How Much Can I Refinance My House For?

Mortgages

How Much Can I Refinance My House For?

How Much Can I Refinance My House For?

Refinancing can shave years off your loan and help you pay off your home faster. When you refinance your home, your loan amount can be whatever you choose it to be. It can be a lower amount than what you currently owe on your home, which would require bringing in cash to close escrow. Or it... Read More

Should I Keep Saving for a Home or Buy Now?

Mortgages

Should I Keep Saving for a Home or Buy Now?

Should I Keep Saving for a Home or Buy Now?

Saving up to buy a home is no easy feat. One of the key components of being able to successfully buy a home is having enough cash for a down payment plus closing costs. Generally, you’ll need at least $20,000 to buy a home. The old 20% down rule does mean a low payment, but... Read More

Could Down Payment Assistance Help You Buy a Home?

Mortgages

Could Down Payment Assistance Help You Buy a Home?

Could Down Payment Assistance Help You Buy a Home?

If you’re looking to buy a house with little-to-no cash, your options may be limited. Here’s what you need to know if you’re thinking about seeking down payment assistance to get your foot in the door. How Down Payment Assistance Programs Work Down-payment assistance can be sponsored by a local, state or government entity or... Read More

Will Applying for a Mortgage Tank My Credit Score?

Mortgages

Will Applying for a Mortgage Tank My Credit Score?

Will Applying for a Mortgage Tank My Credit Score?

If you are hesitant to apply for a mortgage because you think your credit score will drop dramatically each time you fill out an application, think again. Here’s what really happens when you apply for a mortgage and your credit is pulled. When you apply for a mortgage, you must have your credit checked. It... Read More

Is There Really Any Difference Between Mortgage Lenders?

Mortgages

Is There Really Any Difference Between Mortgage Lenders?

Is There Really Any Difference Between Mortgage Lenders?

The Consumer Financial Protection Bureau has safeguards in place to make sure mortgage companies operate on a level playing field with consumers. The level playing field specifically has to do with rates, pricing and whether borrowers are getting a fair and reasonable offer from one lender to another. But how banks look at your financial... Read More

Buying a Fixer Upper? Here’s What You Should Know

Mortgages

Buying a Fixer Upper? Here’s What You Should Know

Buying a Fixer Upper? Here’s What You Should Know

So you’re pre-approved for a mortgage, and suddenly a home matching your criteria appears on the market. Then it hits you — the house needs tons of work. Here are some things to consider when the property you’re trying to buy needs some tender-loving care. Resale homes may need work on everything, from a new... Read More

How Your Credit Card Can Keep You From Buying a Home

Mortgages

How Your Credit Card Can Keep You From Buying a Home

How Your Credit Card Can Keep You From Buying a Home

New changes coming to Fannie Mae’s automated underwriting system next month could have prospective homebuyers rethinking how they pay their credit card bills. Here’s why. Lenders generally use Fannie Mae’s automated underwriting system for every single mortgage loan sold in the secondary mortgage market. This system has always reviewed the mortgage applicant’s credit history, credit... Read More

How to Get a Mortgage After a Loan Modification

Mortgages

How to Get a Mortgage After a Loan Modification

How to Get a Mortgage After a Loan Modification

One of the challenges many homeowners faced in the recession was financial hardships. Loan modifications were often a short-term solution banks offered for homeowners facing delinquency, income changes or loss of home equity. If you have a loan modification but want to move and buy a new home, here’s what you need to know about... Read More

Show Me More by Scott Sheldon

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