Credit Score Differences: A Comprehensive Guide
Getting Started with Understanding Credit Scores If you have ever applied for a mortgage before you may already know that your mid-score is the score lenders use when determining if you qualify for a home loan. When a lender checks your credit they do what...
Bank Statements and Mortgage Lenders: A Comprehensive Guide
. Many things about the homebuying process can be stressful, but I bet no one ever thought that collecting bank statements could be one of them. It turns out that collecting 60 days of bank statements can turn out to be a nightmare if you...
7 Crucial Factors That Determine Your Mortgage Interest Rate
Understanding the Factors That Determine Mortgage Interest Rate It’s largely thought by home buyers, especially first-time homebuyers, that their credit score is the only factor that determines mortgage interest rate. They would be correct in assuming that, at least partially. In fact, even more experienced...
5 Crucial Factors That Determine Your Home Affordability
Understanding the Factors That Determine Home Affordability Buying a home is a big deal. You’ve probably spent a lot of time thinking about whether or not you are ready, if it’s the right time, and will you get pre-approved. Furthermore, if you do qualify, how...
Changes To FHA Scoring Algorithm Could Affect Some Home buyers
The number of cash-out refinances, the average borrower credit score, and borrower debt-to-income ratios are all risk factors the FHA says it examines when evaluating how they score a borrower on their TOTAL Mortgage Scorecard. Recently they took a look and noticed that a few...
Understanding the Importance of Home Appraisals
. If you are thinking about buying a home soon I bet you’ve been told you need an appraisal. You might also be wondering what a home appraisal is and why you need one. By definition, an appraisal is an estimate of the property’s fair...
Is It A Good Time To Buy A House?
. The decision to buy a house, especially a first home, is major. Life changing in fact. Almost every day my team and I speak to individuals or families who dream of buying their very own home. We answer a lot of questions they have...
How Millennials Can Take Advantage Of Homeownership Without Sacrificing Their Lifestyle
. The Millennial Mindset never wants to be tied down. If you are a like me, a millennial, you know what I’m talking about. You could say we have a fear of commitment, but it’s much more than that. Our generation has a tremendous need...
The Importance of Communication with Your Loan Officer
The Beginning of Communication with Your Loan Officer Good communication is key. Simply put, you will be married to your loan officer from the day you are prequalified until you have signed the last document at settlement! Buying a home is as easy as you...
Understanding the Letter of Explanation in Mortgage Applications
. The homebuying process is one that can be an enjoyable experience. Working side by side with your Real Estate Agent and Mortgage Broker can go smoothly towards achieving the goal of purchasing a home. When things don’t go as planned it can become stressful...