Managing Mortgages 101 – Everything You Need to Know About Applying for a Home Loan
The total amount of home loans in the US is at $14.5 billion by the end of 2020. Despite the increase, the delinquency rate for paying off mortgages decreased by 5.47% by the end of the second quarter in 2021. If you’re looking into applying for a home loan, you wouldn’t want to default on repaying. When you’re seriously delinquent on monthly payments, the lender can demand you to pay the outstanding balance. If you can’t pay it, the lender can foreclose. It can also lead to lowering your credit score, decreased chance of securing a loan in the future, and a rise in interest on your current loan. Of course, you don’t intend to default on a loan. There are tips … Read more