A 30-year fixed-rate mortgage is also called a conventional rate mortgage. The rate that you see when mortgage rates are advertised is typically a 30-year fixed rate. The loan lasts for 30 years and the interest rate is the same—or fixed—for the life of the loan.  The longer timeframe also results in a lower monthly payment compared to mortgages with 10- or 15-year terms.
Your real estate agent is a vital and important partner in finding and buying your next home, but it’s important that you choose your lender rather than blindly going with who your agent recommends. The reality is sometimes there is a financial tie between your real estate company and the lender it refers. In this case, as always, it’s important to closely compare rates with other lenders. Family and friends who have recently purchased a home, as well as trusted professionals who work with lenders can help steer you in the right direction. If you find a lender that wasn’t referred by your agent, ask your agent to do a quick phone interview with the lender to be sure you’re not missing anything.
Tips for First-time Homebuyers Tips for First-time Homebuyers While buying your first home is a big decision, following these essential first-time homebuyer tips can make the process much easier.  Explore these tips for first-time homebuyers Bank of America While buying your first home is a big decision, there are also lots of small decisions to make along the way to homeownership. To help you navigate the process, we've gathered suggestions for avoiding some of the most common mistakes. Know your budget Set a budget. Calculate a monthly home payment that takes into account how much home you can afford, then discuss this amount with your lender. Making sure you can meet your projected future home payment is probably the most important part of successful homeownership. Include PITI (principal, interest, taxes and insurance) in your budget. Mortgage calculators will show you how much you'll pay toward principal and interest every month. Remember that you'll also have to pay property taxes and homeowners insurance. Some financial institutions will require you to contribute these funds monthly along with your principal and interest payment. Be sure to talk to your lender to understand what will be included in your monthly payment. Know how much cash you'll need at closing. When you buy your home, you'll need cash for a down payment (see how much you should put down) and closing costs (estimate your closing costs). The down payment typically varies from 5% to 20% or more. Putting less than 20% down will typically require you to pay for private mortgage insurance (keep reading for more on that). Closing costs could be about 3-7% of the total loan amount and will include charges such as loan origination fees, title insurance and appraisal fees. Budget for private mortgage insurance. For conventional financing, PMI is typically necessary if you don't make at least a 20% down payment when you buy your home. Make sure you know how much this cost will be and factor it into your monthly home payment budget. Research your utilities. If you're moving into a larger home than you're used to, a home that is newer or older than you're used to or located in a climate that's hotter or colder than you're used to, ask your real estate professional to find out what the home's energy bills have typically been. This can help prevent being surprised by a higher utility bill than you're expecting. If you're moving into a new community, find out about water costs, too. Don't forget miscellaneous expenses. Be sure to budget for moving expenses and additional maintenance costs. Newer homes tend to need less maintenance than older ones, but all homes require upkeep. If you're considering a condo or a home with a homeowners association (HOA), remember to include HOA dues in your budget. Keep in mind that you should have an emergency fund on hand to prepare for any unexpected changes in your income (like reduction in your wages) or unexpected expenses (like medical bills). Manage your debt carefully after your home purchase. Sometimes your home will need new appliances, landscaping or maybe even a new roof. Planning for these expenses carefully can help you avoid one of the most common causes of missed mortgage payments: carrying too much debt. It's important not to overextend your credit card and other debts so you stay current on your payments. A smart start Research your mortgage options. As a first-time homebuyer, you're undoubtedly anxious and excited about moving into your new home, but take the time to step back, do the research and learn the differences between the various types of mortgages so you'll know which one is best for you. Know your credit score. As soon as you decide to start looking for a home, check your credit report and credit score with any of the 3 major credit reporting agencies: Experian, TransUnion and Equifax. If you find any mistakes that need to be corrected, addressing these issues early will put you in a better position when it's time to buy a house. (Bank of American credit card customers can get a free FICO® score in Online and Mobile Banking.) Find a responsible lender. When you choose a lender, pick someone you feel good about working with. They should listen to you and put your needs first, and they should be able to explain your home loan options in plain terms. It's a good idea to interview potential lenders to find the one that's best for you. Get prequalified for a mortgage before you start shopping. Knowing how much you can borrow will let you keep your search focused on the homes that are right for you. Getting prequalified (you can prequalify for a Bank of America mortgage online) will provide you with an estimate of how much you can borrow before you start looking at homes. You can also apply for a mortgage with Bank of America's Digital Mortgage Experience Calculate your monthly mortgage payment. You can use our Affordability Calculator to help calculate a monthly mortgage payment that fits into your budget. 2018-07-09 2018-07-09

In addition to a down payment, you will also have to pay closing costs to finalize your loan. This can be a substantial amount of money, so it’s important to plan ahead and be aware of the amount you will likely have to bring to the table. Make sure you have budgeted and saved up enough for these fees in advance, so they don’t catch you by surprise.
Unemployment Mortgage Assistance benefit payments are usually sent to the servicer on the last Friday of each month. Homeowners may request a copy of their Unemployment Mortgage Assistance Disbursement Schedule. Send a request to umanotice@kyhca.org. Be sure to provide your email address, first/last name, Homeowner ID number, and specify that you are requesting a copy of your Unemployment Mortgage Assistance Disbursement Schedule.

This seemed to be the thinking a few years ago, and things didn’t turn out very well. When you borrow more than you can realistically pay, that’s a sub-prime mortgage. Banks sold a lot of those to people who assumed the housing market would keep rising like gangbusters. Their home values would go up, giving them nearly instant equity and they could refinance quickly at a lower rate or sell the home for a quick profit. Lenders sold these loan products because they were making the same bet, and interest rates are always higher on sub-prime loans. Even if some ended up in foreclosure, the lenders would still make a tidy profit. Unfortunately, it was a bad bet for almost everyone.
A reverse mortgage loan typically does not require repayment for as long as the borrower(s) continues to live in the home as the primary residence, pays property taxes and insurance, and maintains the home according to the Federal Housing Administration (FHA) requirements, or until the last homeowner has passed away or has moved out of the property. The amount of equity you can access with a reverse mortgage is determined by the age of the youngest borrower, current interest rates, and the value of the home. Please note that you may need to set aside additional funds from loan proceeds to pay for taxes and insurance.
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A mortgage is essentially a loan for purchasing property—typically a house—and the legal agreement behind that loan. That agreement is between the lender and the borrower. The lender agrees to loan the borrower the money over time in exchange for ownership of the property and interest payments on top of the original loan amount. If the borrower defaults on the loan—fails to make payments—the lender sell the property to someone else. When the loan is paid off, actual ownership of the property transfers to the borrower.
Mortgage Payment Assistance (MPA) offers up to 24 months of assistance for eligible applicants who have had an unemployment or underemployment hardship in the last 36 months and need help paying mortgage monthly. Of the 24 months, up to 12 months may be used to reinstate first and some second mortgages. Mortgage payment assistance ends when the homeowner is able to sustain the mortgage payment, when reserved funds are exhausted, or when 24 monthly payments have been provided, whichever comes first. Under MPA, you may be required to make partial payments toward your mortgage during your participation in the program. If you are now employed and are able to make your currently monthly payments but are behind on your mortgage, MPA offers a onetime payment to your lender for up to 12 months of mortgage help to bring your mortgage current.
Don't forget miscellaneous expenses. Be sure to budget for moving expenses and additional maintenance costs. Newer homes tend to need less maintenance than older ones, but all homes require upkeep. If you're considering a condo or a home with a homeowners association (HOA), remember to include HOA dues in your budget. Keep in mind that you should have an emergency fund on hand to prepare for any unexpected changes in your income (like reduction in your wages) or unexpected expenses (like medical bills).
Tips for First-time Homebuyers Tips for First-time Homebuyers While buying your first home is a big decision, following these essential first-time homebuyer tips can make the process much easier. Explore these tips for first-time homebuyers Bank of America While buying your first home is a big decision, there are also lots of small decisions to make along the way to homeownership. To help you navigate the process, we've gathered suggestions for avoiding some of the most common mistakes. Know your budget Set a budget. Calculate a monthly home payment that takes into account how much home you can afford, then discuss this amount with your lender. Making sure you can meet your projected future home payment is probably the most important part of successful homeownership. Include PITI (principal, interest, taxes and insurance) in your budget. Mortgage calculators will show you how much you'll pay toward principal and interest every month. Remember that you'll also have to pay property taxes and homeowners insurance. Some financial institutions will require you to contribute these funds monthly along with your principal and interest payment. Be sure to talk to your lender to understand what will be included in your monthly payment. Know how much cash you'll need at closing. When you buy your home, you'll need cash for a down payment (see how much you should put down) and closing costs (estimate your closing costs). The down payment typically varies from 5% to 20% or more. Putting less than 20% down will typically require you to pay for private mortgage insurance (keep reading for more on that). Closing costs could be about 3-7% of the total loan amount and will include charges such as loan origination fees, title insurance and appraisal fees. Budget for private mortgage insurance. For conventional financing, PMI is typically necessary if you don't make at least a 20% down payment when you buy your home. Make sure you know how much this cost will be and factor it into your monthly home payment budget. Research your utilities. If you're moving into a larger home than you're used to, a home that is newer or older than you're used to or located in a climate that's hotter or colder than you're used to, ask your real estate professional to find out what the home's energy bills have typically been. This can help prevent being surprised by a higher utility bill than you're expecting. If you're moving into a new community, find out about water costs, too. Don't forget miscellaneous expenses. Be sure to budget for moving expenses and additional maintenance costs. Newer homes tend to need less maintenance than older ones, but all homes require upkeep. If you're considering a condo or a home with a homeowners association (HOA), remember to include HOA dues in your budget. Keep in mind that you should have an emergency fund on hand to prepare for any unexpected changes in your income (like reduction in your wages) or unexpected expenses (like medical bills). Manage your debt carefully after your home purchase. Sometimes your home will need new appliances, landscaping or maybe even a new roof. Planning for these expenses carefully can help you avoid one of the most common causes of missed mortgage payments: carrying too much debt. It's important not to overextend your credit card and other debts so you stay current on your payments. A smart start Research your mortgage options. As a first-time homebuyer, you're undoubtedly anxious and excited about moving into your new home, but take the time to step back, do the research and learn the differences between the various types of mortgages so you'll know which one is best for you. Know your credit score. As soon as you decide to start looking for a home, check your credit report and credit score with any of the 3 major credit reporting agencies: Experian, TransUnion and Equifax. If you find any mistakes that need to be corrected, addressing these issues early will put you in a better position when it's time to buy a house. (Bank of American credit card customers can get a free FICO® score in Online and Mobile Banking.) Find a responsible lender. When you choose a lender, pick someone you feel good about working with. They should listen to you and put your needs first, and they should be able to explain your home loan options in plain terms. It's a good idea to interview potential lenders to find the one that's best for you. Get prequalified for a mortgage before you start shopping. Knowing how much you can borrow will let you keep your search focused on the homes that are right for you. Getting prequalified (you can prequalify for a Bank of America mortgage online) will provide you with an estimate of how much you can borrow before you start looking at homes. You can also apply for a mortgage with Bank of America's Digital Mortgage Experience Calculate your monthly mortgage payment. You can use our Affordability Calculator to help calculate a monthly mortgage payment that fits into your budget. 2018-07-09 2018-07-09
Home equity loans are also referred to as second mortgages because you use your equity as collateral. If you obtain a home equity term loan, you will receive a lump sum and will have to make a monthly payment. You can also apply for a home equity line of credit, which provides you with access to a revolving account. That allows you to withdraw and repay money over the course of a specific period of time.
Typically, you'll need a minimum of a 620 FICO score to qualify for a conventional mortgage, and it can be difficult to qualify with a score that's near the minimum if your other qualifications aren't stellar. Another option is the FHA mortgage, which is designed for borrowers with qualifications that don't meet the standards of conventional lenders. The downside is that FHA loans can be significantly more expensive, but they can be great resources for people who otherwise wouldn't be able to qualify for a mortgage.
When the house, apartment, or the dwelling unit determined eligible for aid, weatherization services are provided to the household. Weatherization services provided may include installing wall, attic, floor, duct, or pipe insulation; cleaning air conditioners; installing low-flow shower heads; installing energy efficient, compact fluorescent light bulbs, improving clothes dryer operation; and replacing or repairing old refrigerator.
The Salvation Army provides financial assistance to help with basic needs. If funding permits, the charity offers a rent and mortgage assistance program. To qualify for mortgage assistance, a foreclosure notice from the mortgage company is required. Applicants are screened to determine eligibility. You must have an income sufficient to resume making the payments. Prepare to provide proof of all bills, such as credit cards and utilities. If approved, a check for the month's mortgage is mailed directly to the lender.
In the simplest terms, a mortgage is a loan from a bank or other financial institution that enables you to cover the cost of your home. It's a legal agreement with the bank saying you will pay the loan back (plus interest) over the course of years—decades, usually. Unless you have the money to pay cash for your property, you’re going to need a mortgage.

HARP, or the Home Affordable Refinance Program, is the latest federal program designed to help struggling homeowners with their mortgages. Designed to help people who are "underwater" with their mortgages due to lowered home values, it allows people who owe more on their home than it's worth to refinance their mortgages and get lower interest rates. In this sense it is a sort of emergency mortgage assistance program, but it only works for people who don't have any late or delinquent payments. If you are rejected while trying to refinance your home or go through a loan modification program, HARP may benefit. This only applies if your mortgage is owned by Fannie Mae or Freddie Mac, and you need to owe 125% or less of your home's value in order to qualify.
At the end of the day, your mortgage loan is the single biggest financial decision you’re likely to make in your life. It’s important to take time to get it right, and that ultimately comes down to finding a lender who can do three things: offer competitive rates, offer great service and quickly process your loan. By keeping these areas in mind, you’re not only going to win as you go to buy your house — you're going to also save money and time.
Countrywide / Bank of America has announced a program to help 400,000 homeowners pay their mortgage and keep them in their homes. It will offer modifications, principal reductions, free counseling, and other aid. Some borrowers may receive financial assistance in relocating to a new more affordable home. Many beneficiaries of assistance from this program received questionable or sub-prime loans from Countrywide. Find how to get help from Countrywide with housing issues, and learn how BOA took over the lender.
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