Home equity is the “amount left after subtracting the unpaid debt balance(s) on the property from the property's current market value as assessed by a valuator. It increases as the debts are paid off and when the property's value is appreciating.”
The more equity you build, the more advantageous the asset will be. This is why paying a mortgage is typically a better financial option than paying rent, as the former enables you to make an investment and experience financial benefits down the road.
Whether you’re interested in obtaining a conventional, FHA, VA or any other type of mortgage loan, Contour Mortgage will help you throughout the entire process. Not only can our trained and dedicated mortgage loan originators explain the pros and cons of each loan option, as well as their qualification requirements, but they will also break down exactly what you’ll need to apply.
Tips for first-time home buyers with bad credit include: improving your score, researching mortgage loans with flexible credit requirements, and saving more money for your down payment.
There are multiple factors that determine how much home you can afford, including your income, debt-to-income ratio, property taxes, homeowner’s insurance, and other monthly expenses.
