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What is the Difference Between Pre-approval and Pre-qualification?

When it comes to mortgages, there are two similar sounding terms that often confuse potential homebuyers: pre-qualification and pre-approval. While they are alike in some ways, their purposes are different. If you are looking to get a mortgage, here’s what you need to know about pre-qualification and pre-approval. Pre-qualification A home loan pre-qualification is an informal estimate of how much you can afford and how much a bank would be willing to lend you. It can take place on the phone, in person or even online. The lender will ask for relevant mortgage information, ...

June 27th, 2018 | First-time Homebuyers, Purchasing a Home, What is the Difference Between Pre-approval and Pre-qualification?

Should I Rent or Buy?

While homeownership has long been the American dream, buying a home is not necessarily the best choice for every person or every situation. There are many factors to consider in determining if a home purchase is the right decision for you right now. Can you Afford It? If the cost to own a home – mortgage, homeowners insurance and property taxes included – if less than roughly 28% of your gross income and you have few other debt obligations, you can probably afford to buy. Do not underestimate the additional costs of maintenance though. Replacing appliances or paying for a plu...

June 14th, 2018 | Purchasing a Home, Should I Rent or Buy?

4 Reasons You Don’t Want to Pay PMI

Years ago, a 20% down payment was a requirement for obtaining a mortgage loan. Putting that much money down made it less likely that borrowers would simply default on their home loans and gave lenders a measure of security and collateral in the case of foreclosure. However, in more recent years, lenders have gotten much more creative in financing to help more Americans become homeowners. There are now mortgage loans that require as little as 3% down up front. In order to compensate for that added risk of loss, lenders require and borrowers with a down payment of less than 20% to pay for pri...

June 7th, 2018 | First-time Homebuyers, 4 Reasons You Don’t Want to Pay PMI

How borrowers can help make the mortgage application process go smoother

By Jon Coile                                                                            Once upon a time, the mortgage industry operated much like the Bailey Building and Loan from the classic movie “It’s a Wonderful Life.” The people giving you a mortgage were people you actually knew. Underwriting was personal. In the 1960s and ’70s, large national organizations like Fannie M...

March 11th, 2018 How borrowers can help make the mortgage application process go smoother

How Much Certain Things Will Affect My Credit Score

How Much Certain Things Will Affect My Credit ScoreCourtesy of Advantage Credit, Inc.This is probably the biggest question we get in the credit reporting industry, “how much will (blank) affect my credit score?” You can fill in the blank with inquiry, opening a new account, closing an account, having a late payment, etc. The list goes on and on.The truth is there is not a set amount of points for any of these things. It all depends on what the rest of your credit report looks like. The amount of points an action will affect your credit scores will also vary from bureau to bureau. F...

August 1st, 2016 How Much Certain Things Will Affect My Credit Score

Biggest Mistakes Sellers Make

Data provided by ActiveRain.com. ActiveRain is an online community of real estate professionals who exchange best practices, write real estate blogs, and get free education from the industry and their peers.  

January 26th, 2014 Biggest Mistakes Sellers Make