Trying to qualify for a home loan. Will adding my name to my parents savings account help?

I’ve been doing a lot of research in terms of qualifying for a home loan and can’t seem to find an answer to this. Many home loans require you to show a bank account statement of at least 3 months of savings. I unfortunately don’t have that but the monthly mortage is not an issue. Will my parents adding my name to their savings account allow me to still use that account as proof of the 3+ months savings to qualify for the loan? Will this help in any way towards getting approved for the loan. Thanks!

No because it may be considered community property. They want to see that you have the savings in case you lose your job, you will still be able to pay your mortgage for a few months. It is called reserves. They usually want to see at least 6 months worth of payments in a savings account. You may want to see if you can borrow the money from your parents and open up your own account. The lender will take savings, 401K, IRA etc. Any kind of money will do.

What kind of home loan interest rate could I get with a bankruptcy on my record?
I have a chapter 7 bankruptcy on my record from 2003, but I have no debt and a credit score of about 700. And I have $20,000 for a down payment. If I got a home loan, would the bankruptcy make a huge difference in the interest rate? How big a difference?

I had a bankruptcy back in 2001. My husband and I bought a house in 2004, and my credit score was about 700 as well. We had no problem getting the low interest rates that were available at the time. You have a fairly large down payment too, so depending on the cost of the house you want to buy, you should have no problems getting the lower rates. I think the standard rate right now is about 5.5-6.5%.

To buy an own house is what every one dream. Buying a home is not an easy task it takes a lot of time. We really need to work hard before going for a home loan. Today, it is not that tough to get a home loan the way it was 5 years ago. The competition is really high in the market. From private bank to nationalise bank all are offer home loan and that too at a very competitive Home Loan Interest Rates.

Today, it is easy to take a home loan because people are much aware about the rate of interest, documentation or time taken in disbursing a loan, thanks to the huge advertising that banks do, which clear the basic doubts of a customer. But at times people forget to ask the charges that will be applicable after taking a loan.

Prepayment is an important charge that one should be aware of.

Here are some points that might help you to understand it in a better way.

Firstly, check with your bank that at what point of time you can prepay your home loan. You also need to check if the part prepayment option is available or not. Then you need to figure out what is the percentage of the outstanding loan amount you will be prepaying as prepayment penalty charge. Banks also allow prepaying up to a certain point without any penalty charges.

If there is a prepayment charge that the bank is taking then it should be less than the interest saved.

In case you do a part-payment, it will bring down the principle you owe the bank and thus reduces the outstanding loan amount, as a result the net interest you will end up paying will drop down.

Prepayment will give your dream home in your name at the earliest then you planned for. With a longer tenure, you always end up paying high interest. A short tenure of loan is always easy to manage.

ICICI Bank, India’s second-largest lender, is seeing a robust growth in its home loans due to attractive home loan interest rates, a top bank official said on Wednesday. “Home loans are growing robustly as interest rates are attractive and (property) prices are quite fair now,” Sandeep Bakhshi, deputy managing director, told reporters at a news conference.

The private sector bank’s commercial vehicle loans were also reporting a strong growth, he said.

Whats the lowest rate you have heard in the past 5 years for a 30 year fixed, no points or prepay penalty, jumbo home loan in Califiornia? Please provide date and place if known.

Jumbo A paper in California, I had 5.25 without points for about three weeks in June 2003. 5.125 got as low as 0.1 points. Conforming went to 4.875 for about three hours one day. Locked four loans while it was there. These rates applied statewide. Don’t look for that to happen again soon.

Should i take a home loan now or wait for the interest rate to go down?

Are home loan interest rates going to go up or down in the near future?

Home loan rate are still at historic lows. Most Americans don’t realize that mortgages were over 10% for many years. Here is what I would ask myself: Do I owe less than 80% of my present value on the home? Home values are going to continue plummeting. Do I work for someone else? If yes, what happens if you are laid off? You won’t be able to qualify for a loan in the future. How high is my rate now? Can I afford to add $3000-$5000 to my loan to cover the fees? Is my present loan adjustable? There are so many variables that no one can give you a real answer based on the facts in your question. And please avoid the loan via email people. Rip offs, scam artists and spammers.