Understanding your FICO Score
Understanding your FICO score If you are looking forward to becoming a homeowner, you must evaluate your financing options. You may consider applying for a mortgage although your credit score must be good. Most debtors always evaluate your potential as a client by referring to your credit scores. In this context we will now […]
What to Expect on Closing Day
What to bring to closing It is very important to have with you all the paperwork during the closing day. You will need to carry your photo ID that matches with your legal name. On top of having the down payment, be sure to bring along your checkbook just in case some small expenses need […]
How To Cut Down the Term of Your Loan
In an ideal world, paying off your mortgage would be quick and easy. But unfortunately for most of us it’s going to take years, and the ideal is getting it paid off before retirement. There’s many tips out there for mortgage payment help that urge you to do one thing or another. But there’s an […]
Avoid Things That Could Go Wrong In Your Home Buying Process
Buying a home generally takes time and perseverance, but it’s easy to run into a # of Things that could go wrong in your home buying process. That’s why Realtors and mortgage brokers provide numerous mortgage tips to help buyers avoid common pitfalls. Credit Issues Most people understand that lenders require certain credit scores for […]
Learn About the Different Options for a Down Payment
While a 20% down payment is still the standard option, there are other options to consider. Potential homeowners should make sure they look through each of their options carefully before making any decision on which mortgage is right for them. This gives them the opportunity to make sure they’re making the ideal financial decision for […]
How Can You Understand the Difference Between Interest Rate and APR?
Understanding the difference between interest rate and APR is crucial for individuals who are attempting to obtain a home loan. When someone is attempting to obtain a mortgage loan, fully understanding the mortgage interest rate and APR will prevent a person from pursuing loan terms that will not be beneficial for their needs. With this […]
What to Ask Your Lender Before Choosing Them for a Mortgage
Choosing the right mortgage lender is crucial. The right lender offers a better deal, can make obtaining a mortgage much easier, and is going to make the whole process of finding and buying a home faster. It’s a good idea to speak with at least three different lenders before making any decision on which one […]
What is a Loan Officer, and What Do They Do?
What is a loan officer? The answer to that question is a bit more complex than most people believe. Today’s loan officers are representatives of credit unions, banks, and other financial institutions, and it’s their job to help borrowers find and acquire home loans. A loan officer may work with a range of lending products […]
Tips on How to Improve Your Credit Before Buying a Home
Now more than ever, it is important for potential home buyers to prepare their credit for the mortgage application process. Cleaning up a credit report and increasing their credit score will improve a buyer’s chances of a loan approval. For those who already have great credit, maintenance is key to securing a favorable interest rate. […]
Considering Mortgage Refinancing Rates: When Is It Worth It?
When a mortgage is refinanced, the borrower pays off his or her current loan and replaces it with a new one. There are many reasons to refinance a mortgage: the chance to get a lower rate or shorten the term, the wish to move from an adjustable rate to a fixed-rate mortgage, or debt consolidation, […]
