If you've been managing your finances responsibly but don’t have a traditional credit score, you may be wondering whether homeownership is still within reach. The good news? It is! While most mortgage lenders rely on credit scores to assess your creditworthiness, alternative credit history—like rent payments, utility bills, and other recurring expenses—can help you qualify for a mortgage. What Is Alternative Credit History? Alternative credit history consists of financial … [Read more...]
The Difference Between FICO Score and Credit Score: How It Affects Your Mortgage and Rates
When applying for a mortgage, your creditworthiness plays a significant role in determining your loan approval and interest rates. Two commonly referenced terms are FICO score and credit score, which are often used interchangeably but have distinct differences. 1. What is a Credit Score? A credit score is a broad term that refers to a numerical representation of a consumer's credit risk. It is calculated based on various scoring models, including FICO and VantageScore, and is derived from credit … [Read more...]
Navigating Mortgages as a Self-Employed Professional
Securing a mortgage as a self-employed professional can be more challenging than for traditional W-2 employees, but with the right preparation and documentation, it is entirely achievable. Here's a guide to help you navigate the process: Document Your IncomeLenders need to assess your financial stability and income consistency. To do this, you'll need to provide: Tax returns for the past two years Profit and loss statements Bank statements Client invoices or contracts Consistency is key, so … [Read more...]
What’s Ahead For Mortgage Rates This Week – March 24th, 2025
The previous week had the Federal Reserve making their first rate decision since the Trump administration had taken office. With many uncertainties about the current direction of things, the Federal Reserve had decided there would not be any change necessary to the current rates. Stating that the current inflation and economic conditions have largely been a result of the Trump administration’s policies on tariffs. Chairman Powell has been strongly dovish at this point, stating they would … [Read more...]
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