If you're about to seek approval for a mortgage, you'll want to ensure you have a solid credit score and clean financial records to boost your likelihood of being approved. There are certain characteristics that lenders want to see in a mortgage applicant before they agree to give a loan, and you want to prove that you're a responsible borrower. But certain behaviors can easily tank your application and crush your home ownership dreams. Before you seek approval, make sure your finances are in … [Read more...]
Mortgage Interest Rate Versus APR: What To Know
When you go through the process of applying for a mortgage, you need to make sure you understand all of the terms on the page. Two of the most common numbers you will come across include the mortgage rate and the APR. Many people associate both of these numbers with interest rates, but you will probably notice that they are not quite the same. What are the differences between these two numbers, and how are they going to impact your mortgage loan? The Mortgage Interest Rate The first number you … [Read more...]
Navigating A Market With Higher Interest Rate
Even though interest rates have gone up significantly during the past few months, there are still opportunities for you to find a home at a great price. The high interest rate can be discouraging for some people, but as long as you know how to navigate the market, you can still put yourself in a position to be successful. Put More Money Down The easiest way to combat a high interest rate is to reduce the amount of money you borrow. That means that you might need to put more money down. Of … [Read more...]
Understanding Mortgage Pre-Approvals and How to Avoid Being Declined for One
The mortgage process is a long and complicated one, with a number of similar-sounding terms that can easily confuse first-time homebuyers. A pre-approval is not the same thing as a pre-qualification, and it's important to understand everything that goes into a pre-approval. Being declined during the pre-approval process means you'll have a hard time getting the funds you need to buy your home, so it's important that you know what the process is going to look like before going into it. How does a … [Read more...]
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