Planning to finance a house in 2014? Had a previous short sale? Pay very close attention to your credit report. There is a crediting report status that indicates foreclosure and if not handled correctly, will derail your loan attempt. Short Sale Or Foreclosure? Short sale-involves selling a house for less than what is owed. For…
The standard set by the lending industry is three credit scores are needed for obtaining a mortgage. Reality? That requirement is no longer the ‘benchmark’. Securing a mortgage without three credit scores is doable, here’s how.. Credit Score Per Bureau The basis for how lenders view the credit, is the degree of likelihood of a…
It’s not surprising interest rates are on the rise as the fed has committed to reducing their mortgage bond buying starting this month. There is an array of factors affecting a mortgage rate things like; home occupancy, loan type, and even property type. Two factors carry the most weight when shopping mortgages… How Lender Sees…
You heard it correctly, your credit card don’t have balances, yet your mortgage application can still be in jeopardy. Here’s what mortgage lenders and brokers run into when you have credit card payments… Many consumers are responsible, they use their credit cards for various monthly purchases and then pay each credit card off in full…
Getting a mortgage anytime soon? Two types of home loans are inherently pricier than their traditional mortgage counterparts and we’re not talking subprime or private money. If your credit score is beneath 680 or you have little equity or you have credit blemishes, fact is borrowing money will cost you… FHA Loans and Conventional Loans…
To this day, there is still the general belief that in order to purchase a home, you need to have 20% down, and have good – stellar credit history. The good news is you don’t need a large down payment, your credit can be actually marginal, even “less-than-perfect” and you can still buy with competitive…
Credit continues to be a hot topic. Having credit, maintaining credit and keeping the credit scores as high as possible is everyone’s aspiration. Unfortunately, many consumers are unaware of some of the credit blunders that inevitably show up when it comes time to obtain a home loan. In fact clearing up one myth before we…
Want to be 100% liable for someone else’s mortgage? Then cosign for them and you’ll be just as financially accountable for repaying the obligation as they are even though you are cosigning to simply assist the other party. When you cosign on a big-ticket item like a home loan, you are in essence lending your…