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What is a HARP Loan?

What Is a HARP Loan?

Do you owe more to your house than it’s worth? Having negative equity in your home can be disheartening. After all, you have worked so hard to have a place of your own, and then you feel like your payments aren’t even going anywhere. Oftentimes, people end up in these situations due to high-interest rates

How to Make an Offer on a House

Making your first offer on the house can be intimidating and even a little bit scary. The process doesn’t have to be either of those things, though. Making an offer on a house can be boiled down to a few easy steps. Let’s examine them.   The process of making an offer Before ever making

Understanding LP and DU Mortgage

Every time a potential home buyer decides they are ready to purchase a new home, they must go through the process of qualifying for a loan. The qualification process can be complex and difficult to understand. To understand these complex terms, let’s discuss what automated approval is and why it’s so important.   The “Automated

Is "Bad Credit Mortgage Loans Guaranteed Approval" Safe?

Is “Bad Credit Mortgage Loans Guaranteed Approval” Safe?

When it comes time to purchase a home, finding a lender that gives you the best options is important. Having good credit simplifies the process and allows you to buy a home with a good interest rate, leading to less cost in the long term. However, having bad credit is not necessarily a hindrance to

Your Guide to the USDA Loan Process

When you’re looking for a home loan, the options available can feel overwhelming and sometimes even confusing. Many people aren’t even aware of all of the different options available to them. The USDA is a government department that most people don’t associate with home loans, yet they are just as invested in rural development as

Importance of Bank Statements for Mortgage Applications

When you apply for a home loan, you find yourself combing through a lot of financial documentation—tax returns, pay stubs, bank statements, and the like. But why all the scrutiny? The short answer is that mortgage lenders have strict standards for lending money because they aren’t out to lose money. They want to be sure

A Quick Guide to a Bank Statement Mortgage

A bank statement mortgage, also known by the names self-employed mortgage or alternative documentation loan, is a mortgage that enables an applicant to secure a loan from a lender without using traditional documentation such as W-2s or tax returns. Instead, the applicant submits 1-2 years’ worth of bank statements and a few other qualifying criteria

Military BAH Pay Rates for 2021

BAH, or Basic Allowance for Housing, is an allotment of money offered by all military branches to active duty members to cover housing costs for those who do not reside in government housing or barracks. Administered by the Defense Travel Management Office, BAH pay rate will vary on several factors. Still, the amount is calculated

Is a FICO Score the Same as a Credit Score?

Is there even a difference between your credit score and your FICO score? Actually, yes! Check out this article to learn more. Your credit score tells lenders how likely you are to pay your bills on time. The better your credit score, the less risky you look as a borrower. But a “credit score” is

All You Need to Know About Military BAH (Basic Allowance for Housing)

If you are associated with the military in any way, you’ve heard the acronym BAH. While you may know a few of the basics, this article will examine the military BAH in-depth, including types, benefits, and how to calculate rates.   What is BAH? BAH stands for Basic Allowance for Housing, and it refers to

How Your Credit Score Affects the Cost of Your Mortgage

You probably know that a higher credit score helps you get a better interest rate. But there’s more to it than that. Your credit score directly affects the interest rate on your mortgage. The difference between a “good” versus an “excellent” credit score can save you thousands of dollars on interest. Most people know that

Is a Credit Counselor Right for You?

While some people do just fine with DIY budgeting, others need a little help managing their finances and maintaining healthy credit.   What is a credit counselor? A certified credit counselor is someone who looks at your entire financial situation and helps create a personalized plan for getting back on track. If you work with

Top 5 Little-Known Facts About Credit Scores

When it comes to credit scores, there’s a lot of conflicting information out there. Check out these little-known facts to keep you informed.   1. There are several types of credit scores The phrase “credit score” is an overarching term used to describe how likely you are to pay your bills on time. There are

Starting From Scratch? Here’s How to Build Your Credit

If you don’t have a lot of credit history, it may seem a little intimidating to get started. But starting from scratch isn’t as difficult as you might think.   Understand factors that could hurt your score Prevention is key. Once a late payment is sent to collections, this will harm your credit, and paying

Top 5 Things That Affect Your Credit Score

How is your credit score calculated? Read below for the full breakdown. Credit can get pretty complicated because there are several different models and versions of your credit score. To keep things simple, we’ve broken down the main factors that impact your FICO score, which is the most widely used credit scoring model. Your FICO

How to Prevent Credit Card Fraud

Sadly, there are thieves and scammers out there who may try to steal from your credit card. Here’s what you can do to stop them.   Keep your card numbers safe Do your best to keep your cards covered and not allow anyone to sneak a peek at your card information. When making a transaction,

Top 7 Ways to Maintain Your Credit Score

Great job building up your credit score! After all that hard work, you’re probably wondering how you can maintain your credit. Read below to learn more!   1. Pay your bills on time When it comes to late or missed payments, prevention is key to protecting your score. Paying bills on time won’t always boost

Credit Repair Companies: How to Spot the Scams

A credit repair service can be the perfect solution for people who need help improving their credit. Unfortunately, there are a lot of scams out there. Here’s how to avoid them.   Credit repair scams: Red flags to watch out for These are some telltale signs of a credit repair scam: Asking for payment upfront

What Is the Right of First Refusal?

For renters interested in eventually purchasing the property they live in, there is a way to secure the front-of-the-line spot when the home goes on the market. Rather than have to worry about third parties driving up the price in a bidding war, the renter may purchase the house before any other can put in

Basic Guide for Non-qualified Mortgage Loan

If you have a less than perfect credit score or are self-employed with alternative income, you won’t qualify for a traditional home loan. However, you don’t have to rent forever. There is another option. It is called a non-QM loan or non-qualifying mortgage. This article will go over what a QM or a qualifying mortgage

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