10 tips to have an awesome mortgage
Home sales will accelerate, and Donald Trump will occupy the Oval Office. Those are two predictions we can make with confidence. As for mortgage rates, who knows? They were low throughout 2016, spiked higher after the election, but are still low by historical standards. They could remain low, or rise. There's still not a lot of room for them to fall.
Whether you are buying a home or refinancing your loan, here are 10 mortgage tips.
1. You can make a small down payment -- or none at all
Lenders say they often dispel the mistaken idea that homebuyers have to make down payments of at least 20 percent. In fact, some loan programs allow qualified people to buy homes with no down payment at all. Other loan programs allow down payments as small as 3 percent or 3.5 percent.
SEARCH RATES: Shop FHA-approved lenders today.
The Department of Veterans Affairs guarantees zero-down VA mortgages for qualified borrowers: veterans, active-duty service members and certain members of the National Guard and Reserves.
The U.S. Department of Agriculture guarantees zero-down mortgages as part of its Rural Development program. The loan guarantees are available in eligible areas -- mostly rural areas, though some are suburban.
Navy Federal Credit Union offers zero-down mortgages for qualified members to buy primary residences.
Finally, Federal Housing Administration-insured mortgages allow down payments as small as 3.5 percent. And a few lenders offer conventional mortgages with down payments of as little as 3 percent with private mortgage insurance. Read more...