Your credit score will influence your mortgage options as well as the interestInterest: the cost of borrowing money, charged as a percentage of the outstanding balance and paid in arrears (unlike rent, which is paid in advance). More rate you will get. If you’re thinking of buying a home in the future, don’t take chances! These steps can help […]
Avoiding a credit score drop…
You’ve prequalified for a mortgage and you think you’re all set. You find the perfect house and you call your loan officer to set up the loan. The loan officer pulls a new credit reportA credit reportA credit report is a detailed record of your credit history. Mortgage lenders use it to help determine how you have managed credit in the past and how much risk may be involved in lending you money. A mortgage credit report generally... More is a detailed record of your credit history. Mortgage lenders use it to help determine how you have […]
Financing for Marginal Credit – which lo
If you have less than perfect credit, you may assume that you need a large down payment to get approved, but that is not the case. If you are eligible for a VA loan or an RD (Rural Development) loan, you may be able to get approved for a loan with no down payment! […]