Buying a house is a big deal and the down payment you make on your home will determine what kind of mortgage you can get, how much it will cost to purchase your new property, the interest rate offered to you, and the types of additional costs that will be associated with your loan. In …
How Your Down Payment Amount Can Affect Your Mortgage Read More »
You may be surprised to learn that 1 in 4 Americans have an error on their credit report. While many consider credit reports to be the source of truth for your financial history, the fact of the matter is, with the volume of data credit reporting bureaus are bringing in, errors on some reports are …
Your credit score is one of the most significant factors considered by mortgage lenders when you apply for a mortgage and can make or break your mortgage application, as a low credit score could result in your application being denied. Even if your credit score is high enough to qualify for a mortgage, you’ll likely …
The first step in the home financing process is getting pre-approved. Once you’ve been pre-approved you’ll have a good idea of how much you can borrow to buy your dream home. During pre-approval, you will be asked to provide employment history, financial information that ideally demonstrates good credit, a stable income, a low debt-to-income ratio, and …
Steps to Take if You’ve Had Trouble Getting Pre-Approved Read More »
No matter how you look at it, your credit score plays a big role in whether your mortgage application is approved and what rates you qualify for. To a lender, your credit score indicates your dependability as a borrower and, generally speaking, the higher the credit score, the better. As with anyone, lenders want to …
Bounced checks If your checking account contains multiple overdrafts or NSFs (non-sufficient funds) charges, underwriters are likely to think that you’re not great at managing your finances. Mortgage rule-making agency Freddie Mac says that additional scrutiny is required when bank statements include NSF fees. Large, undocumented deposits Outsize or irregular bank deposits might indicate that …
3 Things Lenders Don’t Want to See on Bank Statements Read More »
