Credit Score
With Historic Low Mortgage Rates, Refinance Applications Still Dominate Purchase Applications Since we are currently witnessing historic low mortgage rates, refinances have been booming. Refinances are currently making up 75% of mortgage loans in Michigan. People are chomping at the bit to take advantage of these rates and to lower their monthly mortgage payments. However, [...]
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Round 2 of FHA Mortgage Changes Will Take Place on June 3, 2013 FHA annual mortgage insurance premiums were increased on loans with case numbers issued April 1, 2013 or later by 10 to 15 basic points. This is just the first round of changes that were issued with HUD Mortgage Letter 2013-04. If you [...]
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A New HARP 3.0 Refinance Program Bill Introduced The new HARP 3.0-like bill introduced in Congress will look to reach even more U.S. homeowners than the original HARP and HARP 2.0 programs. In roughly three years, the original HARP reached one million U.S. households, while it only took HARP 2.0 eight months to reach the [...]
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How Can I Boost My Credit Score for a Better Chance to Get Pre-Approved? If you are looking to purchase a new home, it is important that you have a high credit score. When you have your mortgage lender pull your credit, there will be three credit scores that will be reviewed. Out of the [...]
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Learn Exactly How to Start Preparing For Buying Your First House If you are someone who is in the market for their first home, there are many questions that must be answered before you are ready to make an offer. What is my credit score? How much can I afford on my monthly and down [...]
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Frequently Asked Mortgage Questions: 1. What is a mortgage loan? A loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that Realty through the granting of a mortgage which secures the loan 2. How do I apply for a mortgage? We [...]
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I Am Looking To Purchase My First House – What Is My Credit Score? When we speak to first time homebuyers about the initial steps in the home buying process in Michigan, most have no idea what their credit report looks like. College courses still don’t seem to cover the basic money management principles, including [...]
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Removing the FHA Appraisal Stigma – The True Differences Between FHA And Conventional Appraisals We have struggled for years to understand why Listing Agents/Sellers have anxiety regarding the FHA appraisal process. These appraisals have gotten a bad rap over the years, and many Real Estate Agents have even started to cringe when they see a [...]
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My Spouse Has Bad Credit, Can I Still Buy A Home? This is a very common, post recession question from folks who are beginning their new home search: “Can I buy a new home if my spouse has bad credit?” Many times one of the spouse’s has a credit report that is blemished while the [...]
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Does Your Loan Officer Have To Be Licensed? Have you sometimes wondered how a Loan Officer you have spoken with on a transaction is qualified to assist people with the largest financial transaction in their life? Did you know the Mortgage Broker is subject to higher standards then a Bank Loan Officer? The times have [...]
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