Credit card companies, auto dealerships and mortgage lenders are just a few of the institutions that will assess your credit score before deciding if and how much they are willing to lend you and at what interest rate. When it comes to getting pre-approved for a mortgage, your credit score is one of the most influential factors determining your eligibility for a loan, so knowing how your mortgage lender determines that score is essential.
The kids have flown the nest and you’re faced with the proverbial decision on your lifelong home – do you stay or do you go? While it’s never an easy decision to sell and buy again, “downsizing” paves the way for a new style of homeownership. If you’re thinking of purchasing a new home as an empty-nester here are a few things to consider in your search.
Buying and financing a home includes navigating the world of mortgage terminology, a lot of which are acronyms, i.e. DTI, PMI, PITI, and APR. When shopping for a mortgage or any type of credit product, for that matter, keep in mind that the advertised interest rate isn't the same as your loan's annual percentage rate (APR). Here's what you should know about the difference between a mortgage rate and APR.
Buying a home is likely the biggest purchase you’ll make in your lifetime, so it makes sense that preparing to buy one takes a little longer than most other purchases. With that being said, there are several mistakes you should avoid if you hope to purchase a home in the next few months.
Think of all the tasks you no longer need to hire out. You don’t need a travel agent to book a vacation. You don’t need to hire a web developer to design a website. So in a DIY age with the world of real estate readily available at your keyboard, do you really need a real estate agent? Yes. Here’s why.
Down payment requirements, carrying other monthly debt and building mortgage-ready credit are common hurdles for today’s homebuyers. A relatively new mortgage product addresses these issues and makes home financing accessible to creditworthy low- to moderate-income homebuyers through Fannie Mae’s HomeReady™ program. Here’s how the HomeReady mortgage can benefit first-time homebuyers or homebuyers looking to purchase a multi-generational home.
Home prices rise, home inventory fluctuates, homebuyer demand increases – timing is a big part of homebuying and home financing. If you’ve been paying attention to any economic news, you know that for the last several months, mortgage rates have been climbing from their historical lows. So if you’re planning to purchase a home soon, what does it mean to lock an interest rate and when should you do it?
We’re only months away from the busiest homebuying season. Whether you’re planning to make a home purchase yet this winter or are waiting until spring, you’re likely making strides to get your credit score and finances in the best shape possible. Another step you should pay a good amount of attention to: your path to home financing. Here’s what you need to know about pre-approvals versus loan commitments to determine which is the right step for you.
After pre-approval, compiling your loan application is one of the first official steps toward achieving home financing. You mortgage banker will have some paperwork for you and you will have to compile some paperwork for them to verify your employment, income, available funds and home you wish to purchase.
Buying a home is a big financial and lifestyle decision, and if it’s your first home, it can be nerve-racking. Though your mortgage banker and real estate agent will be there to guide you, there are certain things you should be aware of before jumping into your homebuying journey. Here’s our list of the biggest first-time homebuyer blunders and how to avoid them.