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Essential Mortgage Facts You Need To Know
It is not always necessary to have enough cash in your hand to buy a home. You can always buy a new real estate by keeping the same property as the security of your debt amount. This is referred to as mortgage. You may go through the following lines to make yourself aware of some mortgage facts, which can help you in securing a home loan or mortgage.
Types of mortgage loans: There are primarily 2 types of mortgage loans, which are given below.
1.Government mortgage loans - These are Government insured home loans; usually there are 3 types, which are known as FHA loans, VA loans and RHS loans.
2.Conventional mortgage loans - These loans are insured by different private insurance companies.
Eligibility criteria: Eligibility criteria are the key components of mortgage facts, as you need to satisfy certain factors in order to qualify for a home loan. Whenever you apply for a mortgage, the lenders try to predict whether or not you'll be able to repay the loan. They usually judge you by the 4 C's of credit, which are given below.
Capacity to repay
Collateral (as security of your loan)
Capital or down payment
Required documents: You need to produce certain documents while applying for a mortgage loan. The documents are listed below.
Your legible sales contract
Your Social Security Number (SSN)
Pay slips for the past 2 years
Your income and address proofs
Recent statements of your deposit amounts, stocks and bonds
You may have a number of other questions in your mind apart from the mortgage facts discussed above. You can simply post your questions in the forums of mortgage related websites and get it answered by the community members and experienced professionals.
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