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Tag Archive | "mortgage basics"

FICO Credit Score Basics

FICO credit scores are use by lenders to assess how likely you are to be able to repay a loan. If you intend applying for a mortgage, knowing how FICO credit scores work could be of advantage to you. Understanding them might enable you to improve your credit score before you make your application. First, […]

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Fixed Mortgage Basics: Fundamentals of Fixed Interest Rates

A fixed mortgage is one whose interest rate remains the same over the full term of the mortgage loan. This contrasts with an adjustable rate mortgage, where the interest rate can fluctuate with market conditions after a specified period of time. A fixed interest rate is easier to understand, and many prefer the predictability of […]

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Mortgage Prepayment Penalty Basics: Early Settlement Costs

Fundamentally, a mortgage prepayment penalty is applied by lenders to recover some of the profit they would have made were the loan to have run its full term. Interest rates and other aspects of loans, including mortgages, are set on the basis of loans running for the agreed period, and should a borrower repay the […]

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Adjustable Rate vs Fixed Rate Mortgage Basics

Adjustable Rate Mortgage Basics: ARM or Fixed Rate? With an adjustable rate mortgage (ARM) you pay a fixed rate of interest on your mortgage for a specified period, after which the rate adjusts until the term of the loan is complete. The initial monthly payments will generally be lower than those with a fixed interest […]

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What To Expect When You Take on a Mortgage?

The mortgage application process can be daunting for first-time home buyers. Knowing what to expect can help them to prepare for it. The mortgage process should begin as soon as you start looking for a home and it does not end until you take possession of your new home. Step One: Applying and Getting Pre-Approved […]

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Lenders Can Give You Leverage As A Buyer In These Ways

If you are independently wealthy or a lottery winner you probably buy a house with cash. For the rest of us, you can still buy a home to enjoy for the rest of your life. The most common way to do this is to work with a lender to pay for this major purchase over […]

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Before You Apply For A Mortgage Be Careful With Your Credit

Consumers In The Eyes Of Lenders Your credit history may seem like a vague and abstract stack of file entries to you. But to banks, the numbers and ledger entries are all they need or want to know about you. What lenders find in your credit report will determine how they respond when you apply […]

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13 Hacks To Lift Your Credit Score Before You Buy A Home

Buying your first home is an excellent decision. But you may want to improve your credit score now that you are putting the plan into action. When you apply for a loan, you will want to be in the best financial position to get a good deal. The one thing that will disrupt your efforts most […]

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Here Are The Seller Financing Good And Bad Points

Very occasionally, the party that sells a home to you will lend you some of the money to make the purchase. Seller financing rarely happens because there are usually other alternatives. However, for one reason or another, it could work out that the seller provides a loan for a part or the entire amount that you […]

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5 Tips For Homebuyers Seeking The Perfect Mortgage Solution

Becoming a homebuyer is of the most trying consumer activities that you will ever experience. One of the things that make purchasing a home rewarding is finding the right loan to make it happen. A little extra effort up front will help you get the best possible mortgage terms for your situation. Small adjustments to […]

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