If you are ready to submit your mortgage application, you are likely wondering which personal financial factors are going to be taken into consideration. In addition to a variety of financial documentation required to substantiate portions of your mortgage application, lenders will review your personal credit report carefully and evaluate your eligibility based on several factors.. Should You Get Pre-Qualified or Pre-Approved? Getting pre-qualified or pre-approved says a … [Read more...]
How To Buy Again After
How to buy again after a short sale, foreclosure, bankruptcy or any other crisis.
Before you become a first time homebuyer, it’s a good idea to stop and ask yourself a few questions. Depending on your circumstances, renting for a few more years may be the sound financial move to make. How Long Do You Plan to Stay in the Home? If you’re taking out a 30-year purchase mortgage but you only plan on staying in the home two or three years, you’re probably better off not purchasing. Why? Because originating a mortgage involves a down payment and closing costs. … [Read more...]
Getting a collection item on your credit report will have undesirable effects on your FICO score. There are ways you can take control of the situation and remedy or remove the collection account altogether from your credit history. Here’s what we’ll cover: What’s a collection? How do I fix a collection? How does a collection item affect my FICO score? Collections: So What Are They Exactly? An account is in “collections” when the past-due amount is purchased by a … [Read more...]