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.

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

5 Things to Know About Mortgage Loans and Bad Credit

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

My Mortgage Was Denied – Now What?

My Mortgage Was Denied – Now What?

My Mortgage Was Denied – Now What?

According to data from the Federal Bureau of Consumer Financial Protection, about one out of every nine loan applications to buy a new house (10.8%) and more than one in every four loan applications to refinance a home were denied in 2018. There are lots of reasons someone may be denied for a mortgage. It’s... Read More

Should You Get an FHA or Conventional Loan?

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

Ways to Pay for Home Renovations

Ways to Pay for Home Renovations

Ways to Pay for Home Renovations

Home renovations are a big deal. Many people renovate to update their homes and increase property values. There are several ways you can pay for home renovations. There are secured home improvement loans or unsecured personal loans. Or you can use your savings if you have a lot of money saved up. If your renovations... Read More

Interest Rates Increase: What You Need to Know

Interest Rates Increase: What You Need to Know

Interest Rates Increase: What You Need to Know

After much speculation it finally happened and on December 19, 2018, the Federal Reserve raised the federal funds rate—the interest rate that banks and similar institutions charge to loan money to each other. That’s good and bad depending on where rates touch you and your finances. If you have a savings account and/or other investments,... Read More

Should I Apply for an Online Mortgage?

Should I Apply for an Online Mortgage?

Should I Apply for an Online Mortgage?

In the past, if you wanted to buy a house, you had to go through a bank or a lending institution to apply for a mortgage. These days, going through a bank isn’t necessary. You can instead apply for an online mortgage. And when you do, you can cut your application time in half. Is... Read More

3 Things Millennials and Baby Boomers Look for in Homes

3 Things Millennials and Baby Boomers Look for in Homes

3 Things Millennials and Baby Boomers Look for in Homes

Few things feel better than receiving the keys to the new house you just bought. There’s this sense of pride after working and saving for years to be able to purchase your dream home. This applies to everyone regardless of age or economic status. That said, not everyone wants the same thing in a home.... Read More

What Types of Homes are Millennials Buying?

What Types of Homes are Millennials Buying?

What Types of Homes are Millennials Buying?

In 2018, Millennials surpassed Baby Boomers as the largest living generation in America. And as with every new generation, Millennials bring with them change. As a result, researchers are trying to understand what’s changed and how best they can market to them. The real estate industry is no different. A consumer insights report shows that... Read More

10 States Where Rent is Almost Half Your Income in 2018

10 States Where Rent is Almost Half Your Income in 2018

10 States Where Rent is Almost Half Your Income in 2018

It’s no secret that housing costs are on the rise. From the coast of California to the high-rises of New York, there are just some places where you would expect home prices to be ridiculous. That doesn’t mean that people don’t buy homes in these places – they do. You might even be surprised at... Read More

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