Mortgage: Parents say mortgages strain their ability to save

More than 1 in 3 mortgages has a “major impact” on the borrower’s ability to save. That number jumps to 51 percent for parents who have mortgages. That’s according to Bankrate’s Money.

Lenders can’t hold being divorced against you when you apply for a mortgage loan. But lenders will look at your income and debts when determining whether you can afford a mortgage. This means that your lender will look closely at the amount of money you are spending each month on child support or alimony.

Knowing How to Get a Mortgage for Your Parents’ House. In most cases, getting a mortgage for your parents’ house is a win-win situation. Your parents get the cash they need for their retirement, the real estate is protected from inheritance challenges, the lender gets a less risky borrower, and you get a better deal on a mortgage.

But in general, mortgage lenders. that idea of 20% stuck in their head. If a house they’re interested in costs $200,000, they think they’ll never be able to save $40,000, so they give.

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In cases like these, the bank may lend more than the benchmark 30 percent, assuming that the family’s earning power will go up over time and that, as a result, the home will eat up less of their income. But this is a risky endeavor and can put strain on homeowners.

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You might already have a home loan payment, so what do you do?. This would give you the ability to refinance if you chose to do so.. We had been previously paying a 2/3rd majority of the mortgage so that my parents could continue to pay their original mortgage amount. My parents had.

What Heirs Need to Know About Reverse Mortgages.. sell the property or turn the keys over to the lender-and their decision is "usually driven by whether there’s equity left in the property.

Most people focus on the number of bedrooms or kitchen appliances, but new homebuyers should be thinking more about how much mortgage. say their mortgage payment makes it difficult for them to save.

The growing prevalence of single women and divorcees, she said, puts added strain on disposable income and the ability to save. read moreare reverse mortgages. to say women are financially doomed.

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