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 […]
Proven Ways To Improve Your Credit Score
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: It’s Good That You Don’t Abuse Credit Cards, But You Do Need To Build Credit Somehow!
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 […]
What Will My HUD Appraiser Look For If The Property Is Going Through An FHA-Insured Loan?
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. […]
It’s Time To Lock In A Mortgage Rate, Call Your Lender ASAP
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 […]
When VA Appraisals Might Come Up Short: What Is The Tidewater Initiative?
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 […]
Best Mortgage Option for Self Employed Buyers Uses Bank Deposits Instead Of Tax Returns
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 […]
What Does The Indiana Housing Market Look Like For 2019?
Does The Indiana Housing Market Look Good For 2019? The Indiana housing market looks great for 2019. Home prices last year had already increased by nearly eight percent over 2017. This was Indiana’s strongest rate of appreciation on record. Plus the higher prices didn’t decrease demand. Buying a home was still a good decision because […]
What Questions Should You Ask a Lender When You’re Mortgage-Shopping?
Private Mortgage Insurance, Explained
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 […]