Related Posts

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  Know This Before You Elect to Skip a Mortgage Payment

  During the Financial Crisis of 2008 and beyond, many homeowners found themselves upside down in their primary residence: they owed more on their mortgage than the value of their home. Lenders came up with a possible solution to offer consumers a loan modification. How did a modification impact their FICO® scores and their finances? There is something critically important to know before anyone goes down this path of skipping mortgage payments.
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  Why Skipping Your Mortgage Payments can Drop Your FICO® Scores

  Too many “uninformed” loan officers have told thousands of homeowners and media that skipping your mortgage payment (from the coronavirus) will not impact your credit. The only basis for this statement comes from a few politicians and some loan officers who have said that since lenders will not report 30-day or more late payments to the credit bureaus, skipping payments will not lower your scores. They have little understanding about FICO Scores and no authority to speak for lenders. In his report, KUTV’s Michael Locklear (CBS - Salt Lake City, Utah) identifies the potential dangers from skipping your mortgage payments.
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  Mortgage Interest Rates Drop to Historic Levels

  What a week for interest rates! Rates have taken a wild ride lower over the last several months. This week however, rates have broken through new lows. The 10 year treasury bond hit historical lows on Friday, February 28 at 1.13%. This historical rate drop gives a generational opportunity for many homeowners to lower their monthly payments. What opportunity is there for consumers? Let’s take a look.
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  The Rules are Changing for New Mortgages!

  Everyone wants to get the lowest interest rate on a mortgage when they purchase or refinance a home. Many consumers think a minimum 720 credit score will qualify them for the lowest interest rate. More savvy consumers realize that that credit score requirement is 740. Now that number is being raised to 780 for the most popular mortgage loans. There are a few other new criteria in order to get the lowest interest rate. What does this mean for prospective home buyers and those looking to refinance their mortgage? Things are changing!
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  How Those Loan Fees Determine Your Interest Rate on a Mortgage

  The FHFA has responded to criticism about their new fee structure. How does the fee structure for a conventional mortgage work and how does these changes impact a homebuyer’s interest rate?
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  Be Careful with Your Mortgage Application

  When shopping for a home, your realtor will tell you to go get qualified. This could be a mistake, depending how long it takes you to find a house. Mortgage loan officers never discuss this with new borrowers. But, it is something that can come back and cost you a lot of money.