Tag: Mortgage

Your FICO Score…aka Credit Score

Your FICO score is the first thing a mortgage lender will check when seeing if you qualify for a loan. While there are many factors involved in qualifying for a loan, your credit score is the most important. The minimum credit score you need to purchase a home will depend on the type of home…
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Does Pre-Approval Guarantee a Loan..?

Does Pre-Approval Guarantee a Loan..? No. Even if you receive a pre-approval letter from a lender you connected with, you may not get a loan from a lender and you are not guaranteed a specific rate or loan term. Regardless of pre-approval, a lender may require additional income and asset verification, as well as the…
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Emergency Fund..

We recommend three to six months of expenses set aside for an emergency fund. If you have six months’ worth sitting in the bank and you took it down to three, you’d probably be okay. But if you spend it down to $2,000 and move into a new house, you’re asking for trouble. We’d love…
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Pre Qualification..

Pre-qualification by a lender will help you.. ..determine the amount of mortgage you can afford, through an analysis that considers your income, debt, credit history and savings. After that, when you actually are ready to start making offers on homes for sale, you can seek preapproval from the lender of your choice (this is important…
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Where You Live..

The housing market depends on many factors and changes, but where you live is a big one. Your rent prices and homes prices may be a lot different than the national averages. Twenty Percent Down or Not The concern about being “house poor” is a valid one. You don’t want all of your net worth…
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Do I keep renting or do I buy?

For a long time, conventional wisdom seemed to be that you grow up and buy a home because that’s just what you do… But lately, people are realizing that it isn’t always the smartest financial move. Obviously, the housing crisis has a lot to do with that —it’s made people question the standard assumption that…
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