Mortgage Tips From The Pros! -

Mortgage Tips From The Pros!

How to get the best interest rate?

How to get the best interest rate?

Interest rates are determined by multiple factors. Interest rates change daily, even hourly and are mostly controlled by your credit score. If you have good credit you will likely qualify for the markets best interest rate. If your credit has some bumps and bruises, you will likely still qualify but you will pay a slightly higher interest rate.

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USDA Eligibility Lookup

USDA loan eligibility

This site is used to determine eligibility for certain USDA home loan programs and the USDA Satellite Grant Program. In order to be eligible for many USDA loans, household income must meet certain guidelines. The home to be purchased or served must be located in an eligible rural area as defined by USDA.

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FAQs of Mortgage

The frequently asked questions of mortgage

Answers to the most common mortgage questions. Why Skyline Home Loans? We guarantee what you expect: We will handle every detail of your transaction with integrity and courtesy while maintaining the security of your confidential information. We understand that timing can be everything so we promptly pursue and secure every financing and rate advantage for you.

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Will My Credit Qualify?

Will my credit qualify?

Your credit score and credit history play a major role in determining if you will qualify for a home. In most cases, higher credit scores equal a lower interest rate and easier debt-to-income guidelines. Lower credit scores equal a higher interest rate and more restrictive debt-to-income guidelines.

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Getting An FHA Loan Just Got Harder

Getting an FHA loan just got harder

New requirements for Federal Housing Administration-approved mortgages go into effect today, presenting potential roadblocks for homebuyers with collections or judgments in their credit histories. While lenders have recently been able to take significant economic events into account in processing loan applications, today’s changes are a step in the opposite direction for loan accessibility.

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How Is My House Payment Calculated?

How is my house payment calculated?

Your house payment, is more than your house payment. It’s a combination of several fees, taxes, insurance in addition to a loan repayment plan. While there are things that make this vary, and different locations or loan types have slightly different requirements, the example shown below details what goes into a typical FHA loan type house payment.

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How Much Down Payment Will I Need?

How much down payment will I need?

You will need to have enough monies to pay for your down payment and closing cost. If negotiated in your purchase contract, the seller, real estate agent, or mortgage banker can help pay closing costs. Your money needs to come from verifiable sources: Acceptable forms of documentation can be monthly statements from banks, credit unions, investment companies, stocks, life insurance, etc.

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How Much Home Can I Afford?

How much home can I afford?

If you have asked yourself “Exactly how much home can I afford on my income?” please continue reading. This question will be determined by a few factors. Your gross monthly income before taxes is used to calculate your debt-to-income ratio (often called DTI). To calculate the DTI on a typical FHA Loan, simply take your gross monthly income and multiply by 31%.

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