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How Your American Express Card Could Hang Up Your Next Home Loan
If you have an American Express credit card, it could add an extra wrinkle to your next home purchase or refinance transaction. Because American Express traditionally requires you to pay your outstanding balance in full every month, often it reports the full balance as the payment on your credit report, which can make it difficult to meet debt-to-income ratio guidelines. Continue reading
Will Credit Inquiries Drive Down My Credit Score?
A lot people are under the impression that pulling a credit report automatically decreases your credit scores. Not necessarily! There’s a lot of misinformation about this out there, so I want to set the record straight. Continue reading
Is Your Home Equity Line of Credit (HELOC) Damaging Your Credit Scores?
If you have a home equity line of credit (HELOC), it could be damaging your credit scores – even if you pay your bills on time. The problem has to do with your debt-to-credit (or credit utilization) ratio and how banks often report HELOCs to the credit bureaus. Fortunately, the problem is pretty easy to get fixed once you’re aware of it. Continue reading
Posted in Debt Sucks, Mortgage Lending, Personal Finance
Tagged HELOC, Home Equity Line of Credit, Mortgage, Personal Finance, Real Estate
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What Are Biweekly Mortgage Payments and How Do They Benefit Me?
Biweekly mortgage payments are a great way to accelerate the payoff of your mortgage and save you thousands in interest (or maybe tens of thousands) over the life of your home loan without seriously impacting your monthly budget. Many lenders offer a biweekly program, but if yours doesn’t, there are alternatives that can help you achieve the same result. Continue reading
What is a Debt-to-Income Ratio, How is it Calculated, And Why is it Important?
Your debt-to-income ratio (DTI) indicates your financial capacity to repay a loan. The following details what the debt-to-income ratio is and how it is calculated. Continue reading
Upcoming Loan Limit Changes Could Mean Higher Finance Costs for Many Borrowers
The Fannie Mae loan limits that have been a gift from heaven for borrowers in high-cost markets are about to be reduced again to their permanent levels. Continue reading
Common Documents Required for a Home Loan
The following is a list of the most common documents required for a home loan. Gathering these documents ahead of time can greatly speed up and simplify the loan application process. Continue reading
Buying Investment Property Even If You Have Limited Cash
Every real estate investor should have the goal of acquiring income property because that is how you build the long term wealth and cash flow that will enable you to quit your full time job and build a secure retirement. Continue reading
Elizabeth Warren Offers Up A Great Idea: Streamlined Mortgage Disclosures
Wouldn’t it be great if there was a more streamlined version of the mortgage disclosures that gave you the most pertinent information, but without all the confusion and without repeating it in five different ways? Well, enter consumer advocate Elizabeth Warren, who has a great idea for streamlining mortgage disclosures into a mere few pieces of paper and (gasp!) making them easier to understand! Continue reading
Do I Need to Clear Up a Judgment Before Applying for a Home Loan?
Judgments are a serious credit ding that will hurt your credit scores, but they won’t necessarily disqualify you from getting a home loan on their own. Continue reading
