clearlending, Author at Amazing Viral News

A Borrower’s Guide to a Mortgage Loan Calculator in Texas

clearlending — Wed, 21 Oct 2020 14:24:30 +0000

The mortgage rates have been going unbelievably low for the past months, and this might be the best time to rope in for a house. However, many borrowers are in a dilemma as they have been wondering about the interest rates and monthly mortgage payments. What is the ideal amount of monthly payment one should be looking at? Amid many discussions and deliberations, only one tool can help in an extensive way. In this article, we are going to focus on a mortgage calculator and how to make use of it.

Use the free online tool and break down the calculation before making the right decision. See how the factors affect the figures and the end result. Most importantly, a mortgage loan calculator Texas lets you play with the numbers and find a way to save money. Thereafter, the loan calculator is an effective pre-move tool used to compare interest rates. However, many future homeowners have their share of confusion regarding the house payment calculator. Let’s go through the essential pieces of information now.

When it makes sense to use the home loan calculator

Purchasing a house can be single-handedly the most difficult experience you have ever gone through in life. The home loan calculator makes the process a breeze in this process. Employ the calculator as a tool right before the house-hunting process. This helps you determine the price range and monthly payment. Some of the mortgage calculators lay out an approximate calculation which in turn helps people to understand how much they need to earn for attaining their goal. The numbers are quite helpful in gathering information regarding the targeted home price. Once you have figured out the household budget, you can shop for a home in a responsible way.

How do you understand the length of the loan term?

A successful home loan calculator offers versatile benefits. Among many of them, it lets you decide which loan term works best for you. Mention different numbers and check whether you can afford the short term. The loans for a shorter period come with high monthly payments yet the interest rates are low. Long terms showcase the opposite side of the coin – the monthly payment is low and the interest rate is high. There is one thing that might prove to be helpful is when you are willing to put an additional amount for monthly principal. Later, the interest rate stays the same along with the term; however, the loan balance is low.

How can you find the best mortgage calculator in Texas?

While you are in the search of the perfect home loan calculator, you might get confused with different types. So, look for one which has various fields. When the number of fields increases, the calculation also turns out to be almost perfect. Many calculators have the capacity to inform the loan payments and monthly mortgage expenses.

So, ask your lender which type of mortgage calculator he/she can provide you with. Get the necessary help for a seamless experience!

The post A Borrower’s Guide to a Mortgage Loan Calculator in Texas appeared first on Amazing Viral News.

2 Viral Tips on How to Get Home Loans for DACA Recipients in Houston

clearlending — Thu, 08 Oct 2020 15:11:34 +0000

If you thought selecting a house is a crucial process, you have no idea about a home loan. Just like any other mortgage process, getting a DACA loan can be difficult. Moreover, the entire DACA loan process can be a stressful experience if you ignore the preparation part. First of all, many DREAMERs dwell in a misconception that they can apply for FHA loans. Unfortunately, HUD does not regard a lawful status to the DACA recipients. This turns out to be a major issue when a borrower expects to pass the eligibility criteria with 500 credits and put down 3.5% of the loan value.

As a first-time homebuyer, you would like to know how the process of home loans for DACA recipients in Houston, TX is going to unfold. Even though FHA loans are off-limits, you will be eligible for a mortgage. If you can prove you are a legal citizen of the country, you will take the stepping stone of the home-buying process. Provide your social security number and proof of EAD; be on your toes for the paperwork. However, there are other things to keep in mind. Let’s take a look at the necessary tips on how to prepare for the DACA home loans.

Income history and home-buying process

Every lender does not show the same degree of enthusiasm for helping DACA recipients to achieve their dream. Even if they do, a set of rules must be followed. Lenders who choose to allow DREAMERs usually put a focus on employment history. The borrowers need to show evidence of the Employment Authorization Document which the U.S. Citizenship and Immigration Services issues. Besides this, the private lender takes the sources of income into account. A steady income is pivotal for passing the eligibility requirement since your total earning power is an indication of your ability to repay. The DACA lender might also ask for bank account information, pay stubs, and W-2s.

Down payment to make for a loan

Have you decided on how much you can afford to put down? As you are looking at a DACA mortgage, the lender would allow a 20% down payment with no mortgage insurance. A 20% down payment is the smartest way to get rid of private mortgage insurance. The PMI acts as a shield to your private lender when you default on the mortgage. It is possible to discard the private mortgage insurance once you have 20% equity in the property. Even though 20% is a standard percentage, ask your lender how much of down payment you need to make.

Now, you must be wondering where you can find a lender who is willing to offer DACA mortgages. It might not be easy to spot them; however, local DACA lenders in Houston are up for the program. Shop around, get quotes from multiple lenders, and ask upfront – these 3 steps can save you from significant challenges later. After finding a suitable lender, don’t forget to get pre-approved. So, remember the previously mentioned tips and fulfill your dream of homeownership!

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3 Common Questions on the Best VA Loans for Bad Credit in Houston

clearlending — Mon, 07 Sep 2020 14:11:00 +0000

Having a bad or less than perfect credit is something that no one likes, especially if they are about to apply for a home loan program. You would also not like to have bad credit when you are thinking of applying for a VA loan program – a specially designed home loan program for veterans, military officers, and surviving spouses. But what will you do if you have a bad credit score? Will you stop dreaming of your own house? No!

It is because you can apply for the Best VA loans for bad credit in Houston. It will help you get the loan and buy a home of your choice. But do you have questions regarding this home loan program? Here, we have tried to answer these –

Is it possible to get a VA loan with a bad credit score?

While bad credit makes the process of getting approval for a VA home loan difficult, it does not it is completely impossible. Besides credit scores, the VA lenders check several things, such as your payment history, debts, assets, income, employment history, down payment, and more. If you can meet other requirements successfully and your lenders offer low credit VA loans, then you can get approval for this loan even with low credit.

What are the VA’s credit score requirements?

The Department of Veterans Affairs (VA) does not set a minimum credit score requirements for borrowers. But the VA does not actually provide the loan; they guarantee the loan in case the homebuyer later defaults. This is why; many VA lenders want to see a good FICO credit score, but the cutoff can vary by the lender, the loan type, as well as other factors. You may get in touch with a VA lender willing to process your VA loan even if your credit score is less than 580, however, you can encounter less favorable interest rates. So, if your credit score is low and you want to secure the best mortgage rate, then you should take steps to improve your credit score, such as paying debts on time, not applying for any new credits, rectify credit card mistakes, etc.

What happens if the borrower has had a previous bankruptcy or foreclosure?

Bankruptcy and foreclosure are negative factors on a VA loan program. However, even if you have undergone one of these processes, you may still qualify for a VA loan – even with the result being bad or poor credit. Generally, there are two typical situations –

In cases where Chapter 13 bankruptcy has been filed, a veteran, military officer, or surviving spouse is required by the VA to have made on-time payments towards that bankruptcy for at least 12 months before they can think of a VA home loan.
When it comes to Chapter 7 bankruptcies and foreclosures, veterans and services members will typically need to wait for 24 months following the discharge of the bankruptcy or the foreclosure. You may need to wait longer in case the default occurred on an FHA loan.

As you get the answers to your questions, now, take the required steps and apply for a VA loan to a lender. He or she will not only guide you but also help you get the loan.

The post 3 Common Questions on the Best VA Loans for Bad Credit in Houston appeared first on Amazing Viral News.

Everything That You Should Know about DACA Mortgage Loans in Houston

clearlending — Wed, 12 Aug 2020 06:36:56 +0000

Is it difficult for you to get a home loan approval in the U.S. as you have come to this unlawfully? Are you wondering what to do? Well, you can fulfill your dream of homeownership with DACA status. It is a visa status that makes it easy for you to get a home loan approval in the U.S.

However, don’t have any knowledge about DACA mortgage loans in Houston? Do you want to know about this loan program before applying for it? To help you, here, we have put together a few questions and answers for you.

Can I apply for a mortgage as a DACA recipient?

If you are a DACA recipient, you can get a home loan approval. Though some types of loans are not available to dreamers, there are other home loan options, like conventional loans for anyone in the country under the DACA program. When getting a conventional home loan for your purchase, you will enjoy the same benefits as an applicant along with high loan limits and reasonable credit requirements.

Are my home loan limits diminished as a DACA recipient?

Nope, there is no such thing. When you use a conventional loan as a DACA recipient, you will have access to the same loan limits as any U.S. citizen opting for this loan program for financing. The exact amount that you will have access to will depend on your income, credit score, debt-to-income ratio, and many other factors. However, the limit across the country is around $510,400 for a single-family home. In some high-cost areas, the limit can go as high as $765,600.

May I have to do a lot of paperwork to get this loan?

No, when you compared to any other home loan. Compared to a typical conventional loan for a U.S. citizen, no, there is not a lot of paperwork for DACA home loans. You will have to prove your status as a DACA recipient, as well as go through the same application process as anyone else. And you will not find an excessive amount of paperwork with this home loan.

What are the documents that I need for this loan?

You will need basic documents on immigration and residency status. Along with your income, credit, and debt information, DACA recipients will need to verify their status in the country that can be done through an Employment Authorization Document, Green Card, Visa, and other information. Besides, you may also need to pay stubs, employment verification, your Social Security card, or bank statements. Generally, it is better to have all of these documents ready in case they are requested by the lender.

Can I get an FHA loan as a DACA recipient?

No. Though the federal policy is always subject to change, nowadays, FHA loans are not available to non-citizens. The Department of Housing and Urban Development that oversees the Federal Housing Administration (FHA), has confirmed that their services are only for U.S. citizens. You can research more about this topic to clear your doubts.

So now, what to wait for? Apply for a home loan program as a DACA recipient and fulfill your dreams to have a home easily.

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