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 …
Just recently have a job change or receive a promotion? Despite what you might hear, it is still very possible to qualify for a mortgage to buy of refinance a home using your new income. The lending atmosphere is ripe with misconceptions about job gaps, job changes and occupational changes within the course of an…
Stuck paying for a house that’s no longer yours? Buying your spouse out of a property can be dicey especially, if both parties are not in agreement with one another on the debt and equity objectives. Following are ways, to separate and pay off an ex-spouse when getting a mortgage. Divorced Or Separated? If you…