How to Improve Your Credit
If you have had credit problems, be prepared to discuss them honestly with a mortgage professional.
Your Credit Report & Profile
Understand how a mortgage company views your credit information . A credit profile details your credit history as it has been reported to the credit reporting agencies by lenders who have extended credit to you.
Credit Scoring – How it Works
Credit scoring is a statistical method that lenders use to quickly and objectively assess the credit risk of a loan applicant.
Mortgage companies often grade your loan based on certain credit related items such as payment history, amount of debt payments, bankruptcies, equity position and your credit score.
How to Fix Credit Report Errors
You have the right, under the Fair Credit Reporting Act, to dispute the completeness and accuracy of information in your credit file.
All About APR
Find out about all about the Annual Percentage Rate, what it includes and what you need to look for.
About Interest Rates
Get educated about market factors that may affect your interest rate, find out if you should pay points, and learn about adjustable rate mortgages.
Why Refinance Your Mortgage?
Many borrowers use a refinance to shorten the term of the mortgage. Even at low rates, a shorter term means a higher monthly payment. The benefit is that you’ll build up equity faster and pay far less in total interest over the life of the loan.
Mortgage Refinance Costs
When you refinance your mortgage, you usually pay off your original mortgage and sign a new loan. With a new loan, you again pay most of the same costs you paid to get your original mortgage.
Paying Points For a Lower Rate
In refinancing, a mortgage company usually offers a range of interest rates at different amounts of points. A point equals one percent of the loan amount. For example, three points on a $100,000 mortgage loan would add $3,000 to the refinancing charges.