Mortgage Expert Blog

2016 5 Mortgage Tips for Millennials

The Millennials are eager to buy their own homes. So getting pre-approved for a mortgage before making a purchase offer is absolutely the first priority. Qualifying isn’t as easy as it once was and it requires a pro-active approach.Knowing this here are five mortgage tips for Millennials:1. Consider a Low Down Payment Loan:Saving for a down payment can be a challenge for millennial home buyers. This challenge isn’t quite as high as what you might believe. Many people qualify to get a mortgage and buy a home with a very small down payment sometimes as low as 3% and when added with s...

April 20th, 2016 | mortgage, pre-approved, credit, credit score, loan, millennials, 2016 5 Mortgage Tips for Millennials

6 Steps To Getting A Great Mortgage Rate

Credit ScoresMortgage lending today is based on tiered pricing, which means that rates are adjusted based on various criteria. One of the main criteria used is your FICO credit score. Your credit score will help to determine whether you qualify for the loan and what rate you’ll pay on your loan, and there is an inverse relationship. The higher your credit score, the lower your mortgage rate, all other things being equal.According to myFICO.com, the best mortgage rates are available to borrowers who have credit scores of 760 or above. As your score goes lower, your interest rate goes up....

April 14th, 2016 | credit score, Stability, down payment, loan, 6 Steps To Getting A Great Mortgage Rate

Differences between a pre-approval and a pre-qualification

When you’re ready to start shopping for a home loan here in Edina, Minnesota you are going to need to either become “pre-approved” or “pre-qualified”. What is the difference? A pre-qualification does not require your social security number and allows you to compare loan details without having your credit accessed. This however is very difficult to do accurately unless you can specifically state your middle credit score, gross monthly income and can list all of your other monthly obligations. A pre-approval means the lender runs your credit, reviews your income and...

April 7th, 2016 | loan, pre-approved, pre-qualified, credit score, Differences between a pre-approval and a pre-qualification

2016 Time Period Too Buy Again After A Bankruptcy, Short Sale, Foreclosure

2016 USDA Guidelines •Bankruptcy – You may apply for a USDA rural loan THREE (3) years after the discharge of a Chapter 7 or 13 Bankruptcy •Foreclosure – You may apply for a USDA rural loan THREE (3) years after a Foreclosure •Short Sale / Deed in Lieu of Foreclosure – If you had big issues the deed in lieu of foreclosure will be viewed as a foreclosure and you would want to wait no less than 3 years if the score is under 640. Over 640 your UW will make the call but typically not less than one year. (Date of Credit Approval must be after the above waiting p...

April 5th, 2016 | USDA, Bankruptcy, Short Sale, Foreclosure, credit score, 2016 Time Period Too Buy Again After A Bankruptcy, Short Sale, Foreclosure

How to increase your credit scores fast

The first and most important step is to know your Fico credit scores. Mortgage lending today is based on tiered pricing which means that rates are adjusted based on the middle of your 3 credit scores. The middle credit score will determine which “tiered pricing” you will be in. The higher your credit score, the better chance of obtaining a lower interest rate. There are many factors which go into determining a borrower’s credit score. I would recommend that you check out www.myfico.com and go under the “learn about scores” section to understand more about how your...

March 30th, 2016 | credit, fast, interest rate, credit score, How to increase your credit scores fast