How Bad Credit Can Make Your Mortgage More Expensive

Mortgages

How Bad Credit Can Make Your Mortgage More Expensive

How Bad Credit Can Make Your Mortgage More Expensive

Borrowers who come to the table with lower credit scores can find that their mortgage loan costs more because of their bad credit scores.  This is true for first-time buyers as well as people buying second or third homes. A loan costs someone with a bad credit score more because of higher interest rates and... Read More

A 15-Year Mortgage Can Save You $154K—But Can You Get One?

Mortgages

A 15-Year Mortgage Can Save You $154K—But Can You Get One?

A 15-Year Mortgage Can Save You $154K—But Can You Get One?

Is a 15-year fixed mortgage worth it? The answer, absolutely. A shorter term mortgage—15 years versus 30 years—is one of the best ways to reduce mortgage debt and can save you thousands of dollars in interest payments. For instance, consider the staggering difference between a 30-year mortgage and 15-year mortgage, both for $400,000. At 4%... Read More

Can I Get a Home Loan with Bad Credit?

Mortgages

Can I Get a Home Loan with Bad Credit?

Can I Get a Home Loan with Bad Credit?

While a 20% down payment and a great credit history make buying a home easiest, there are ways to get approved for a home loan without them those golden assets. Programs, such as Federal Housing Administration or FHA loans, Veteran’s Administration or VA loans and United States Department of Agriculture or USDA loans can help those without... Read More

What Exactly Is Mortgage APR?

Mortgages

What Exactly Is Mortgage APR?

What Exactly Is Mortgage APR?

Mortgage interest rate and mortgage APR (annual percentage rate) while related, are not the same. You’ll see both listed for mortgages. For example, you may see a 30-year fixed-rate mortgage with an interest rate of 4.250% and an APR of 4.385%. The interest rate is the interest you pay on your home loan. The APR... Read More

5 Things to Know About Mortgage Loans and Bad Credit

Mortgages

5 Things to Know About Mortgage Loans and Bad Credit

5 Things to Know About Mortgage Loans and Bad Credit

Believe it or not, your credit doesn’t have to be stellar to get a mortgage. Many banks and mortgage lenders only extend mortgage loans to applicants with at least a 640 credit score. However, not all lenders are created equal. And it is possible to get a home loan with what a score below 600,... Read More

Should You Get an FHA or Conventional Loan?

Mortgages

Should You Get an FHA or Conventional Loan?

Should You Get an FHA or Conventional Loan?

A Federal Housing Administration (FHA) loan or FHA loan is insured by the federal government. First-time home buyers and those with lower credit scores and lower down payments are more likely to qualify for an FHA loan. A conventional loan isn’t insured by the government. It’s instead backed by a private mortgage lender and the... Read More

How Much of a Down Payment Do You Really Need to Buy a House?

Mortgages

How Much of a Down Payment Do You Really Need to Buy a House?

How Much of a Down Payment Do You Really Need to Buy a House?

Article originally published August 20th, 2014. Updated October 29th, 2018 Looking to get your foot in the door (of your new home)? If you’re a renter who’s tired of paying someone else’s mortgage, now may be the time to pursue the American dream of homeownership. In fact, the days of needing a 20% down payment... Read More

How to Determine Your House Payment: The Quick Formula

Mortgages

How to Determine Your House Payment: The Quick Formula

How to Determine Your House Payment: The Quick Formula

When you’re shopping for a house and considering a mortgage loan, establishing what you can afford for house payments can be a lengthy process. You have to run calculations, get updated payment scenarios from your mortgage company, and determine whether or not you can qualify. With all these moving parts, we hope it comes as... Read More

Why You Should Still Talk to a Lender Even if You’re Not Ready to Buy a Home

Mortgages

Why You Should Still Talk to a Lender Even if You’re Not Ready to Buy a Home

Why You Should Still Talk to a Lender Even if You’re Not Ready to Buy a Home

If you’re a first-time homebuyer, you might think you’re not ready to purchase a house. Perhaps you’re concerned about your job situation, your previous credit history, or your high monthly expenses. Whatever the circumstances, every borrower and financial situation is unique. Unless you’re a financial expert, it’s best not to self-diagnose your financial problems. You... Read More

Show Me More by Scott Sheldon

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