Every American dreams of owning a home, but not every American can afford one out of pocket. Thanks to the top ten mortgage lenders in America, everyone can afford the home of their dreams with a personalized home rate mortgage. Here are the facts that the top ten mortgage lenders in the U.S. want you to know when you compare home loans rates.
Ancient Roots
Some of the earliest examples of mortgage law actually stems back to ancient India from the Code of Manu, an ancient Hindu scripture that rejected deceptive and fraudulent mortgage practices. Today, the Code of Manu still stands as a philosophical reminder of the best mortgage lenders. In the United States, the mortgage market was booming between 1949 and the turn of the century before what is frequently referred to as the bursting of the real estate bubble in the mid 2000’s. Since the burst, the industry has strengthened and stabilized itself to its former glory.
Tips for Home Buyers
Many people make the mistake of buying a home they can just barely afford with an interest rate that seems reasonable. In truth, your entire monthly debt shouldn’t exceed 36% of your gross monthly income. Its also best to take your time when looking for mortgage; when you see a rate you are comfortable with, lock it in as soon as you can! Many young families pay large down payments but may not have enough money set aside to cover closing costs. Finally, the top ten mortgage lenders advise you to stick with your current employer while going through the home buying process, as any changes to your employment or income status can greatly hinder the mortgage process.
Passing the Savings to Customers
Smart shoppers learn to manage their money better through smart investments; Ellie Mae research shows that successful mortgage borrowers have an average debt to income ratio of around 24%. This is in part thanks to low long-term mortgage rates which fell as low as 3.31% at the end of 2012. A strong credit score further helps mortgage lenders to save customers the most money at lending time; a minimum score of 680 is commonly asked by mortgage companies. At the end of the day it is up to the lender in question to determine its own criteria for down payments, however a 3.5% down payment is customary.
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