Our Credit.com experts are here to help you better understand mortgages so that you can make smarter home loan decisions. Find out what you should consider when shopping for a home loan, plus ways to get the best rates & deals. Learn how to approach re-financing, foreclosures and short sales. Understand how mortgage decisions can affect your credit score.
Will Getting Pre-Approved for a Mortgage Hurt My Credit?
Shopping for a home loan means getting your credit pulled. There’s no way around it. Without taking a look at your credit report, most lenders won’t be able to complete your pre-qualification, much less pre-approve you to purchase a home. Granting a lender permission to pull your scores – and, yes, they do need your… Read More
How to Pick the Right Mortgage Lender
Buying a home is probably the biggest financial purchase you will make in your lifetime — one you will be paying off for years to come. When you are calculating the details of your mortgage, or refinance, picking a lender can be one of the most complicated (but important) decisions in the process. Today, there are… Read More
How to Make Sure Your Dream Home Is a Good Investment Too
You’ve probably heard real estate can be safer than the stock market, while still yielding decent returns. This can be true, but adding real estate to your portfolio is very different from investing in stocks, bonds and certificates of deposit. Finding success in the housing market often requires being able to find good deals and ripe… Read More
Here’s How to Buy a House Without a 20% Down Payment
If you’re thinking about buying a home, you may need less money than you think. Here’s how to figure out the amount of cash you need to buy a home, and what you can do to buy a
home using as little money down as possible. Contrary to popular belief, you don’t need 20% down…. Read More
Will Taking a New Job Hurt My Homebuying Chances?
A reader asked us recently how much impact an unanticipated job change could have on his ability to get a mortgage. “I found a better job,” he wrote. “How does this affect the loan?” We asked Scott Sheldon, a senior loan officer in Sonoma, Calif. and a Credit.com contributor, and he said the answer could… Read More
The New Program Designed for Low-Income Homebuyers
Government-sponsored mortgage giant Fannie Mae is starting a new home loan program for low-income borrowers called HomeReady, with the goal of improving creditworthy consumers’ access to affordable mortgages through low down-payment requirements, homeownership education and other specialized underwriting criteria. The HomeReady program will be available to borrowers in areas designated by the U.S. Census Bureau… Read More
What’s the Difference Between a $13.9M & a $139M House?
Image courtesy Zillow.com
4 Ways Getting a Mortgage Just Got Easier
The challenges consumers have faced in recent years in procuring a mortgage may be coming to an end. Here are four major changes that could make it easier for you to get a mortgage. 1. Your Landlord Experience for Investment Properties Until recently, in order to qualify for conventional loan financing for an investment property,… Read More
Are Adjustable-Rate Mortgages About to Become Way More Popular?
Homeowners Insurance Can Cost You Twice as Much With Bad Credit
You’re probably already aware that credit scores are a major factor when you’re buying a home, because your credit score affects the interest rate you get on your mortgage. Considering how big home loans are, a few credit score points could translate into a slightly higher rate, which ultimately can add up to thousands of dollars… Read More