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A Rocky Credit History Doesn’t Have to Prevent You From Achieving Your Financial Goals
About 10 years ago, Rinette O. and her husband ran into some financial difficulties, which resulted in bankruptcies. In addition, they’d accumulated some high-interest credit card debt. So, when they wanted to purchase a home a few years later, their credit history presented too big a hurdle to qualify for a mortgage. A family member was […]
Quick Stat
Refinancing applications have risen 23% as mortgage rates continue to drop, says the Mortgage Bankers Association. Source
What a Lender Looks for in Your Mortgage Application
Applying for a mortgage loan is an information-intensive process. You provide the lender with an abundance of information, which the lender then uses to determine whether or not to approve the loan. Understanding what information a lender uses to make a decision on your loan application can demystify the process and even help you identify […]
How Are Appraised Values Calculated?
An appraisal is a comprehensive report that calculates the value of your home based on a number of valuation factors, ranging from the amount of living space, the age of the home and even its proximity to locations like parks, lakes, schools, and more. The size and location are the main influencer and the exterior, […]
Outfit Your Home for Extreme Weather
No matter where you live, extreme weather and natural disasters pose some degree of risk to the safety of your home. Recent extreme weather events — Hurricane Sandy in 2012, as well as many damaging tornadoes, destructive wildfires, and floods — give homeowners reason to consider making modifications that will protect their homes. Forecasters predict […]
Independent Contractor Reduces Debt by Refinancing
Small business owner Erick Baylor* knew he had to do something to address his financial situation. He was staring at an interest-only first mortgage that carried a rate of 6.875% as well as a secondary home equity loan (HELOC), which had an even higher current rate of about 8.2%. To make matters worse, Baylor had accumulated high-interest […]
Quick Stat
Existing-home sales are the highest they’ve been in 2014, having risen continuously over the past four months. Source: Realtor.org
Tips for Understanding and Maintaining Your Credit Score
The better your credit score, the better chance you have at qualifying for a mortgage and getting the lowest interest rate possible. Thus you should continually check your credit report and address any issues immediately. Credit reports and credit scores A credit report is a record of your financial history, including credit card balances, auto […]
Can You Apply for a Mortgage Without a W2?
Yes, even if you don’t have a W2 to showcase your income, you can still apply for a mortgage. In today’s mortgage marketplace, the key underwriting focus is on the borrower’s “ability to pay.” In other words, lending firms are looking for verifiable proof that a borrower has the necessary funds (i.e. income, assets, etc.) […]
The Benefits of Built-In Storage — Now and at “For Sale” Time
As your household stuff accumulates, the amount of available space to put it shrinks. To solve the space problem, you can add well-planned, built-in storage. Well-designed storage improvements can eliminate clutter, streamline a home’s appearance — and they can also add to your home’s resale value. Built-in storage and fitted furniture can be made to […]