Your credit report influences whether or not you'll qualify for a mortgage and what kind of interest you'll pay on that loan. This isn't something you can safely ignore. Smart homebuyers understand the importance of monitoring credit scores and credit reports. Here is some information about how to get your credit report. Free Credit Report Available You're entitled to free credit report, according to the Fair Credit Reporting Act. You can get one free report each year from each of the three major credit bureaus; Experian, Equifax and Transunion. The easiest way to get your free report is to go … [Read More...]
Last week’s economic releases included readings on inflation, an essay from Dallas Federal Reserve President Robert Kaplan and the monthly consumer sentiment index. Weekly reports on mortgage rates and new jobless claims were also released. Inflation Flat in September Inflation did not change in September; August’s reading showed 0.10 percent growth, which matched the July reading. Falling gasoline prices caused the flat reading. Analysts said that cooling inflation may prompt Federal Reserve policymakers to cut the target Federal Funds interest rate range at their next meeting. … [Read More...]
It's the time of year when many people are making their holiday plans: booking travel, making shopping lists, and getting their home ready for guests. Hiring a house cleaner, having the carpets steamed, and buying new furniture ahead of the holiday season are all common, but what about completely updating a room (or two)? It's easy to think that home improvement projects are too expensive or will take several weeks or even months to complete. However, there are several simple, affordable do-it-yourself projects that can be completed in a weekend to give outdated rooms a fresh new look -- in … [Read More...]
Condominium owners and buyers have previously been at a disadvantage when trying to use the Federal Housing Authority (FHA) support to get a home mortgage. Single-family homes could get better FHA mortgage deals than condominiums. In October 2019, this changes. New FHA Condominium Financing As of October 15, 2019, FHA loan availability is extended to condominium buyers. This is important news for first-time buyers who frequently purchase a condominium. First-time buyers appreciate FHA loans because they only require a very modest 3.5% down payment. FHA loans were strongly curtailed after the … [Read More...]
For a long time after the real estate housing crisis in 2008, buyers with a poor credit history had a difficult time finding mortgage financing. It was a problem that trapped those seeking to buy a home because so many lost their homes from the inability to pay their mortgages. Some suffered damage to their credit history that was severe. Millions filed for bankruptcy. Not only did mortgage lending requirements get stricter for home buyers, but the funds available for home loans were also severely reduced. Even those with a good credit history found it more difficult to qualify for mortgage … [Read More...]
The mortgage interest rate represents the cost of borrowing money to purchase a property. Mortgage interest rates are not fixed; that is, they fluctuate from one period of time to the next. Many different factors play into what your mortgage interest rate will finally turn out to be. Some of these factors have to deal with the economy and government decisions. Other factors have to do with your personal financial situation. Finally, mortgage interest rates can differ between lending institutions, which is why you may get different mortgage interest rate quotes from different places. Economic … [Read More...]
