You will need at least a middle credit score of 620 or better. A mortgage company will pull a tri- merge credit report from each credit bureau. There will be three scores, a high score, a middle score and a low score. It doesn’t matter which bureau provides it, but the middle credit score is…
This depends on what your long-term goals and objectives on your home. Let’s say the property as a primary residence, and you don’t plan to move anytime soon. Best to start the refinance process, and get the appraisal back. Once the appraisal comes back, and you know the value of your property then it’s just…
Yes, this is especially useful when you’re out on the weekends with your real estate agent looking at houses and you can’t get reach your lender on the weekend. Best possible way to determine your house payment is by using an equivalent of every $100,000 borrowed Here’s the math: For every $100,000 in purchase price…
If you are not a US Citizen, it can be a long and difficult road to obtain a mortgage. Many lenders won’t makes mortgages to people who don’t have social security numbers or permanent work stability. For the purposes of getting a mortgage, US Citizens and Permanent Resident Aliens are the same, with one subtle…
Fantastic question! Before we dive down to the nuts and bolts, consider the present market. There’s been more government regulation including a recent legal settlement heavily influencing banks to remove bank owned property from the market, clean up their books and expedite short sales (which now take 3 to 4 months).As a result, less homes…
The housing market has certainly changed in the last six months. Many people who otherwise thought they did not have 20% equity actually do have 20% equity as the low supply of homes available in the market against the amount of determined buyers continues to drive home sales up. The newly fueled appetite for real…
The answer is nobody. Not anyone lender has a monopoly on the market. Interest rates change on a daily basis. When you hear interest rates advertised on the radio or online or you hear that interest rates drop again the information is automatically outdated. Why is this? Very simple answer-mortgage rates are tied to mortgage…
Question is a pretty common one, most consumers typically compare at least 2 to 3 lenders to see who has the best combination of the lowest interest rate and lowest fee. What people are really trying to find is the lowest cost mortgage and rightfully so, taking out a home loan is a big financial…