You’ve finally done it! You’ve searched your market for the perfect house, settled on the price, put together the down payment and signed all the necessary paperwork. But when you go to apply for a mortgage, you’re told you need “Private Mortgage Insurance”, known as PMI. Why would you need insurance for your mortgage?…
Buying your first home is an exciting and potentially overwhelming experience. As a first-time home buyer, you might be surprised at all of the paperwork and inspections involved in making a purchase. By remembering a few tips regarding mortgages, however, the process can go a lot more smoothly. Check Your Credit Before applying for…
Your credit score is an important determinant of whether you will be able to obtain any type of credit. In order for you to meet the qualification requirements, your credit score must fall within a certain range. Depending on the mortgage loan type you want, the minimum credit score varies. Generally, mortgage loans that are backed by…
Credit scores can be a confusing topic for even the most financially savvy consumers. Most people understand that a good credit score boosts your chances of qualifying for a mortgage because it shows the lender you’re likely to repay your loan on time. Since the beginning of the year, mortgage rates have risen, meaning that…