Your credit plays an infinite role in your ability to get a mortgage loan. How good your credit stacks and what your credit history reveals may direct you into one program versus another. Here’s how your credit score drives what program you are eligible for. It’s no secret getting a mortgage is a bureaucratic and…
Most mortgage companies will let you pay off debt to qualify for a mortgage. The beauty of doing so is borrowing power increase. Here’s what you know when paying off debt to getting a bigger mortgage amount…. Paying off debt to qualify is a wonderful way to drive borrowing power. For example, let’s say you…
The two most common loans available in the marketplace are Conventional loans and FHA Loans. FHA Loans are insured by the Federal Housing Administration and Conventional mortgages are backed by Fannie Mae and Freddie Mac. When you use an FHA loan to purchase or refinance a house there is an upfront mortgage insurance premium calculated…
Purchasing a house for the first time requires careful planning and consideration so you can make the right financial choice for you and your family. Here’s what you ought to consider when your determining whether or not you should pull the trigger on the big ticket purchase… There’s two types of mortgage loans available in…
Applying to purchase or refinance a mortgage is going to require you providing an ample supply of credit, cash and documentable income to support the loan that you are seeking. Contrary to popular belief a mortgage loan is not made against the property, but rather against your ability to repay. Here’s some things you need…
To apply for a mortgage, get approved and close escrow you must have some sense of urgency. Whether you are buying a home or refinancing a home, your mortgage application needs to get moved up the priority scale in your life. If you don’t have that sense of urgency you may leave money on the…
When you purchase a house, you have a down payment and closing that must be taken into consideration. Closing costs on a home purchase akin to tax, docs and licensing when you purchase a brand-new car. Here’s how to plan and budget for closing costs so you can best determine what you’re borrowing power and…
When you’re buying or refinancing a house it goes without saying you want to get a competitive interest rate with favorable terms associated with the money you are borrowing. Two programs that support your ability to do this are Fannie Mae Home Ready and Freddie Mac Home Possible. These two programs typically have about 1/4…