Do you have a thin credit file? It’s not that you have negative credit information, you just don’t have anything to report. This can turn lenders off from giving you a mortgage unless you have non-traditional credit sources that you can use. Looking for Current Mortgage Interest Rates? Click Here. We are all so programmed […]
Does Your Mortgage Approval Depend on Property Type?
Did you know that qualifying for a mortgage is more than about your personal qualifications? You could be the most attractive borrower in the world, but if the property type doesn’t pass the mortgage guidelines, you could find yourself without financing. Looking for Current Mortgage Interest Rates? Click Here. So what property types could put […]
Can Closing a Credit Card Hurt Your Credit?
If you have credit cards that you don’t use, you probably assume you are doing a good thing if you cancel them. After all, then you have less of a chance of getting yourself into debt again, right? Looking for Current Mortgage Interest Rates? Click Here. While logically it sounds good to cancel a credit […]
What’s the Lowest Down Payment you Can Put on a Home?
Many people mistakenly think that they must put down 20% on a home. Today, that’s not the case. Did you know that there are even loans that allow you to put nothing down on a home? This isn’t common knowledge among borrowers, which could be one of the reasons that you haven’t bought a home […]
What Does Your Credit Score do to Your Interest Rate?
If you are like most borrowers, you want to know what interest rate you can get on a new mortgage. The interest rate determines how much ‘extra’ you have to pay towards your mortgage in order to borrow the money. While most borrowers want the lowest interest rate possible, they don’t know what truly affects […]
Should You Buy a Home With Cash?
If you are able to buy a home with cash, you probably think that’s what you should do. While it does seem like a good idea, it may not be for everyone. Before you jump in and pay cash for a home, consider the following situations to see how they pertain to you. Looking for […]
How Much do you Have to Put Down on a Rehab Loan?
Are you thinking of buying a home that may not pass a standard appraisal? In general, this would mean that you can’t get financing, but if you take advantage of the FHA 203K loan program, you may just have yourself a deal. Looking for Current Mortgage Interest Rates? Click Here. Just like the standard FHA […]
Can you Borrow More Than Your House is Worth?
You know that the amount you can borrow on a mortgage is dependent on the home’s value. But is there ever a time that you can borrow more than the home’s value? Looking for Current Mortgage Interest Rates? Click Here. It sounds crazy, but there are two situations when you can borrow more than a […]
Is it Smart to Pay off Debt Before you Buy a House?
If you have consumer debts, like credit cards or installment loans, you may think that it’s smart to pay the debt off before you buy a home. Is this the right thing to do? Looking for Current Mortgage Interest Rates? Click Here. It really depends on your situation. In some cases, a little debt will […]
Understanding Mortgage Seasoning Requirements for a Refinance
Did you know that before you can refinance, you need to have your mortgage for a certain amount of time? It’s called seasoning and many loan programs/lenders require it in order to make sure you are a good risk. Compare Offers from Several Mortgage Lenders. The main reason lenders require seasoning is to prevent borrowers […]