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As you search for a home, getting pre-approved for a mortgage is an important step to take. Pre-approval is the process of determining how much money you can borrow to buy a home. To pre-approve you, lenders look at your income, assets, and credit score to determine what loans you could be approved for, how…
Credit scores can be a confusing topic for even the most financially savvy consumers. Most people understand that a good credit score boosts your chances of qualifying for a mortgage because it shows the lender you’re likely to repay your loan on time. Since the beginning of the year, mortgage rates have risen, meaning that…
Credit Scores are one of the main factors in making financial decisions. Credit scores determine the type of loan you may get and the rates you pay. To help you navigate the convoluted web of credit score information, we’ve put together a basic set of guidelines that may help you determine where you stand in…
If you’re overwhelmed by the idea of being able to afford a home, you’re not alone. It’s easy to get discouraged about the price of homeownership, but it doesn’t have to stop you. If you’re a first-time homeowner in need of financial assistance, an FHA loan might be the right answer. Due to their lower…
VA loans are intended to make the home buying process easier for veterans. Unfortunately, the application process can sometimes be the source of one headache after another. To help the process run smoothly, it’s important to avoid the following pitfalls: Omitting Important Information When applying for VA loans, there are a lot of questions that…
We’ve all heard the terms “mortgage” and “interest” in movies, TV shows, and even books. But what exactly are they? Interest rates are the percentage at which money can be borrowed or earned, typically in reference to loans or investments. Low interest rates make borrowing cheaper, encouraging spending and investment, while high interest rates make…
FHA Loans are government secured loans designed to allow low to moderate income home-buyers afford a house with a more lenient credit score and a small down payment as opposed to the traditional home mortgage. Anyone can apply for an FHA Loan up to a certain degree called a lending limit. FHA mortgage insurance must…
With so many choices for home financing, it’s no wonder shopping for a mortgage is stressful and confusing. There are dozens of loan products on the market, and you deserve information before making such a big commitment. The good news is that there’s a home financing solution for almost everyone, whether you have good credit,…
VA home loans are designed to help people climb the social ladder after serving their country. Many people know that these loans can dramatically improve conventional mortgage offers for veterans. Sadly, there are just as many consumers who get caught up in the misinformation surrounding mortgage assistance. We’re here to debunk some of the myths.…
If you have a spotty credit record that looks more like a slice of Swiss cheese, then you may have a bit trouble finding a mortgage. However, it’s not the end of the world as you can always improve your credit score. It sounds impossible but here are a few tricks to get you started.…