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 or Foreclosure

2016 Conventional (Fannie Mae) Guidelines•Bankruptcy – You may apply for a Conventional, Fannie Mae loan after your Chapter 7 bankruptcy has been discharged for FOUR (4) years, TWO (2) years from the discharge of a Chapter 13•Foreclosure – You may apply for a Conventional, Fannie Mae loan SEVEN (7) years after the sale date of your foreclosure. Additional qualifying requirements may apply,•Short Sale / Deed in Lieu of Foreclosure – •UPDATED – Effective 7/29/2014: Waiting period for subsequent foreclosure that was included in Bankruptcy is waived. If ...

March 29th, 2016 | loan, Bankruptcy, FHA, Foreclosure, Short Sale, Fannie Mae, Conventional, 2016 Time Period Too Buy Again After A Bankruptcy, short-sale or Foreclosure