When someone applies for credit and obtains their very first credit account, such as a credit card or an automobile loan, they’ll soon have an established credit history and a FICO score to follow. Scores can rise and fall over time as someone opens up a new credit account and makes payments on the account […]
There are many popular mortgage programs to help borrowers secure a great home loan, but one less common type is called the portfolio loan. While the portfolio loan isn’t as common as a conventional mortgage, it can be a great option for some borrowers. Mortgage Loan Basics Mortage loans can fall into several categories, even […]
In case you forgot about the sweeping income tax changes passed by Congress last fall and took effect December 15 of last year, you probably were reminded when you filed your 2017 taxes. The new changes didn’t affect any filing for last year’s taxes but going forward there were some rather significant 2018 tax changes. […]
One of the key components when lenders evaluate a loan application is affordability. Lenders consider current monthly credit obligations such as an auto loan and credit card payments and add those to the new mortgage payment. The new mortgage payment includes principal and interest, property taxes, insurance and mortgage insurance when required. This total is […]
Do economic reports affect mortgage rates? Each day, economic reports and different data are released by the federal government along with other bureaus. Some economic reports will have a greater impact than others while some reports have very little if any impact at all. What economic reports are important and which are less so as […]
Are you watching rates? There are different types of borrowers as it relates to rate-watching. Some speak with their mortgage broker and get a daily rate quote to decide whether or not to go ahead and refinance, or maybe someone is thinking about buying a rental property and the lower the rate the better the […]
Do you need a cosigner? Maybe you’ve been asked to help out a relative and cosign on a mortgage? It’s long been a practice for parents to help out their kids buy their first home when needed. Cosigning isn’t as pervasive as it once was, primarily due to changes in lending guidelines, but it’s still […]
When first getting rate quotes borrowers may be shopping for the lowest rate they can find, but they might be a bit surprised at all the options available for the very same loan program. It’s completely understandable. What is the Lowest Rate When a mortgage company advertises a mortgage program and an accompanying note rate […]
There really is more than one reason to refinance an existing mortgage. Homeowners with a mortgage most often start to consider refinancing when interest rates have taken a dip. After all, a lower interest rate means lower monthly payments which saves borrowers money each month. There really is no direct correlation regarding how much lower […]
You’ll probably be surprised at the number of choices you have to make once you decide to buy and finance a home, and deciding on the right loan term is important. When searching for that perfect property there are several things to consider. Some buyers have certain requirements while others could care less about those […]
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