AS A RESULT OF CORONAVIRUS, MORTGAGE LENDERS TIGHTEN THEIR BORROWING REQUIREMENTS
In addition to disrupting the economy, the Coronavirus has also influenced the housing market. Around 4 million homeowners have already requested mortgage forbearance through the CARES Act forbearance program as of last month. Lenders are responding to the economic uncertainty by tightening credit requirements and making borrowers go through more hoops in an effort to […]
DO YOU PLAN TO BUY A HOME? HERE ARE SOME HIDDEN HOME COSTS TO KEEP IN MIND
When you’re searching for your dream home, you’re probably most interested in two numbers: the sale price and the monthly mortgage payment. However, these two numbers only tell part of the story. It is likely that you are overlooking many other upfront and ongoing costs. When determining the true cost of homeownership, don’t overlook these […]
How Does Shopping Around for a Mortgage Affect Your Credit Score?
Shopping around doesn’t just apply to getting the best deals on winter clothes or home appliances. When buying a house, you should shop around for the best mortgage loan. Mortgage preapprovals from several lenders can help you find the best loan for your needs, preferably with the lowest interest rate. Over the course of a […]
Homebuying Credit Myths You Shouldn’t Believe
The process of buying a home can be both exciting and intimidating. In addition to figuring out how to leave your current home, choosing where you want to live, and finding a lender, you will also need to figure out how to move. As a result of the sheer number of steps involved, it is […]
Buying a House? How Your Credit Affects Your Mortgage Rate
Mortgage rates, the amount of interest that lenders charge on home loans, are important to pay close attention to when you’re shopping for a home. Despite being a small percentage, the mortgage rate directly affects the amount you pay each month and how much you’ll pay over the life of the loan. A lower rate […]
Are You Buying a House? How On-Time Rent Payments Affect Your Credit Score
Rent used to only affect your credit score if you missed a monthly payment. When you apply for a mortgage, missing the rent reflects negatively on your credit report. Due to recent changes made by the federal government, mortgage finance giant Fannie Mae now allows on-time rental payments to be included in credit scoring […]