3 Things Lenders Don’t Want to See on Your Bank Statements
When you take out a mortgage loan, your lender puts a lot of trust in you to repay the loan. Lenders can do this because they do thorough financial background checks…
Credit and mortgage approval
Understand what lenders review, distinguish prequalification from preapproval, and prepare the documents behind the application.
Start with your question
- What does preapproval mean?What is the Difference Between Pre-approval and Pre-qualification?
- Which debts count in my ratio?How to Calculate Your Debt-to-Income Ratio
- Which records should I prepare?4 Documents You Need for Mortgage Pre-approval
4 Documents You Need for Mortgage Pre-approval
A pre-approval letter reflects an early lender review of the information provided. It is not final approval, and the lender may request additional records later.
4 Things Every Borrower Needs to Know About Mortgage Brokers
Buying a home in Massachusetts, whether for the first time or the last, is an exciting event. Yet before you even take a look at a single home for sale, it is a smart…
4 Things to Understand About Credit Scores Before Applying for a Mortgage
Your credit score is an essential factor in determining much about any mortgage loan you receive. A credit score is a measure of your trustworthiness as a borrower.…
5 Questions to Ask Yourself Before Applying for a Mortgage
The U.S. mortgage market is red hot right now. After a year of pandemic living, more and more people are ready to have extra space at home. With all those potential…
7 Tips to Improve Your Credit Before Applying for a Mortgage
In addition to income and assets, your credit profile is one of the biggest factors in determining whether you qualify for a mortgage. If your credit score is not…
Can I Buy a Home with Bad Credit?
Mortgage interest rates are at record lows and it could be a really good time to get into the housing market. Of course, to get a mortgage loan for a home purchase…
Can I Get a Mortgage Without a Credit Score?
You need a good credit score to get the best rates on mortgage loans. Less-than-perfect scores will mean higher interest rates and subprime credit scores will make…
Can You Buy a Home with Bad Credit?
Mortgage interest rates are at record lows and it could be a really good time to get into the housing market. Of course, to get a mortgage loan for a home purchase…
Fannie Now Accepts Timely Rent Payments as Credit Background
In an effort to bring more racial equality to the mortgage market, the Federal Housing Finance Agency (FHFA) announced recently that on-time rental payments may be…
How Long Does a Pre-Approval Letter Last?
Getting pre-approved before shopping for a new home is a smart idea, but what if you don’t find the right home quickly? How long does that pre-approval last?
How Much of My Income Should Go to My Mortgage?
Back in the U.S. housing boom in the early 2000s, mortgage money flowed freely, with many borrowers being qualified for more loan than they could actually afford.…
How to Apply for a Mortgage Online
Not all that long ago, in order to apply for a home loan, you would have to go into a bank or lender office and fill out paperwork by hand. Thankfully, the advance of…
How to Calculate Your Debt-to-Income Ratio
When you are ready to apply for a mortgage loan, your lender will ask you for all sorts of financial information. One of the things lenders do with this data is to…
How to Protect Your Information When Applying for a Mortgage Online
Applying for a mortgage these days can be done with the touch of a button. However, even though the internet makes things extremely convenient, it can also create…
How to Qualify for a Mortgage When Your Income Isn’t Steady
Mortgage lenders love to see borrowers with consistent, steady incomes. But not all borrowers have jobs that send a paycheck every two weeks. Of course there are…
Is Applying for Mortgage Online a Good Idea?
You can do pretty much everything on the Internet today, including apply for mortgage financing. Just because something is digital, does that automatically mean it’s…
Is My Credit Score Good Enough for a Mortgage?
With interest rates near all-time lows, now is a perfect time to get a good deal on a mortgage. Of course, every refinance or home purchase loan has borrower…
Mortgage Lingo 101
As a first-time home buyer, you will hear lots of words that you may not be familiar with. Just like every industry, the real estate market has its own lingo, and it…
New FICO “Resilience” Credit Score Could Help Borrowers
As the U.S. economy reels from record-high unemployment and continued COVID-19 shutdowns, the Fair Isaac Corp. (FICO), a global analytics company and producer of the…
Questions to Ask Your Mortgage Lender
Buying a home or refinancing usually involves taking out the biggest loan of your life. It's important to make sure you understand everything that goes into that…
Two New Rules That Could Make Getting a Home Loan Easier
Two new mortgage lending rules could help some borrowers more easily qualify for well-priced home loans. In December, the Consumer Financial Protection Bureau made…
What Happens If I Lose My Job During the Mortgage Process?
You are midway through the process of closing on a new home or a refinance mortgage. Then you lose your job. In today’s coronavirus crisis climate, plenty of home…
What is a Loan-to-Value Ratio?
Once you get serious about buying a home or refinancing your current mortgage, you will probably hear the term “loan-to-value ratio” mentioned by your lender. What is…
What is the Difference Between Pre-approval and Pre-qualification?
When it comes to mortgages, there are two similar sounding terms that often confuse potential homebuyers: pre-qualification and pre-approval. While they are alike in…
Will an Employment Gap Hurt My Chances for Mortgage Approval?
Employment history is a very important aspect of a mortgage application. Mortgage loans are usually for substantial sums of money and lenders want to reduce the risk…
Can You Still Get a Home Loan with Tighter Standards?
Since the coronavirus outbreak began, millions of Americans have filed for unemployment. The resulting fear about being unable to pay for expenses has caused more…