There are two major scoring models in the U.S. credit industry: FICO® -the industry leader- and VantageScore®. You may not have heard of the VantageScore, but it was designed by the three credit reporting agencies several years ago and is gaining in importance, partly because this score works with all three credit reporting agencies. Whereas you […]
More lenders are looking at your VantageScore. This is an alternative way to judge your credit and is the main competition for the FICO scoring method. Your VantageScore works in line with each of the three main reporting agencies, so it is seamless. If you find that your VantageScore is less than your goal score, […]
Millennials are having a hard time getting low-cost loans, but for a frustrating reason. Millennials are financially cautious. Even when their finances are in order, they are debt-free, and they are able to set aside money for down payments, their cautiousness sometimes comes back to bite them. See, they take out fewer things on credit […]
Are you considering an FHA loan? Are you curious about what an FHA appraiser will be looking for when they appraise the property? Primarily, an FHA appraiser will check out the foundation, lot grade, mechanical systems, heating, ventilation, electricity and (if the home has one) the crawl space. This won’t be a normal home inspection. […]
If you’ve been looking for a new home, don’t delay. This is an excellent time to lock in a mortgage rate. Last week, mortgage application volumes increased by 2.4 percent in just a week. Much of these are re-fi applications. They were up over 15 percent from that time in 2018. Mortgage applications made to […]
The VA appraisal process is quite different from a normal appraisal. During the VA appraisal, the appraiser doesn’t juts tell you how much a home is worth, but also decides what if any changes need to be made to the house before the VA will back the home loan. The lender doesn’t hire the appraiser […]
If you are self-employed and have tried to get a mortgage, you know the challenges. As the owner of your own business, when your company does well, you actively try to put money back into the company. It’s an investment in your business, and a tax write off. It’s good business. You leave yourself less […]
Will they sell your mortgage? Some lenders will hold your mortgage in-house, while others will sell it to another lender after a time. If you can get your mortgage held locally and have a job with direct deposit, you have the option to set up a bank account and have part of your paycheck paid […]
When you purchase a home, you are required to get homeowner’s insurance as a condition of getting a mortgage. This insurance provides you with financial compensation if your home is damaged or destroyed. You may also need to have private mortgage insurance under certain circumstances. PMI protects your lender if you end up in a […]
When considering home insurance, many people only know the very basics. Of course, they know they’d need enough home insurance to replace their home if it was destroyed in a fire or a hurricane, but what do they need to think about beyond that? Most people are unaware that the things inside their home, from […]
