You probably think that a credit look-up is a credit look-up, right? You aren’t alone; most people think that. But there are actually two different ways that lenders can pull your credit – they can do a soft inquiry or a hard inquiry. Each type affects your credit score differently. Compare Offers from Several Mortgage […]
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 to Use Non-Traditional Credit to Get a Mortgage
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 […]
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 […]
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 […]
How to Shop for a Mortgage Without Hurting Your Credit
When you apply for a mortgage, the lender pulls what’s called a hard inquiry on your credit. In other words, anyone else that views your credit will know that you applied for a mortgage. But what happens if you want to apply with several lenders to get the best rate or you want to see […]
How the Length of Your Credit History Affects Your Credit Score
Your credit score is comprised of five different factors. It’s not just about how well you pay your bills (but of course, it’s important), but also your credit usage, length of credit history, credit mix, and inquiries. Compare Offers from Several Mortgage Lenders. The factor of most importance is your payment history. Next in line […]
What is the Fair Credit Reporting Act?
The Fair Credit Reporting Act is the law that helps keep credit reporting agencies in line. It’s how you as a consumer know that the information reported about you is fair and as accurate as they can guarantee. This doesn’t eliminate the risk of human error, but it does eliminate the risk of malicious intent […]
How do Student Loans Affect Your Mortgage Approval?
One of the largest factors lenders looks at when evaluating your mortgage application is the amount of debt you carry. This directly affects your mortgage approval. If you have too much ‘other debt,’ a lender won’t feel comfortable adding to the debt by giving you a large mortgage. However, if you properly manage your debt, […]
How to Get a Mortgage With No 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 […]