Lenders rely on credit reports as part of the process to qualify you for a loan. Negative information on a credit report or a low credit score could suggest that you are less likely to pay back debt as agreed. The tips below will help you “clean up” your credit so that you can put your best foot forward when applying for a loan.
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As a first step in preparing for a home purchase, it’s important to determine if you are actually ready to become a homeowner. Are you able to stay put for a while? Is your income fairly stable? If you answered yes to both questions, the next step is to carefully consider your finances. Resolve to do the following in the New Year and you could be ready to purchase a home sooner than you think – maybe even ahead of any anticipated rate increases.
Read More “Setting Goals to Achieve Homeownership”
One of the first steps to true independence is developing a strong sense of financial responsibility. The moment you start earning any money at all is the ideal moment to learn about money management, budgeting, and the importance of good credit. Whether you are exploring financial independence for the first time, or looking to re-build after a few credit mistakes, here are some options for getting on a path to a solid credit history.
Read More “How To Build Good Credit As A Young Person”
In the mortgage industry, we routinely encounter instances in our day-to-day interactions with clients that make us realize what is obvious to us may not be so obvious to those we serve. As loan advisors, a question we are frequently asked by those shopping for a home and going through the mortgage pre-approval process is, “How long is my pre-approval good for?”
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Why do you receive so many unsolicited offers after you apply for something like a credit card, or a loan? The answer may surprise you, but the solutions are fairly simple!
Read More “What You Need to Know About Junk Mail and Protecting Your Information”
When we come to the end of any calendar year, isn’t it amazing to look back over the last 12 months and realize just how much has transpired? And, of course, the resolution season is upon us. A blank page opens before us each January 1, presenting an opportunity to make changes and write a new chapter. Before we tear that last sheet from our calendars, let’s take a closer look at how the actions we take now – at the start of 2015 – can make the home loan process easier in the year ahead.
Read More “How Will 2014 Go Down In Your Books?”
As the one year anniversary of the Qualified Mortgage (QM) loan guidelines approaches, the time is right to reflect upon the impact and the uncertainty of QM vs. non-QM loans. We have spent the past year working with QM loans and developing smart solutions beyond QM to serve more borrowers. The non-QM terminology lends itself to the perception that a loan and/or borrower is somehow inferior to one who is “qualified.” As a result, there is skepticism, uncertainty and fear associated with “non-QM,” which is misguided.
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Whether you are headed off to college, starting a job, saving for your first home, or a parent preparing a child for life on their own, money management and budgeting can create anxiety. Can I afford college? How do I save for a down payment? How will I pay my bills, save and still be able to have some fun? These three simple steps will help ease the uncertainty and set you on a path toward financial independence.
Read More “Top 3 Money Management Tips for 20-Somethings”
As former Fed Chairman, Ben Bernanke, recently found out firsthand, the mortgage process can be complicated and unforgiving. But when it comes to the credit report, are there still options to correct and improve initial findings so the end result might be loan approval or a better interest rate? Absolutely. One of the ways we accomplish this re-evaluation of the credit score is through a process known as a rapid rescore.
Read More “Credit Report Rescoring: Can It Help You Get a Mortgage?”
