Credit Score

09 Mar 2022

How Long Does A Refinance Take?

Mortgage

If you want to save money on your mortgage, refinancing your house could be a great move. As long as you have plenty of equity and a great credit score, you should be able to qualify for the refinance process. At the same time, you might be wondering, how long will it take you to refinance your house? There are several factors to keep in mind, so be sure to work with a professional who can walk you through the process. It Usually Takes A Month Or Two In general, refinancing your home loan will take a month or two. Most refinances will be completed in 30 to 45 days, but…

08 Mar 2022

By Mortgage Blog Content

Why Did My Application For A Refinance Get Turned Down?

Mortgage

If you want to save money on your home loan, you might want to refinance. During the refinancing process, you could secure a better interest rate on your home loan. You could also withdraw cash from your home’s equity value to cover other expenses. Similar to a regular mortgage application, some refinance applications are denied. Why is this the case, and what should you do next? Your Debt To Income Ratio Is Off One of the most common reasons why an application for a home refinance is turned down is that the applicant has too much debt. The lender will not want to refinance a homeowner who has too much existing…

25 Feb 2022

By Mortgage Blog Content

How Can You Secure A Better Interest Rate When Refinancing Your Home Loan?

Mortgage

If you want to save money on your home loan, you may want to consider refinancing. During the refinancing process, you will replace your existing home loan with a new one; however, you want to secure the lowest interest rate possible. How can you get a better rate on your mortgage during the refinancing process? Consider Refinancing Your Home Loan To A Shorter Term If you can create less risk for the lender, you can get a lower interest rate. One of the ways to do so is to refinance your home loan to a shorter term. If the average interest rate has gone down, you might be able to keep…

15 Feb 2022

By Mortgage Blog Content

Making Sure You Are Ready To Take On A Mortgage

Mortgage Tips

There is so much to know when it comes to homeownership that even wading into all of the information can seem overwhelming, but if there's one thing you need when the time comes to purchasing a home, it's to be prepared. Here are a few ways that you can ensure you're ready for what a mortgage entails so that buying your dream home will be a positive experience you won't regret. Consider All Of Your Options Instead of accepting the mortgage that your bank is offering you, it's very important to do some research and determine what some of the best options out there are for you. While it's entirely possible…

12 Jan 2022

By Mortgage Blog Content

Does Shopping Around for A Mortgage Pre-Approval Hurt Your Credit Rating?

Mortgage

Smart homebuyers know that mortgage rates and terms can vary widely among lenders. While your credit score and history will influence what rates and terms you’re offered, there’s a wide range of flexibility, which means shopping around for a pre-approval makes sense. At the same time, it’s important to minimize credit inquiries to protect your credit rating. What is Mortgage Pre-Approval? Mortgage pre-approval is often mistaken for mortgage pre-qualification. Pre-qualification is a process whereby the borrower personally submits their financial information to the lender. Pre-approval is the process whereby the lender does their own vetting regarding the income, debt and credit of a potential borrower. Pre-approvals will involve a hard “hit”…

16 Nov 2021

By Mortgage Blog Content

What Is A High Enough Credit Score For A Mortgage?

Mortgage

There are many people who are interested in purchasing a home for the first time. Even though many first-time homeowners are interested in the sticker price of a home, it is just as important to consider credit scores. Anyone who requires financing to purchase a home will have to go through a credit check. What credit score is considered high enough for a home loan? What do people have to do if they want to increase their credit scores? What Credit Bureaus Do Lenders Use? First, a credit score is a reflection of someone's overall financial health. A lender wants to make sure someone has the ability to pay back a mortgage…