Without a high credit score, you won’t qualify for the best mortgage rates available, which could mean you’ll end up paying more money over the term of your mortgage. Even with rates at historic lows right now, the difference between 3.5% and 3.75% can add up, especially if you’re applying for a 30-year fixed-rate mortgage.
Category: home buying
Renters who want to buy in the future may feel like they have the cards stack against them.
We know the big issues: lack of starter home inventory, rising interest rates, student loan debt and the hurdle of saving for a down payment. In fact, according to the Zillow Housing Aspiration Report saving for a down payment was a barrier for 70 percent of renters, topping other hurdles such as job security and qualifying for a mortgage.
In a new Down Payment Resource survey of 750 future homebuyers, 85 percent said they were looking to buy a home in the next six months, but 63 percent did not have money saved for a down payment. keep reading