When getting a mortgage to buy a house, a homebuyer will need a down payment in most circumstances. And though homebuyers don’t always need 20 percent for a down payment, they will usually be penalized …
Credit Issues or bad credit when buying a home is monitored by the three credit bureaus. A lower FICO Score indicates to lenders that you may be a higher credit risk. There are three different major credit reporting agencies — the Experian credit bureau, TransUnion® and Equifax® — that maintain a record of your credit history known as your credit report.
Carrington Mortgage offers home loans for consumers with less than perfect credit
Carrington Mortgage Services has expanded its residential mortgage offerings to make access to home loans a greater possibility for the roughly 100 million U.S. consumers who have less than perfect credit. The introduction of its …
Rent or Buy? What to consider when looking at homeownership
It’s a modern age-old question: Rent or buy? As an adult, choosing whether to keep renting or to invest in homeownership is one of the biggest financial decisions you’ll probably have to make. Unfortunately, it’s …
3 Tips for Rebuilding Your Credit
You’ve just gone through a rough patch in your life and now you want to rebuild a sagging credit history. Or maybe you’re starting over, having given up credit years ago and you now have …
Tools for Buying a House? You May Want to Avoid the 30% Rule
Ask someone the question, “How much should I spend on a house?” and there’s a good chance that they will respond with the 30% rule. The 30% rule, which says not to spend more than …
How Multiple Inquires May Affect Your Credit
Buying a home means dealing a lot with your finances – and one of the most important pieces of that puzzle can be found in your credit report. Having a good score and a healthy …
Other Payments That Can Affect Your Monthly Mortgage Payment
One of the biggest changes in becoming a homeowner has to do with your monthly mortgage payment. Whereas before when you were renting, you could write one check and be done with it, there are …
FICO Credit score 550 or more? No problem with special home loan programs available
HIGHLIGHTS In 2014, consumers with FICO credit scores higher than 660 made up a large portion of mortgage borrowers Home loan program available with a minimum FICO credit score of 550 The home buying process …
Saving for a Down Payment on a House just got easier with new 1% Down Program
HIGHLIGHTS 4 out of 10 people think you need a 20 percent down payment to buy a home Most lenders do not require a 20 percent down payment to buy a home New 1 percent …
How to Navigate Credit Issues That Can Affect Your Mortgage
No doubt about it, applying for a mortgage can be a long and involved process that can leave you feeling drained and financially exposed. But it’s in your best interest to be transparent with your …