You need good credit in order to secure a loan. How do you know what your credit score is though? Without checking your reports, you could have bad credit and not know it. Luckily, checking your score doesn’t affect it. In fact, it’s recommended that you check your history several times a year and your […]
Creative Ways for Sourcing Down Payment Funds
The down payment is often the barrier that keeps potential homeowners from buying a home. A common fallacy is that you need 20% down. You don’t always. Many programs allow much lower amounts. The VA and USDA loan don’t require any amount of money down. No matter how much you must come up with, there […]
Qualifying for a Mortgage With No Prior Credit History
The first thing you likely hear about applying for a mortgage is that you need good credit. What if you don’t have a credit history, though? Are you out of luck? Looking for Current Mortgage Interest Rates? Click Here. Luckily, you are not out of luck. However, you will have to prove your worthiness for […]
Is it Smart to Buy a House in Cash?
If you are fortunate enough to be able to buy a home with cash, you are in a good position. You don’t have to worry about finding a mortgage company that will approve you or worry that a seller won’t like your choice of financing. There’s nothing better than cold-hard cash! Compare Offers from Several […]
Mortgage Underwriting: DTI and Deferred Liabilities
Deferred liabilities are debts you have but do not actively pay. For example, student loans are often deferred. Borrowers do not have to start making payments until the grace period ends. This does not mean they do not owe the debt, though. Because of this, each mortgage program has its own requirements. We discuss them […]
How to Deal With a Low Home Appraisal Value
You bid on your dream house and the seller accepts it. Your excitement dwindles the moment you get the appraisal, though. The value is much lower than your offer. Now what? Will your lender let you buy the home? We discuss your various options below. Determine if the Appraisal is Right Your first step is […]
Is it Harder to Get a Mortgage for a Condo?
You decide you want to look at condominiums because it’s cheaper. Good for you. Before you start, though, you should know that there are many issues that lenders have with financing on these properties. This doesn’t mean you won’t be able to get a loan, but knowing the red flags can help you be prepared. […]
Types of Debts and Your Credit
Debt isn’t always a bad thing. In fact, you need some debt if you want to accumulate a credit score. You need a payment history that shows lenders and the credit bureau that you can effectively handle your finances. Looking for Current Mortgage Interest Rates? Click Here. Unfortunately, not all debt is equal, though. 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 […]
What is Lender-Paid Mortgage Insurance?
Did you know that you have options on how you pay your Private Mortgage Insurance when you put less than 20% down on a conventional loan? Compare Offers from Several Mortgage Lenders. Most people think they have to deal with the addition to their monthly mortgage payment, but there are actually ways around it. You […]