Let’s face it, most of us don’t have a couple hundred thousand dollars under our pillow to buy a home or even a new vehicle. We need banks to loan us large amounts of money for big-ticket items. How do banks determine who qualifies for a loan by calculating our credit score? Your credit score…
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Soaring prices for items such as gas, airline tickets, food, and more are signaling alarms to economic experts. According to a June report by the University of Michigan Surveys of Consumers, buyer sentiment decreased by 14.4 percent in June, and roughly 79 percent of consumers anticipate bad times for business conditions in 2023. University of…
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Conventional loans are not the only way borrowers can get approved – alternative loans include non-conforming loans, stated income loans, Alt-A loans, portfolio loans, and others. Where conventional loans cannot provide purchasing power, alternative loans can work for the right buyer. Alternative loans are meant to assist unconventional borrowers to secure financing. Atypical buyers can…
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Making a first impression with potential buyers can be a hit-or-miss scenario. In today’s seller’s market, it’s important to hook buyers…but how? The simplest answer: curb appeal. Your home’s appearance can have a huge impact on how much money a potential buyer is going to fork over. Houses with a poor exterior sell for seven…
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The housing market has never been as hot as the last couple of years. A combination of a low inventory, supply chain issues, and high demand has sent prices through the figurative roof at a record pace. No longer bound to downtown offices, remote workers can save thousands on housing costs by migrating to the…
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In March, interest rates were increased – with six more increases scheduled before year end – marking the most aggressive pace in over 15 years. The Federal Reserve hopes to thwart rising inflation, which is at its highest levels in four decades. Rising to a point between .25 percent and .5 percent, the benchmark federal-funds…
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There are plenty of reasons to have an energy-efficient home, one of which includes lower electrical bills. The Energy Efficient Mortgage (EEM) program from Fannie Mae, titled HomeStyle®, is a great way to go green, but what does it consist of, exactly? Read on to find out. Energy-Efficient Mortgages are used to finance houses that…
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The word “equity” is synonymous with home loans, but many people aren’t fully aware of what the term means. Have questions? We’ve got answers. Read on to learn everything you need to know about home equity. Home equity is an asset; a part of your property that you own, it can fluctuate based on the…
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Mortgage companies often require specific documents to analyze the borrower’s financial situation prior to approval. One of the most important aspects of getting approved for a mortgage is your credit score, which shows how well the borrower can meet their financial obligations. In addition to considering your credit score, lenders look at the borrower’s DTI…
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