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. ...
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 ...
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...
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 ref...
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...
How Does Mortgage Interest Work?
Here is How Your Mortgage Is Calculated Amortization Mortgages are repaid with amortization. This is an established installment loan repayment schedule that includes your overall monthly payment and ...