The Coronavirus pandemic has caused irrefutable risk to the health and safety of hundreds of millions of people around the world, but the economic devastation is just getting started.
With stay-at-home orders pausing most travel and foot traffic, mass layoffs and an astronomical jump in unemployment, and small businesses going under left and right, the impact may be felt the ... Continue Reading →
A brawl has erupted, and everyone’s circling around to watch. But instead of being schoolyard fisticuffs, this imbroglio is over which credit score lenders will use for home loans.
For as long as we can remember, lenders used FICO scores to decide whether a borrower qualified for a mortgage loan, which was then sold to the credit giants Fannie Mae or Freddie ... Continue Reading →
Conventional wisdom states that the winter is the worst time to buy or sell a house. After all, no one wants to go out looking for homes or move when it’s cold, dark, and rainy, fewer homes are for sale, and people don’t want to unsettle their family during the holidays, right?
Not at all. In fact, the winter months are some ... Continue Reading →
If you’ve bought ot sold a home or even refinanced your mortgage, you’ve surely encountered the term “appraisal.” But what is it? An appraisal is just an informed evaluation from a professional appraiser. It attempts to define the market value, which is used by banks, lenders, and buyers and sellers.
It comes after a thorough and detailed inspection of the property in ... Continue Reading →
For millions of first-time homebuyers and other homeowners, the Federal Housing Administration (FHA), is the best resource they’ll ever find. Originated back in 1934, the FHA is a government agency that facilitates access to home ownership for more Americans. They do that in an ingenious way, since the FHA doesn’t actually lend their ... Continue Reading →
Anyone who’s in the mortgage business knows that the halcyon days of an easy refi boom driven by historically low rates is probably over, which means that credit score will be more important than ever in getting a borrower approved for the right loan product. But even if you pull their credit and ... Continue Reading →
Approving mortgages is all about assessing risk, as underwriters scrutinize every detail and shred of data in hopes of accurately predicting if a potential borrower will pay their mortgage on time every month – or default.
That’s good news for consumers that are good stewards of their financial affairs since keeping a great credit score, a low debt load, and plenty of assets will help them get approved for the best low-rate mortgage loan when it comes time to refinance or ... Continue Reading →
With the change of the calendar to 2020, millions of Americans will be making New Year’s resolutions and setting their goals for the coming year. For a good portion of them, home ownership is circled in red at the top of that list.
In fact, at least 34% of U.S. adults who currently rent say they ... Continue Reading →
There’s a great saying about home ownership that goes: “Everyone pays a mortgage every month and everyone buys a house; it´s just a matter if it´s yours or your landlord’s.” That’s 100% true when you think about it, because over a lifetime of paying rent, whether it’s in an apartment or house, your money is going to pay for the landlord’s investment. Of course renting is right for some people based on their financial situation and housing needs, but there ... Continue Reading →
If a recent patent is any indicator, then that you very well could be denied for a loan on a credit card, a car, or even a mortgage because of who you’re friends with on Facebook.
This summer, the U.S. Patent office granted an updated patent on technology that combs social media for evidence of a person’s closest network of friends and then relays that information to potential creditors, who can make lending decisions based on the friends’ perceived financial stability.
While ... Continue Reading →