As a homeowner, the thought of foreclosure can be daunting. Understanding what foreclosure is and how to prevent it can provide peace of mind and safeguard your investment. What is Foreclosure? Foreclosure is a legal process where a lender attempts to recover the balance of a loan from a borrower who has stopped making payments. The lender forces the sale of the asset used as collateral for the loan—in this case, your home. How Does Foreclosure Work? The foreclosure process typically … [Read more...]
Mortgage Insights: What You Need to Know About Financing a Fixer-Upper
Buying a fixer-upper can be a strategic way to acquire a home below market value while customizing it to fit your needs. However, the financing process for these properties requires a bit of extra insight. As a loan officer, I’m here to guide you through the key mortgage considerations for purchasing a fixer-upper and help you secure the right financing to make your renovation dreams a reality. Explore Specialized Loan Options When it comes to financing a fixer-upper, traditional mortgages … [Read more...]
Understanding Your FICO Score: Key to Better Home Loan Rates
When you're looking to buy a home, one of the most important numbers you need to know is your FICO score. This three-digit number represents your creditworthiness and plays a crucial role in determining the terms of your home loan. Let's discuss what a FICO score is, how it's calculated, and why it matters for your home-buying journey. What is a FICO Score? A FICO score is a numerical representation of your creditworthiness, ranging from 300 to 850. It is calculated based on your credit report, … [Read more...]
What’s Ahead For Mortgage Rates This Week – August 5th, 2024
The Federal Reserve's decision to maintain the current interest rates has paved the way for a potential rate cut in September. While this news has been met enthusiastically by lending partners, the broader markets have indicated a slightly less warm reception despite both the data and Federal Reserve’s intentions being a match. Until September, we can expect a lull in significant data releases, with more substantial decisions anticipated then. FOMC Rate Decision Powell stated that the … [Read more...]
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