Looking to get your foot in the door? If you’re tired of paying someone else’s mortgage, now may be the time to pursue the American dream of homeownership. In fact, you need not put down 20% either. Those days are long gone. While you can always elect to put down the full 20% or more,…
An important home buying hurdle you’ll need to over is the relationship between the proposed new housing payment and current liabilities against your monthly pre-tax income. The payment to income ratio on debts, including other debt houses you own, play a vital role for the mortgage broker determining how much house you can bite off.…
If you have been turned down for a mortgage or quoted rates and fees that seem too high, you may have some homework ahead. The minimum credit score to land a mortgage is 620. If you have the capacity, and are in the position to do so, these credit actions may help save your credit…
No, credit reporting service companies want you to feel like you’re in control of your credit score. Some services even allow you to run statistical tests to see what actions you can take to improve your credit score, but these are by no means a guarantee especially when it comes to obtaining a mortgage. Let’s…
This is a topic near and dear to every homeowner. Many real estate websites offer a free online home valuation offering you a glimpse of what your home might be worth. Understand this, each of these websites, use their own proprietary algorithm to give you an idea of what your house might be worth. This…
Buying or refinancing a home? An FHA loan much like a USDA loan, has two forms of mortgage insurance. There is an upfront mortgage insurance premium, UMFIP for short, which is based upon 1.75% of the base loan amount ( difference between the down payment amount or appraised value relative to equity) which is then…
Are you one of the millions of homeowners who short sold a house in the last few years? If yes, you’ll now be waiting a little while longer for your second chance. On August 16, 2014 new rules take effect surrounding a previous short sale now requiring you to wait an additional two years before…
Applying for a mortgage? Do your fees and rates appear to be a little higher than what you see advertised? If yes, there could be several key factors driving up the cost of your mortgage that you may not know about. These additional mortgage pricing characteristics can make your mortgage cost more. Don’t be swayed …