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.

Credit Union Vs. Bank Mortgage: Which Should You Choose?

Credit Union Vs. Bank Mortgage: Which Should You Choose?

Credit Union Vs. Bank Mortgage: Which Should You Choose?

  You’ve saved up your money, you found the perfect house, and you’re ready to buy. Now you just need a mortgage. Commercial banks may be the obvious choice, but they aren’t the only option for your mortgage. Mortgage brokers, online mortgage lenders, and credit unions also originate mortgage loans. Credit unions and other non-banks... Read More

What Should My Mortgage Credit Score Be?

What Should My Mortgage Credit Score Be?

What Should My Mortgage Credit Score Be?

You don’t have a separate rating called a mortgage credit score, but lenders do look at your score, credit history and several other factors when deciding whether to approve you for a home loan. Contrary to what some people think, though, you don’t necessarily need an excellent or good credit score to get a home loan. How high your score... Read More

What to do When You Owe More than a House is Worth and Want to Sell

What to do When You Owe More than a House is Worth and Want to Sell

What to do When You Owe More than a House is Worth and Want to Sell

Javier Gonzales is legally a homeowner, but he says his first instinct is to say “no” if someone asks. This is because he hasn’t made the mortgage on the townhome he bought in years, and he doesn’t live there anymore. Gonzales says he owes $476,000 on the townhome, which is only worth around $263,000. “I don’t care... Read More

Why Do People Rent?

Why Do People Rent?

Why Do People Rent?

Homeownership is one of the holy grails of adult life. Or is it? These days, you may find yourself choosing to rent a home instead of buying. Laying down roots in one place, taking on a 30-year mortgage and teeing up for the maintenance and expenses involved in owning property may not fit into your... Read More

How Getting an Online Mortgage Can Save Money

How Getting an Online Mortgage Can Save Money

How Getting an Online Mortgage Can Save Money

If you’re like most people, housing costs are your biggest expense. CBS News reported that U.S. rental prices hit a record high in 2018 at an average of $1,405 a month. On the flip side, Lending Tree reported that the average monthly mortgage cost was $1,029 in 2016. Rent tends to rise with each move... Read More

The Lenders Giving Borrowers Second Chance Loans

The Lenders Giving Borrowers Second Chance Loans

The Lenders Giving Borrowers Second Chance Loans

Brenda Woods didn’t want to move and leave the garden she had tended for 40 years. But the roof was falling in. And her bank wouldn’t give her and her husband Larry a loan to buy a replacement home. Brenda’s still tending her garden, though, thanks to a second-chance loan from the New Hampshire Community... Read More

How Bad Credit Can Make Your Mortgage More Expensive

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?

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?

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?

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

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