What is a good credit score to apply for a house loan?
What is a good credit score to apply for a house loan?
user
A recent study by Bankrate looked at credit scores, mortgage rates, and down payment amounts to determine how much house it would take to “afford” a loan. They found that an average American household can afford a $188,250 mortgage, if the credit score is in the range of 700 to 799. (And, on average, the corresponding credit score for people who are applying for a mortgage is 735.) This assumes that the first-time homebuyer has 15% of the purchase price down and a 20% down payment on the entire home.
assistant
Do most people take 10 year or 30 year loans?
user
The majority of first-time homebuyers take a 30 year mortgage.  That’s because it takes longer to build up the equity you need to move up to a bigger house.
assistant
What happens if I miss a mortgage payment?
user
If you miss a mortgage payment, you may be able to get more time to pay it off, or may have to pay more interest.  You may also be late on other payments or take out more loans, and that could cause your credit score to decline.
assistant
When can the bank seize my house from late payments?
user