One of the many benefits of working with Compass Mortgage on your home financing is your ability as a borrower to stay informed on the status of your loan at all times. Through our website, our clients can get the current status of their loan through a secure login ID and password. This information is updated…
What Factors Affect Your Credit Score
Your credit score is a number lenders use to determine the risk of lending to you. Credit card companies, auto dealerships and mortgage bankers are a few of the type of institutions that will assess your credit score before deciding if and how much they are willing to lend you and at what interest rate….
Benefits of a Mortgage Over Paying Cash
Many people are wary of the financial responsibility that comes with financing a home purchase. If you have the cash, it may seem like a no-brainer to purchase your home outright, but this article will show that the bigger the mortgage and the longer you carry it, the more beneficial. One of the biggest benefits…
Tax Benefits of Homeownership
Owning your own home allows you to create a stable living environment for your family, personalize your living space and build equity. With tax season around the corner, homeowners can argue that the tax benefits are one of the biggest perks of owning their own property. Interest & Points When looking at an amortization schedule…
What is an Appraisal?
Overview An appraisal is a professional opinion of a property’s value by an independent, licensed appraiser. Whether you are buying a home, refinancing a mortgage, settling a legal issue, appealing property taxes or just need to know the current value of a property, the appraisal will provide a home’s true property value. An appraisal will…
How Much of My Income Should I Spend on My Mortgage?
If you’re like most people, a house is the biggest purchase you will make in your lifetime. Spending too much on a home could interfere with other financial goals, such as retirement and college savings. It is best to determine what you want and can pay on a mortgage before you start looking. To qualify…
Pre-Approval vs. Getting Committed®
At some point in your home shopping process you will be asked if you have been “pre-approved”, a commonly misunderstood home financing term. Knowing the difference between a pre-approval and Get Committed® will help you avoid surprises when you are in the process of applying for a mortgage loan. In order to be approved for…
How to Choose the Right Real Estate Agent
Choosing to buy or sell a home is one of the most important financial decisions you will make in your lifetime. Finding the correct real estate agent can save you time, effort and frustration whether you are looking to find your dream home at the right price or sell you current home quickly and for…
What to Expect When You Close Your Loan
You’ve signed the purchase agreement and been approved for the loan, but you still have no rights to the property until the day you get to legally transfer ownership: closing day.
What Credit Score is Needed for a Mortgage?
When it comes to pre-approval, your credit score is one of the most influential factors determining your eligibility for a loan and what rate you will qualify for. Lenders use your credit score as a risk assessment for approval. Your score is calculated by a combination of scores from the three national credit bureaus: TransUnion,…