Loan Term Mortgages are most commonly available for 15-, 20-, or 30-year terms. In general, the longer the term, the lower the monthly payment. However, shorter terms mean you pay less interest over the life of the loan. Fixed- vs. adjustable-rate mortgages A fixed-rate mortgage is one in which the interest rate stays the same as long as you hold the mortgage. An adjustable-rate mortgage (ARM)...
A credit score above 620 is generally considered desirable for obtaining a mortgage. An individual's credit score typically ranges from 300 to 850 with scores above 620 considered desirable for obtaining a mortgage. Buyers may qualify for an FHA loan(link is external) with a score of 500–580, depending on the size of their down payment. The following factors affect your score: Your...
Every lender requires documentation as part of the process of approving a mortgage loan. Here are documents you’re generally required to provide to your mortgage lender. W-2 statements and tax returns — business tax returns if you're self-employed — for the last two or three years for every person signing the loan. At least one pay stub for each person signing the loan. Account...
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