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Alternate Sources For Establishing Credit [incity]
Establishing credit [incity] isn't necessarily the hard part, but maintaining a good standing credit score is.
There are many alternate sources for establishing credit [incity], once you start you need to keep-in-mind that your credit score may play a vital role later on down the line when you are ready to purchase a mortgage.
A borrower's credit score helps determine their down payment on a loan as well as pre-qualification status.
While the basic... Continue Reading >
Ten Things You Can Do To Protect Your Identity
It’s estimated that there were 10 million victims of identity theft in 2008, and 1 in every 10 U.S. consumers have reported having their identity stolen.
The U.S. Department of Justice reported in 2005 that 1.6 million households experienced fraud not related to credit cards (i.e. their bank accounts or debit cards were compromised). And, the U.S. DOJ also reported that those households with incomes higher than $70,000 were twice as likely to... Continue Reading >
Ten Credit Do’s and Don’ts To Bear In Mind Prior To Getting Your Mortgage Loan [incity]
How can a fully approved [city] loan get denied for funding after the borrower has signed loan docs?
Simple, the underwriter pulls an updated credit report to verify that there hasn’t been any new activity since original approval was issued, and the new findings kill the loan. This generally won’t happen in a 30 day time-frame, but borrowers should anticipate a new credit report being pulled... Continue Reading >
First-Time [city] Homebuyer Checklist
Buying a home versus renting [incity] is a big decision that takes careful consideration. Getting a new mortgage for a First-Time [city] Home Buyer can be a little overwhelming with all of the important details, guidelines and potential speed bumps.
Since there are so many rules and steps to follow, we’ve put together a simple list of Do’s and Don’ts to keep in mind throughout the mortgage approval and closing process.
The Do's and Don'ts
Since there are so many... Continue Reading >
Do I Have To Sell Before I Can Qualify For A Mortgage?
Although every situation is unique, it is not uncommon for home buyers to qualify for a mortgage on a new home while still living in their primary residence. Perhaps you are outgrowing your current house, or have been forced to relocate due to a job transfer?
Purchasing a home while you are still in the middle of selling your current one can be quite complex. Usually, you... Continue Reading >
Giving a Pre-Approval Letter to a Real Estate Agent
While many experienced real estate agents [incity] have a general understanding of the mortgage approval process, there are a few important details that frequently get overlooked which may cause a purchase to be delayed or denied.
With today’s volatile lending environment, it's smart to meet with an approved [state] mortgage professional to fully discus your lending scenario prior to investing much time previewing available listings with a local real estate agent [incity].
Why A... Continue Reading >
Top Questions Your [state] Lender Should Be Able To Answer About [city] Mortgage Rates
One of the things you can do is simply check online for today’s current posted rate [incity], but this may not lead you to the rate that you had in mind since these numbers are greatly impacted due to many factors that can cause these rates and closing costs to fluctuate.
Because of the possible mortgage rates changing so frequently in a day, it is very important to... Continue Reading >
Understanding the definition of Loan-to-Value (LTV), and how it impacts a mortgage approval, will help you determine what type of loan amount and [city] mortgage program you may qualify for.
Since the LTV Ratio is a major component of getting approved for a new mortgage, it’s a good idea to learn the simple math of calculating the amount of equity you may need, or down payment to budget for in order to qualify for a particular loan program.
Simply put, LTV is... Continue Reading >
Income Requirements For a [city] Mortgage
Debt-to-Income (DTI) is one of the many new mortgage related terms many First-Time Home Buyers will get used to hearing.
DTI is a component of the mortgage approval process that measures a borrower’s gross monthly income compared to their credit payments and other monthly liabilities.
Basically, mortgage lenders use a DTI Ratio to determine whether or not a borrower can afford to pay the home loan back and are designed to give guidance on acceptable levels of... Continue Reading >
What [city] Mortgage Can I afford?
Buying a home versus renting is a big decision that takes careful consideration to ensure you can meet your monthly mortgage obligations over the term of your home loan.
While there are several biased sources that can make arguments for or against owning a home, most home buyers may base their ultimate decision about whether or not to buy real estate [incity] based on their financial security. Cost, qualifying, freedom, maintenance and security... Continue Reading >
