One thing most borrowers want is a lower interest rate. You see crazy low rates advertised everywhere, but when you apply for a mortgage, you don’t get those rates. Why the difference?
It’s likely due to your qualifying factors. Lenders reserve the ‘best’ interest rates for ‘great’ borrowers. What makes a great borrower and how can you be one?
Traditional retail banking providers, weighed down by monolithic legacy systems and ponderous regulations, are in uncomfortable territory. Advancements in fintech have upended the industry, enticing both large financial firms and smaller tech startups to apply disruptive technologies in ways that threaten the status quo.
To become more agile and remain relevant, traditional retail banking providers find themselves exploring their technological options with focused intensity. In particular, they’re looking for insights into customer behaviors.
What an exciting time in your life. Did you know that beyond choosing the right house, though, you must also choose the right mortgage? It takes more than calling your bank and asking for a loan. There are decisions to make regarding your finances as your mortgage affects your bottom line for the next 15 – 30 years.
Next to your credit score, lenders pay the most attention to your debt-to-income ratio or DTI. That’s because this ratio tells lenders if you can afford the mortgage or if you’ll struggle. A high DTI creates a high risk of default and most lenders avoid applicants with them.
If you have a high debt-to-income ratio, what can you do to decrease it fast? Here are a few of our favorite ways.
People go into real estate investment for different reasons. Whichever way, the usual returns on investment come in the forms of leverage, tax benefits, appreciation, and cash flow. Investing in real estate properties, however, is not a guarantee of good returns. An investor that wants to increase their chances of getting maximum ROI must invest in the right property.
It sounds crazy, you take on new debt and it may help your credit score?
It’s true, though.
Taking on a mortgage may lower your credit score initially, but over time, it will help it like no other debt can. Your mortgage is likely one of the largest debts you’ll have, so knowing how it affects your credit score long term is important.
Are you worried that you don’t have enough money to put down on a home? Do you feel like you’ll be stuck renting forever?
We know it can feel that way, but we have great news. First, you don’t need a large down payment in most cases. You can get away with as little as a 3.5% down payment on an FHA loan or 3% on a conventional loan. That’s just a fraction of the typical out of pocket cost to buy a home.
In the face of the coronavirus pandemic, millions of homeowners are looking at every avenue to get money. The economy’s slippery slope drained many bank accounts, leaving millions of consumers wondering what now? How will you get the money you need?
All you ever hear in mortgage financing is that you need perfect credit, right? What if you don’t have perfect credit? Maybe the pandemic took its toll on you and your credit score fell. Are you unable to refinance or get a new mortgage anytime soon?
There is still hope, as long as you have other compensating factors.
Did you enter a forbearance agreement with your lender when the COVID-19 crisis began? Maybe you lost your job, were furloughed, or have reduced hours. The CARES Act made it easy for you to put your mortgage into forbearance. The plan allowed you to stop making payments for 3 months. Now that the 3 months are almost up, now what?
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