Search results for “Credit”
Your credit score and how it differs from your credit report
What is your credit report? A credit report is an extensive record of your financial history and how you’ve handled the obligation to repay your loans. Depending on how long you’ve been attached to li...
How Important is Credit in the Mortgage Application Process?
Your Credit History Your credit report is a representation of your last seven years of financial activity. It shows lenders how you have managed past accounts and how you are currently handling debt. ...
The government agency noted that when setting up a HELOC, homeowners typically have to pay an appraisal fee, application fee and potentially a percentage point of the credit limit up front. As with no...
Bad Credit: Common Misconceptions Regarding Mortgage Loans
What is the connection between a person's FICO credit score and his or her ability to get a mortgage? This is a common question for any prospective homeowner to ask, no matter what level of credit tha...
DTI: More Important Than Your Credit Score?
By definition, your debt-to-income ratio is a calculation of your total gross monthly debts or payments divided by your total gross monthly income. DTI is calculated both prior to a mortgage and with ...
Can You Qualify for a Jumbo Loan With Damaged Credit? Consider Newrez’s SmartEdge
What is a Non-Qualified Mortgage (Non-QM Mortgage)? Non-qualified mortgages = non-traditional borrower options. Non-traditional means that the qualifying guidelines and loan terms are less restrictiv...
What Refinance Options are Right for Me?
What Are My Options? There are other options for responsible homeowners with mortgages, though – refinances†, including cash-out refinances. In this blog we’ll explore the pros and cons of multiple re...
5 Common Money Mistakes to Avoid in 2023
Not Having a Safety Net One of the biggest financial hurdles you may encounter is living from one paycheck to the next. This practice is all-too-common, but that doesn’t mean it won’t set you up for f...
Mortgage Loan Types, Credit Score, and more: 5 Tips to Get the Best Mortgage Rate
Consider a Fixed-Rate Mortgage Fixed-rate mortgages are the most common loan option among borrowers. The rate stays the same throughout the life of the loan, meaning the monthly mortgage payment does...