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Archive for the ‘Mortgages’ Category

Why Mortgage Rates Fluctuate

Why Mortgage Rates Fluctuate Mortgage interest rates fluctuate a bit differently than other, shorter term consumer loan rates. Credit cards, personal and auto loans typically fluctuate with lender cost of funds and prevailing short-term market rates. Mortgage rates change with the national economy strength or weakness, economic forecasts, Federal Reserve controls of the money supply Read more ›

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Why Does My Lender Need to Document Everything?

Why Does My Lender Need to Document Everything? “What’s with all the documentation?” or “Aren’t my pay stubs enough? I make plenty of money and have more than enough assets!” Are common questions I hear from borrowers. You show us your paystubs, and then you get a mortgage, how great would that be?! We like Re... Read more ›

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What is the FCRA?

The Fair Credit Reporting Act (FCRA) ensures that consumer reporting agencies conduct reporting activities on your credit report with accuracy, fairness and impartiality while protecting your right to privacy. This act imposes strict guidelines to regulate the reporting agencies that provide your reports. As well as the people who furnish the information to the agencies. Read Mo... Read more ›

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Credit Score Importance

Your Credit Score Wow – credit score. This is a whole world of its own. What does it mean to you? In the Lending world it means everything! A credit score is the numeric analysis of a person’s credit file/report. This score determines whether and how you qualify for lending. As I began looking into Read More »... Read more ›

Shopping for rates

Shopping for rates! The other day, while shopping with a friend, I walked into the cutest little boutique. I thought to myself, “Geez, if I worked here my entire paycheck would go right back into the store!”. As the cashier rang up my purchase, she agreed with me. Saying she got a job there Read More »... Read more ›

Reasons to Refinance

Reasons to Refinance There are a few reasons why people consider refinancing their homes. Understanding the reasons for wanting to do so can help determine if refinancing is right for you. Every household has a different situation and some scenarios dictate the right time to refinance and when it’s smarter to wait. The benefits of Read More »... Read more ›

What is a Mortgage Calculator?

How much can you afford? This type of calculator is used to determine how much you can afford to borrow. By using this type of calculator you can determine your monthly mortgage payment. Based on what type of interest rate on our mortgage and term of your mortgage. Step 1: Using a mortgage calculator is Read More »... Read more ›

What You Don’t Know About Your Credit Can Really Hurt You

Your credit score means everything in the mortgage lending world. Credit Reports show that close to one in four Americans have never checked their credit report. Never? Are you kidding me? This report contains important information about a person’s credit history and ability to be financially responsible, including credit cards (revolving debt history), mortgages, and auto Read more ›

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Advantages & Disadvantages for Mortgage Terms / Loan Types

WHAT ARE THE ADVANTAGES/DISADVANTAGES FOR EACH MORTGAGE TERM? 30 Year Mortgage: This term is good for those that want to keep their monthly payment low. Keep in mind the older we get the longer we’ll need to work to pay this long term loan off. This can be a disadvantage to those that want to Read More »... Read more ›

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Cash Out Refinance

Historic low rates With rates at historic lows, refinancing home mortgages is proving to be beneficial to homeowners by saving them money on their mortgage payment. Many are also enjoying the benefits of a cash-out refinance. A cash-out refinance is a mortgage loan that gives cash to the borrower from equity in his or her Read More »... Read more ›