List/Grid Tag Archives: qualifying for a mortgage

Considerations Before You Refinance

Theoretically it is a great time to refinance your home mortgage if you have a high mortgage interest rate. Theoretically, got that? Back in the day there was a prevailing myth that real estate prices always go up. Even Will Rogers said, “Buy Land, They ain’t making any more of the stuff”. And that is true, they ain’t making any more of the stuff (land, that is…still building a few houses, at least in my area) but unfortunately for many people they have learned the hard lesson that real estate prices don’t always go up and when ...
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Tips to Secure the Lowest Possible Home Loan Rate

There’s likely no greater financial commitment you will make then signing a mortgage for your home.  With soaring home prices, many home loans are typically for $200,000 or more.  Your monthly mortgage payment is likely to be your biggest expense each month. Why pay more than you have to? With some research beforehand as well as some negotiating during the home loan process, you can secure the lowest interest rate possible.  The difference between even a 5% versus a 4% interest rate can make the difference between tens of thousands of dollars ...
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5 Reasons Why a Good Credit Score is Important

I often hear people say that they have never looked at their credit score and do not understand what the big deal is. Perhaps they are at a point in their life where they haven’t begun using credit cards, or haven’t considered buying a house. I’ve also heard people say that they figure they will never need credit cards or a loan. So why worry about your credit score? No one can predict the future. You never know when your circumstances may change and you may in fact need a good credit score. Here are 5 reasons why a good credit score is important, ...
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4 Ways to Improve Your Credit Score Before You Enter the Housing Market

If you’ve been putting off entering the housing market, now is the perfect time to jump in, if you’re financially ready.  The market is beginning to rebound, and as a result, there are more houses for sale than in the last few years.  Even better, the interest rates are still amazingly low, especially if you have excellent credit. However, before you go to a bank for home loan pre-approval, make sure to take steps to improve your credit score first.  The stronger your credit score, the lower your interest rate will likely be and the ...
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FHA Issues New Home Ownership Guidelines

The Federal Housing Administration has long had the mission to help first time homebuyers and others who may not be able to qualify for a conventional mortgage. Right now you would likely need to have a down payment of 10 to 20% in order to qualify for a typical conventional mortgage. Before the mortgage crisis, there was actually a time when it was possible to get a conventional loan for zero down payment and even for 125% of the value of the house. Those days are over for now and may not return in the foreseeable future. Lenders are now much ...
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