9 Mortgage Myths To Stop Believing

January 5th, 2017

9 Mortgage Myths To Stop BelievingBuying and financing a new home can be a daunting task and many of us turn to friends and family for advice. But the only experts in the mortgage field….are the experts in the mortgage field! Friends and family might not be the experts they think they are. The mortgage guidelines and interest rates are changing so frequently that unless someone is in the mortgage field as a full-time job, you should only take advice from a mortgage professional. Read the rest of this entry »

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How To Find The Best Mortgage Lender

October 21st, 2016

best-mortgage-lender-getloans-blogWhen comparing mortgage lenders there are many things to consider. If you want to save time follow the below steps on how to compare mortgage lenders. Time is valuable and these six steps should help you find a good mortgage lender: Read the rest of this entry »

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Three Credit Reports to Get a Mortgage?

November 27th, 2013

getloans-credit-check-report-approved-mortgage

A lender pulls three credit reports to issue a mortgage? Yes, potentially. One when you get pre-qualified, another at loan application, if loan application and settlement happens 120 days or more after pre-qualification, then the third check is just before settlement! Yes, now Fannie Mae, Freddie Mac, FHA, and all the rule makers require lenders to check for credit activity just a day or two prior to settlement. Read the rest of this entry »

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What Is A Credit Inquiry?

March 3rd, 2011

hard-vs-soft-credit-inquiries-blogWhen you apply for credit from a mortgage company, credit card providers or an auto finance company, you authorize them to “inquire” to a credit bureau to get a copy of your credit report. You would later notice that their credit inquiries show as an “inquiry” on your credit report.

Fair Isaac Corporation developed the technologies behind credit scores, which is why lenders may refer to your credit score as your “FICO score.” Fair Isaac Corporation says that for inquiries for a new mortgage made in a short period Read the rest of this entry »

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The Grinch That Stole My Mortgage.

September 20th, 2010

The Grinch, which in this story is Fannie Mae, just stole Christmas. I must admit, that is dramatic, and not literally true. But they did potentially just steal your mortgage.

Fannie Mae’s current rules allow an underwriter to exclude revolving debt (i.e. credit card debt) from the debt-to-income (DTI) ratio if there are ten or fewer payments remaining. Fannie Mae will now require all revolving debts to be included in the DTI ratio regardless of Read the rest of this entry »

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