Category Archives: Uncategorized

How to Save Thousands on Your Mortgage

Buying a house may be the largest purchase most consumers ever make. So it’s surprising that over half (52 percent) don’t shop around for a lender. That’s like buying the first car you see or trusting that one gas station will always give you the best price. It’s an oversight that could hit your wallet in […]

Top Loan Types for Unique Situations

As you begin your home-shopping journey, you might hear a lot about the 30-year conventional fixed-rate mortgage. And there’s no doubt it’s a great product for many buyers. But not all. In fact, there other mortgage options that could be better for your needs, perhaps offering a short-term solution (and super low rate) if you know […]

The Differences between Pre-Approval and Pre-Qualification

According to the Consumer Finance Protection Bureau, there is often not a lot of difference between pre-approval and pre-qualification. Sometimes, lenders use the terms “pre-qualification” and “pre-approval” interchangeably. And different lenders might have different definitions for each. But generally, here’s how the two may differ. Pre-qualification is often seen as the first step in the […]

Mortgage Basics: How Lenders Evaluate You

To qualify you, lenders look at three main factors: 1. Affordability. Lenders use a debt-to-income (DTI) ratio which tells them what percentage of your income will be going towards all of your bills. They will let you spend as much as 43 percent of your income on housing and non-housing bills. 2. Credit health. Lenders will run […]

4 Reasons to Refinance Your Mortgage

1. Get a Lower Interest Rate Getting a lower interest rate is the most popular reason to refinance a mortgage. It simply means you are swapping a higher interest rate for a lower one, which can save you considerably on your monthly mortgage payments. It can also help you save thousands of dollars in interest over the life […]

How Much Does a Credit Pull Really Hurt?

When you’re in the market for a mortgage, it’s best to shop around to find the best rates or get better lender fees. But because this process typically involves multiple lenders checking your credit score, many buyers are concerned these credit inquiries or often referred to as “credit pulls” will hurt their score, leaving them […]

What Type of Mortgage Is Best for You?

Just as homes come in different styles and price ranges, so do the ways you can finance them. While it may be easy to tell if you prefer a rambler to a split-level or a craftsman to a colonial, figuring out what kind of mortgage works best for you requires a little more research. There […]

Loans Aren’t One-Size-Fits-All

Just as homes come in various styles and at different price points, so do the ways you can finance them. There are a number of loan options to choose from, but deciding which kind is best for you requires a little bit of time and research. Many home shoppers assume the best choice is the […]

What is an FHA Loan?

An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA). They are popular especially among first time home buyers because they allow down payments of 3.5% for credit scores of 580+. However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults. Borrowers can qualify for an FHA loan with a down payment […]