Figure Out Your Mortgage Payment – Buying a Home

mortgage refinance Millions of people could escape from the grips of the rent demons if they only knew the truth. Unfortunately, many potential first time home buyers are the victims of myths and misinformation generously given by well meaning friends, relatives, and coworkers.

juegos   To have a clearer view of this issue, it is good to have a refresher information about first time home buyers stimulus plan to weight whether or not it is wise to pursue its extension and regulation. The stimulus plan states that qualified applicants are given tax incentive of $8,000 or 10% of the total property amount, whichever is higher, for the home purchase that they are going to venture into.

home selling 2. Credit — “Only those with perfect credit can qualify for a home loan.” This is simply no longer the case. Having good credit allows for better interest rates and more financing options. However, having credit issues is no longer an issue. Many lenders will finance a home at 100% financing even if you have collections and old late payments.

3. Bankruptcy — “You need to wait for 7 years after a bankruptcy before you can buy a home.” Believe it or not you can purchase a home while you are still in a Chapter 13 bankruptcy. Your best bet is to be out of a bankruptcy for at least 2 years and preferably 4 years and should have re-established credit.

These are the different offers included in the stimulus package given by the federal government to boost the real estate industry as well as to give home buyers the chance to acquire their own homes despite of the current financial crisis. For various people, it is indeed a great help if the extension of this tax incentive will be lengthened to compensate the effects of the increasing number of unemployment and thus, inability of people to pay their monthly mortgage. The $8,000 or 10% tax credit is indeed a great way of unloading the financial burden they are obliged to carry.

Having the knowledge of where you stand financially is very important when you go to the bank. If the bank starts asking you about different types of loans and interest rates you will be much more aware of what’s going on and how to answer them correctly. You don’t want to be clueless when you go or the bank will end up making the decisions for you and who knows if they will be the right ones You can be published without charge. You can to republish this article in your website or blog. Please provide links Active.

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