Mortgage mayhem: Lenders pull gov’t loans, refuse to lock, and raise credit score minimums
Falling mortgage rates might not help borrowers this time . Lenders are pulling loan programs, refusing to lock rates, and raising credit score minimums.
Falling mortgage rates might not help borrowers this time . Lenders are pulling loan programs, refusing to lock rates, and raising credit score minimums.
Youâve saved up your money, you found the perfect house, and youâre ready to buy. Now you just need a mortgage. Commercial banks may be the obvious choice, but they arenât the only option for your mortgage. Mortgage brokers, online mortgage lenders, and credit unions also originate mortgage loans. Credit unions and other non-banks are… Read More
The post Credit Union Vs. Bank Mortgage: Which Should You Choose? appeared first on Credit.com.
Thanks to a new policy, FHA is now accepting DACA home loans. Learn about the pros and cons of FHA loans and whether you qualify for financing.
A borrower’s Debt to Income (DTI) is the ratio of monthly debt payments to monthly gross income. The borrower’s DTI is a key indicator of his ability to repay the loan. Lenders use a Housing Ratio (monthly housing expenses divided by monthly income) and a total DTI ratio (total monthly debt payment including the monthly housing expenses divided by monthly income) as factors in determining whether a borrower’s income qualifies for the requested mortgage loan.
You don’t have a separate rating called a mortgage credit score, but lenders do look at your score, credit history and several other factors when deciding whether to approve you for a home loan. Contrary to what some people think, though, you don’t necessarily need an excellent or good credit score to get a home loan. How high your score… Read More
The post What Should My Mortgage Credit Score Be? appeared first on Credit.com.
Gantry, the largest independent commercial mortgage banking firm in the US, saw its strongest production quarter in Q4 of 2020. The firm closed $1 billion of new loans over 124 transactions during the quarter, bringing its total annual production to $3 billion. This production total represents a record 411 commercial mortgage transactions in 2020 – … [Read more…]
If you donât pay your mortgage, it will set you on the path to foreclosure, which means losing your house. It may take a while, but it’s a likely outcome.
The post What Happens If I Stop Paying My Mortgage? appeared first on Real Estate News & Insights | realtor.com®.
The mastermind of one of the largest mortgage fraud cases in the Atlanta district will be released from prison early after Donald Trump commuted her sentence on Wednesday. Chalana McFarland, who was sentenced to 30 years in prison for orchestrating a multi-million-dollar mortgage fraud scheme, was among the 70 people granted clemency by Trump in … [Read more…]
Thanks to record-low mortgage rates, refinancing activity has jumped in recent weeks â especially with older-aged Millennials.
Many people mistakenly believe they canât afford to buy a home because they donât really know what their options are. Fortunately, home loans are not one-size-fits-all. There are a variety of different mortgages available to…
The post 8 Types of Home Loans Available for Homebuyers appeared first on Crediful.