Credit

mortgage update summer 2021

Mortgage Update Summer 2021

Now is Your Unique Opportunity to Cash Out Earlier this year, rates started moving higher because of inflation fears. Since that time, the Federal Reserve is done a good job of telegraphing that this inflationary pressure we are feeling is likely transitory. Because of this, investors have become comfortable with this synopsis and rates have …

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What Credit Score Do You Need for a Mortgage?

What Credit Score Do You Need for a Mortgage?

According to data from the most recent Origination Insight Report by Ellie Mae, the average FICO® score on closed loans reached 753 in February. As lending standards have tightened recently, many are concerned over whether or not their credit score is strong enough to qualify for a mortgage. While stricter lending standards could be a challenge for some, many buyers may be …

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The American Express Payment Problem

Part of the mortgage qualification process includes what is called your debt to income ratio (DTI). This your gross monthly income divided by the lump sum total of your proposed housing payment and any other monthly obligations that show up on your credit report. This would include car payments, student loan payments (this links to …

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Credit Scores – Don’t Sweat the Small Dips

We assist people with understanding and improving their credit scores with great regularity. One of the questions that comes up frequently is why credit scores go up and down so frequently? Credit Scores are made up of five main components. The first is making your payments on time (35% of your score). If you make, …

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7 Strategic Moves as You Prepare to Apply for a Mortgage

Rent Before You Buy – It is always a good idea to get a year or so under your belt as a tenant so you can understand some of the challenges that come with homeownership. Put yourself in the shoes of your landlord. Lenders like to see a track record of making housing payments prior …

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10 Credit Don’ts During the Loan Process

Listed below are the 10 credit mistakes to avoid once you’ve been approved for a loan! And if at anytime during your loan process you are unsure about something, always call your loan officer to confirm! DON’T DO ANYTHING THAT WILL CAUSE A RED FLAG TO BE RAISED BY THE CREDIT SCORING SYSTEM. This would include adding new …

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