Alternate Sources For Establishing Credit

Mortgage Approval Process

While the basic Rule-of-Thumb for acceptable credit history is a minimum of four trade lines documented on a credit report, there are alternative methods of building a credit picture that an underwriter can use to make a decision for a loan approval. For potential...

Shopping For A Hazard Insurance Policy

Mortgage Payments

When shopping for a hazard insurance policy, something called “bundling” can actually save you quite a bit of money that most people aren’t aware of. Many of the big insurance companies price their insurance rates to attract a particular segment of...

Understanding An Amortization Schedule

Mortgage Payments

By committing to a mortgage loan, the borrower is entering into a financial agreement with a lender to pay back the mortgage money, with interest, over a set period of time. The borrower’s monthly mortgage payment may change over time depending on the type of...

Why Do I Need Mortgage Insurance?

Mortgage Payments

Mortgage Insurance, sometimes referred to as Private Mortgage Insurance, is required by lenders on conventional home loans if the borrower is financing more than 80% Loan-To-Value. According to Wikipedia: Private Mortgage Insurance (PMI) is insurance payable to a...

Why Do I Need To Pay A VA Funding Fee?

Mortgage Programs

The VA Funding Fee is an essential component of the VA home loan program, and is a requirement of any Veteran taking advantage of this zero down payment government loan program. This fee ranges from 1.25% to 3.3% of the loan amount, depending upon the circumstances....

How Do Mortgage Rates Move When The Fed Lowers Rates?

Mortgage Rates

Lower mortgage rates is a common misconception that is perpetuated by the mainstream media when the Fed makes an announcement of lowering rates. However, when the Fed cuts interest rates, mortgage rates can actually increase. Fed 101: According to Wikipedia: The...