Friday, September 19, 2008

Frugal Friday - Kiplinger Rocks

What it takes to get a Mortgage Now. From August, so things may have changed just a little bit!!!

Besides Walking on water, you need to be ok on the 3 Cs
  1. Credit History
  2. Capacity - depth and continuity of your resources
  3. Collateral - Value of your property, down payment or equity.
  • The higher the credit score the lower your interest will be
  • Down Payment should be at least 5%
  • If refinancing - Should leave at least 10% equity after the loan
  • I don't even begin to understand jumbos - won't be an issue for me where I live. Most Dr.s don't even have to worry about that!

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