Mortgages

06 Apr 2021

Suffering from Credit Problems? Understanding Mortgage Lenders and How They Assess Your Credit

Home Mortgage Tips

One of the most significant factors a mortgage lender will review when you apply for a new mortgage loan is your credit history and rating. While some people have stellar credit, others have a troubled credit history with lower scores. If you fall into the latter scenario, you may be wondering how lenders will assess your credit situation when you apply for a mortgage in the near future. Reviewing Your Credit Scores Initially, lenders will review your credit report to determine your credit scores. Your scores will have a direct impact on the interest rate that you qualify for or if you qualify for a loan at all. There are prime…

30 Mar 2021

By Mortgage Blog Content

The Mortgage Pre-approval Letter: Why It’s Important and How to Get One

Home Mortgage Tips

If you are thinking about buying a new home in the near future, you may already be searching online to get a feel for the different types of homes available in the local area. You may have reviewed your budget, and you may have a fair idea about a sales price that is comfortable for you to afford. While you may feel as though you have taken the preliminary steps necessary to prepare yourself to buy a home, it is important that you also get a mortgage pre-approval letter for your financing before you starting hunting for that perfect new house or condo. The Importance of a Pre-Approval Letter A mortgage…

25 Mar 2021

By Mortgage Blog Content

Four Ways That Being Diligent with Your Mortgage Payments Can Seriously Improve Your Credit

Home Mortgage Tips

The unfortunate reality is that many individuals have a lower credit rating than they would like. For many, this is caused by issues related to high debt balances, late payments and other related issues. If you have a lower credit rating, you may be wondering what steps you can take to improve your standing with the credit bureaus. While there are several steps available for you to consider, making timely payments on your home mortgage can have a great impact on your credit. There are four unique ways that diligence with your mortgage payment may improve your credit. Showing Financial Responsibility First, when you make timely payments on an account, including…

19 Feb 2021

By Mortgage Blog Content

Variable-Rate VS. Fixed-Rate Mortgages – Which Is Better For Your Financial Situation?

Mortgage Rates

When applying for a new home mortgage, many loan applicants initially consider applying for a 30-year fixed rate mortgage. This is perhaps the most common and traditional type of mortgage available. It allows you to enjoy the opportunity to pay for your home over the course of 30 years with equal payments every month. While this is one option, there are actually multiple choices available. For some applications, a variable rate mortgage may be more advantageous. If you are comparing the options between a fixed rate and a variable rate mortgage, you may consider a few points. A Lower Initial Interest Rate When you compare the fixed rate and variable rate…

18 Feb 2021

By Mortgage Blog Content

Understanding The Key Factors That Affect Your Mortgage Interest Rate

Mortgage Rates

When you initially start shopping for a home mortgage, you may be drawn to advertisements for ultra-low interest rates. These may be rates that seem too good to be true, and you may gladly contact the lender or mortgage company to complete your loan application. However, the unfortunate truth is that all too often, mortgage applicants are unpleasantly surprised and even disheartened to learn that they do not qualify for the advertised interest rate. By learning more about the factors that influence your interest rate, you may be able to structure you loan in a more advantageous way. Your Credit Rating One of the most important factors that influence an interest…

05 Feb 2021

By Mortgage Blog Content

Do You Need Mortgage Insurance Even if It’s Not Required by Your Lender? Let’s Take a Look

Home Mortgage Tips

Finding a proper mortgage loan and understanding the processing procedures behind the loan is the basis of good research. The down payment on a mortgage loan is typically significant when dealing with mortgage insurance. Most loan applications with less than 20% down payment are required to include mortgage insurance with the loan. However, mortgage insurance may still be required even if it's not typically required by your lender. Underwriting Requirements Most home mortgage applications undergo a strict set of standards for approval. These standards are known as underwriting and make up the bulk of time spent on a mortgage application. Unique situations in employment or credit history may require an additional…