How Mortgage Borrowers May Benefit from Rapid Rescoring
Credit scores are one of the biggest factors contributing to the mortgage interest rate you receive and loan types for which you can qualify. When you apply for a loan, lenders will check your credit scores by pulling credit reports from the three central credit bureaus: TransUnion,...
What is Mortgage Escrow?
If you own a home or are trying to own a home, you’ve probably heard the term “escrow” thrown around. So what is it? Let’s delve right in:
What is Escrow?
Escrow is an account that lets a borrower gradually accumulate money for property taxes and...
What are Lender Credit Overlays?
If you have been shopping around for a mortgage, you may have noticed that different lenders will give you different quotes and have different requirements. This is due to the fact that lenders have different thresholds for risk depending on past experiences and current...
Spelling Out Commonly Confusing Mortgage Acronyms
When you’re applying for a mortgage, there are so many terms that you’ll hear being thrown around in your lender’s office, and many can be confusing. We’ll try to shed some light on some of these mortgage acronyms:
GFE stands for Good Faith...
What is Mortgage APR?
When you are looking for a mortgage, your lender is required to inform you of the APR and the interest rate. Your APR is a crucial factor regarding what loan is the best loan for you.
What is APR?
APR stands for Annual Percentage Rate, which is the number used to compare...
How To Minimize Closing Costs
Closing costs are fees associated with mortgage acquisition, and can be anything from title insurance to origination fees to appraisal fees. They may come as a surprise for borrowers who thought their only financing expense would be an initial down payment and then some interest...
Why You Should Get Pre-Approved
In the last few years, there has been a shift in the housing market. You used to be able to look at houses, make an offer, and then head to the bank to obtain a loan. If you didn’t qualify for that loan, you just simply walked away from the house. Now, you may not even...
How To Protect Your Credit Score During a Move
If you’re about to move, you may need to consider is how your credit score is going to fare during the relocation process. We have some tips regarding how to protect your credit score during the transition.
Inform Your Creditors
The first step you should take...
Refinance Checklist: The Basics
Before you refinance, make sure you’re properly prepared.
Documents you’ll need:
Mortgage promissory note
2 months of pay stubs
2 years of W2 forms
2 months of assets statements (e.g. checking, savings
Choose your refi...
Purchasing Foreclosed Property
If you buy a foreclosed home, you're going to have a different experience than you would if you were to just buy a regular home. The main differences are that only one real estate agent is usually involved, pre-approval letters are a necessity, there’s hardly any room...