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Tag Archives: Mortgage

Why Mortgage Credit Scores Are Different Than Consumer Scores

Qualifying credit is a cornerstone of a home loan application. Mortgage lenders use credit scores to help assess a potential homebuyer’s ability to make steady, on-time payments. Given the weight of credit scores in the mortgage market, hopeful homebuyers should absolutely look into their credit before applying for a loan.   We’re fortunate to live in a time when consumers have easy access to their credit scores. Services like Credit …Read More

Pros and Cons of Reverse Mortgages

By Jason Alderman Over the last decade, reverse mortgages have been aggressively pitched in TV ads as an easy way for seniors to cash in their home equity to pay for living expenses. However, for many, improper use of the product – such as pulling all their cash out at one time – has led to significant financial problems later, including foreclosure. In actuality, there are some cases where reverse …Read More

Ask Stacy:Should I Refinance My Home?

By Stacy Johnson If you’ve ever had a mortgage during a period of falling interest rates, you’ve no doubt considered a refi. But how do you know if the math will work out in your favor?  Here’s a recent email… I have a 6% interest rate on a 30 year mortgage. Original final cost was $84,700. Today’s balance is $64,000. I am also in a rapid pay program where the …Read More

Should I Buy a House Because the Rates Are So Low?

Home values have plummeted across the country.  Mortgage interest rates continue to hover between 4 and 5%, a historical low.  Both seem to suggest it’s a good time to buy a house.  So, is now the time to pull the trigger on a new mortgage? There are a few things you should consider before you start looking for a house.  First, how comfortable would you be if you were to …Read More

EHLP Application Deadline Is Tomorrow

Tomorrow is the last day to qualify for up to $50,000 in mortgage assistance! If you are at least 90 days late on your mortgage payment you could qualify for the US Department of Housing and Urban Development (HUD)’s  Emergency Homeowners’ Loan Program (EHLP). You could receive a zero interest, forgivable bridge loan. Eligible homeowners must have experienced a drop in income of at least 15% directly resulting from unemployment …Read More

Do You Find Mortgage Disclosures Confusing?

June is National Homeownership Month, which is the perfect time to let your opinions be heard on how to simplify mortgage disclosures. If you are like many other Americans looking into buying a home, you are planning on taking out a mortgage. Federal law requires that future homeowners receive two forms when applying for a mortgage loan. The first is a Truth in Lending Form, and the other is a …Read More