Mortgage Rates

To determine how much house you can afford you will need to take into account several things including your income, other debt you might have, as well as the amount you have available for a down payment.

It's also important that you factor in all the costs of a mortgage. This means considering not only the principal of the loan, but also interest, taxes and insurance.

This calculator can help you determine your potential mortgage payment, and that will allow you to figure out exactly how much house you can afford.

You should be able to get a home loan even if your credit score is in the 500s, but then you're in the market for subprime loans only.

Subprime loans have interest rates that are a couple of percentage points higher than those offered to prime borrowers. Subprime loans also often come with additional fees.

Obviously, a better credit score grants you access to lower interest rates and better terms.

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No, you cannot use a credit card for a down payment on a house. Home sellers and lenders do not accept credit card payments directly. Mortgage lenders require that the money must be in your personal banking account for 30-90 days before you can accept an offer. Besides, credit card limits generally are not high enough to accommodate a down payment on a house.

Even if you could use a credit card for a down...

Debt consolidation can affect buying a home either positively or negatively, depending on the timing. If you decide to consolidate debt right before buying a home or during that process, it will have a negative impact. Debt consolidation can result in a short-term drop in your credit score because of the hard credit inquiry required when applying for a loan or line of credit. Consolidation could also hurt your credit score by temporarily increasing your overall debt...