Mortgages

Our Credit.com experts are here to help you better understand mortgages so that you can make smarter home loan decisions. Find out what you should consider when shopping for a home loan, plus ways to get the best rates & deals. Learn how to approach re-financing, foreclosures and short sales. Understand how mortgage decisions can affect your credit score.

How Your Credit Card Can Keep You From Buying a Home

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

10 Areas Where Home Sellers Are Making Bank

10 Areas Where Home Sellers Are Making Bank

10 Areas Where Home Sellers Are Making Bank

It’s a good time to sell a home. Buyers are back to fighting over properties in hot markets and that means less time sellers need to wait around. Realtor.com says homes stayed on the market 14 days less in March 2016 than March 2015, a dramatic drop. The number of homes listed has dropped, too,... Read More

10 Home Hacks That Save Time & Money

10 Home Hacks That Save Time & Money

10 Home Hacks That Save Time & Money

It’s time to cast aside your cynicism. It turns out that the best things in life ARE free – or darned close — at least when it comes to little touches that make life a little easier and your house a little homier. Doubt it? Try these 10 home hacks and you will believe: 1. Banish... Read More

The Thing That Can Add $5K of Value to Your House

The Thing That Can Add $5K of Value to Your House

The Thing That Can Add $5K of Value to Your House

Becoming a homeowner is still the American Dream for many people. You apply for a 15- or 30-year mortgage and add as many home upgrades and improvements as possible. In addition to hoping it’s a seller’s market when you put the ‘for sale’ in your lawn, those home improvements determine how much profit you stand to... Read More

Where to Buy a Home If You Don’t Have a Big Down Payment

Where to Buy a Home If You Don’t Have a Big Down Payment

Where to Buy a Home If You Don’t Have a Big Down Payment

If you’ve been saving to make a down payment on a home, you may not have to put money aside for as long as you’d thought, thanks to the average required down payment being much lower in some markets. And, according to recent research, the average required initial mortgage payment is only getting lower for hopeful homeowners. For... Read More

Reminder: There’s a Major Change to Mortgages Coming This Summer

Reminder: There’s a Major Change to Mortgages Coming This Summer

Reminder: There’s a Major Change to Mortgages Coming This Summer

Fannie Mae announced back in October that it wants to simplify the mortgage lending process for lenders and borrowers alike. Those changes are about to take effect, so here’s a quick brush-up on what to expect as you begin the mortgage approval process. The mortgage giant has been steadily working toward widening lending standards in a... Read More

Should I Use the Value of My House as My Emergency Fund?

Should I Use the Value of My House as My Emergency Fund?

Should I Use the Value of My House as My Emergency Fund?

Q. I don’t have an emergency fund, but I have always felt very secure knowing I have a zero balance, low-interest home equity line of credit that would allow me to get, on an emergency basis, close to three times my annual salary. Is this a legitimate substitute for a separate emergency fund? — Curious A.... Read More

How to Get a Mortgage After a Loan Modification

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

Half of Future Homebuyers Waiting to Improve Credit Before Buying

Half of Future Homebuyers Waiting to Improve Credit Before Buying

Half of Future Homebuyers Waiting to Improve Credit Before Buying

A lot of potential homebuyers — especially first-time homebuyers — are holding off on taking the mortgage plunge in hopes they can get a better rate once they improve their credit scores. That’s the finding of a new Experian survey about homebuying and credit, which found that 34% of future buyers say their credit score might hurt... Read More

The No-Down-Payment Loan Everyone Wants, But Few Get

The No-Down-Payment Loan Everyone Wants, But Few Get

The No-Down-Payment Loan Everyone Wants, But Few Get

One mortgage loan program that’s become popular in recent years is the U.S. Department of Agriculture loan. The program allows you to buy a home with no money down and low monthly mortgage insurance. Here’s what you need to know if you’re interested in this type of financing. What the Program Entails The USDA offers... Read More

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