There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are misinformed! Only 25% of the Americans have a FICO® Score between 740 and 800. Here is the breakdown […]
5 Tips for Starting Your Home Search
February 17, 2019 by ·
In today’s real estate market, with low inventory dominating the conversation in many areas of the country, it can often be frustrating to be a first-time homebuyer if you aren’t prepared. In a recent realtor.com article entitled, “How to Find Your Dream Home—Without Losing Your Mind,” the author highlights some steps that first-time homebuyers can take to help carry their […]
How Does Credit Scoring Really Work?
February 10, 2019 by ·
Credit scores are based on a consumer’s credit record maintained by the credit reporting agencies. Computers are used to analyze a person’s credit report data in order to generate a statistical number, referred to as a credit score. This number is used as an indicator to the likelihood a person will pay the loan back. When […]
Still Think You Need 15-20% Down to Buy a Home? Think Again
February 5, 2019 by ·
According to a new study from Urban Institute, there are over 19 million millennials in 31 cities who are not only ready and willing to become homeowners, but are able to as well. Now that the largest generation since baby boomers has aged into prime homebuying age, there will no doubt be an uptick in the national homeownership […]
Are You Spending TOO Much on Rent?
January 28, 2019 by ·
Chances are if you are renting you are spending too much of your income on your monthly housing expense. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their rent or mortgage payment. This percentage allows the household to save money for the future while comfortably covering other expenses. […]
2 Myths Holding Back Home Buyers
January 20, 2019 by ·
Urban Institute released a report entitled, “Barriers to Accessing Homeownership: Down Payment, Credit, and Affordability,” which revealed that, “Consumers often think they need to put more money down to purchase a home than is actually required. In a 2017 survey, 68% of renters cited saving for a down payment as an obstacle to homeownership. Thirty-nine percent of renters believe that more […]
VA Home Loans by the Numbers [INFOGRAPHIC]
January 13, 2019 by ·
Some Highlights: The Veterans Administration (VA) Home Loan is a benefit that is available to more than 22 million veterans & 2 million active duty service members which helps them achieve their dreams of homeownership. In 2017, $189 billion was loaned to veterans and their families through the program. VA Purchase Loans are on […]
Buyers: Don’t Be Surprised by Closing Costs!
January 6, 2019 by ·
Many homebuyers think that saving for their down payment is enough to buy the house of their dreams, but what about the closing costs that are required to obtain a mortgage? By law, a homebuyer will receive a loan estimate from their lender 3 days after submitting their loan application and they should receive a closing disclosure 3 […]
Prepare the New Year With Credit Score Tips
December 28, 2018 by ·
Start the New Year out right with some tips of how to manage your credit score. Bad credit can keep people from buying a home, financing an education, and even from getting a job. This is why it’s so important to build good credit. Starting with your first credit card, everything that involves credit becomes part of ones credit […]
20 Tips: Preparing Your Home To Sell
December 20, 2018 by ·
Some Highlights: Before you start, prepare your plan on purchasing your new home to ensure your new financing is in place. Make your offers stronger with a Buyer Credit Approved Home Loan. When listing your house for sale, your top goal will be to get the home sold for the best price possible. There are […]
