rates jump — this new rule ensures that affordability is built into every mortgage.

This might happen if a family home is in the name of one party but the other has made a financial contribution to its purchase price or has paid household bills to allow the meeting of mortgage payments.

When considering mortgage insurance, don't confuse it with private mortgage insurance, or PMI, which is insurance that can be required by lenders if the down payment on your home doesn't meet a certain threshold (typically 20 percent).

Private Mortgages and Seller Financing If a buyer can not meet down payment requirements, but can afford payments, seller financing may offer a solution.

If you have failed to meet your mortgage payment, or you recognize that you will be unable to pay your monthly mortgage due to an unexpected financial hardship, then you may be qualified for a short sale.

With BankSouth Mortgage + Plus, if the local real estate market is down when the homeowner needs to sell their home, within 2 - 7 years, they will still be reimbursed by ValueInsured up to the full amount of their down payment if all program requirements are met.

If something arises such as unexpected medical costs or substantial auto repairs, you would want to be able to pay those expenses without jeopardizing your ability to meet your mortgage payments.

For example, if your project (s) are expected to reduce energy bills by $ 103 monthly and the costs of said projects raises your monthly mortgage payment by less than that amount, your loan will meet VA EEM product guidelines.