Down payments are something that need to be fully understood before purchasing a home. How much does the down payment need to be? Where can it come from? Read on for answers to these questions and more. First off, what are down payments? A down payment is money that a
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Do you have the basic idea of what a credit score is? Read on for 3 surprising things you may not have known about the scores! Marriage predictor: The Federal Reserve did a study where they watched couples for 15 years to see how their credit scores may have affected
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Save money on furniture: Most people know about hitting up garage sales and taking advantage of specials that stores run, but did you know about local chapters of the Buy Nothing Project? These Facebook groups are for people to post items they want to give away for free, lend, or
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Boosting your credit score can be done quickly with these 5 actions. Check over your credit report and dispute any errors that you see. Once any errors are corrected, your score should quickly improve. Request a limit increase on a credit card; this will raise the amount of credit available
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Tax season is upon us and there are many benefits awaiting homeowners: Mortgage Interest: This is a huge money saver and can be taken on both primary and secondary homes, as long as you itemize your return and your loan is less than one million dollars. Mortgage Points: Points,
Continue readingLocation: The place that you live doesn’t have any bearing on your credit score. Even if your hometown statistically has bad credit, all that matters if how you handle your finances. Employment: On some occasions, information about your employment may be on your report depending on what is reported to each bureau.
Continue readingBefore purchasing a home you need to meet with a lender to see about qualifying for a loan. Lenders will use your credit score from your credit report to see if you are a responsible borrower and therefore if you qualify for a loan with them. Credit reports are
Continue readingClosing costs are the fees that are charged by lenders and third parties related to the purchase of a home. What exactly makes up closing costs? Below is a break down of the different components: Escrow/Attorney Fees: Some states require third party escrow companies handle real estate closings while
Continue readingGet rid of your PMI: PMI is the lender’s protection in case you default on your loan and cannot make your payments. Typically borrowers that can’t put down at least 20% are required to have PMI since they are seen as a riskier investment. If you live in an area
Continue readingSince the turnaround of the housing market began, many buyers are asking how long they have to wait after a short sale to purchase again. Here are the general guidelines broken down by loan type: FHA loans: If a borrower is not behind on their mortgage at the time of
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