When applying for a mortgage, many of your questions probably involve aspects of the application process itself. But you might also have some questions about what you can expect after the process is complete and you move into your new home. For example, you may be wondering how you can submit your … [Read more...]
Should I Choose a USDA Loan or an FHA Loan?
Are you trying to decide between a USDA mortgage and an FHA home loan? If so, you probably have questions about the advantages and disadvantages of each. While you may be wondering how they compare to one another, you might also be wondering if they are two different things. Let’s answer some of … [Read more...]
Why Is Your Credit Score Lower Than Credit Karma Told You?
Did you recently try applying for a mortgage or another loan after you looked up your credit score using the free tool provided by Credit Karma? Perhaps you faced an unwelcome surprise. The lender might have turned you down or offered you a lower rate than you’d projected. There is a specific … [Read more...]
Mortgage Insurance Premiums (MIP) vs. Private Mortgage Insurance (PMI)
Depending on the type of mortgage you are applying for, how large a down payment you are making, and your credit score and DTI ratio, you may be required to purchase insurance along with your monthly payments on your home loan. Usually, this type of insurance is referred to as "private mortgage … [Read more...]
How Do You Verify Your Assets When Applying for a Mortgage?
When it comes to evaluating your qualifications for a home loan, a variety of factors will be assessed. These include your credit score, DTI ratio, employment status, and your assets. The more assets you have, the less risky you are to lend to. Proving your assets can be particularly important if … [Read more...]
PMI: Worth It or Not?
If you are not able to put a large down payment on a home, you may be required to purchase private mortgage insurance (PMI). This may force you to make some difficult financial decisions. Should you pay for the PMI? Or should you look for a way to avoid it? Will it be largely beneficial or harmful? … [Read more...]
