Smart homebuyers know that mortgage rates and terms can vary widely among lenders. While your credit score and history will influence what rates and terms you’re offered, there’s a wide range of flexibility, which means shopping around for a pre-approval makes sense. At the same time, it’s important to minimize credit inquiries to protect your credit rating. What is Mortgage Pre-Approval? Mortgage pre-approval is often mistaken for mortgage pre-qualification. Pre-qualification … [Read more...]
What Is A High Enough Credit Score For A Mortgage?
There are many people who are interested in purchasing a home for the first time. Even though many first-time homeowners are interested in the sticker price of a home, it is just as important to consider credit scores. Anyone who requires financing to purchase a home will have to go through a credit check. What credit score is considered high enough for a home loan? What do people have to do if they want to increase their credit scores? What Credit Bureaus Do Lenders Use? First, a credit … [Read more...]
Boosting Your Credit Score To Qualify For Better Rates
The better your credit score, the better the mortgage interest rate for which you should qualify. That can mean thousands of dollars saved over the life of the mortgage. If your credit score needs improving, get started prior to your search for a new home. Pay Bills On Time The simplest way to boost your credit score is by ensuring your bills are always paid on time. Nothing harms a credit score more than late payments. Check for Credit Report Errors Check your credit reports for any errors. … [Read more...]
What Are The Most Common Mistakes Homeowners Make When Refinancing?
There are lots of people who are looking to take advantage of low interest rates to refinance their homes. This provides homeowners with an opportunity to save tens of thousands of dollars over the life of the loan. It could also allow homeowners to access equity to finance a home renovation or shave years off their mortgage. On the other hand, there are also a lot of people who make mistakes during the refinancing process. What are some of the mistakes that everyone should make sure they … [Read more...]
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