Tag Archives: mortgage

Can I Find a Mortgage with Zero Down?

The simple answer is yes. You can find mortgages with zero down, but it isn’t quite that black and white. Not everyone can obtain such a mortgage, and it might not be as good a deal as it seems to be. First, you generally must have very good credit and a stable, fairly high income to be considered for a zero down loan. Yet, even with good credit, you will likely end up paying a higher interest rate, often associated with people who have poor credit scores. The reason for this is that the loan will be considered a high … Continue reading →

How Important Is My Credit Score?

Our society has become overly concerned with credit scores. If you have a bad credit score then you do need to be concerned. If you have no credit score, then you really do not need to worry. You may consider getting a credit card to help to build your credit score, but I would only recommend that if you were sure to never carry a balance on the card. Credit scores are used to determine the interest rate that most companies are willing to offer you for a loan. The time that people worry most about their credit score is … Continue reading →

Investment: Your Home

Is your home your greatest investment? For some people it is while for others it is more accurately summed up as their most costly investment. In some cases, people purchase more home than they can realistically afford, and they spend decades working hard just to pay the interest. Some people don’t even live long enough to pay off their homes, especially if the spend beyond their means in other areas as well. A home should be a shelter and a sanctuary, but it can also be a good investment. Purchasing a home that is in good condition at below the … Continue reading →

Our Condo Story Part 1… New Home Owners

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Like many others, my husband and I desired to be home owners. We were not sure what kind of home we could afford or how we would come up with money for closing costs and the down payment. We were in our young twenties and my husband was the provider for our then family of two. We found a mortgage broker who we trusted and were pre-qualified for a home around $100K. We searched the Portland metropolitan area for something that would be habitable (and believe me, not all homes we saw were!) and in a neighborhood that didn’t require … Continue reading →

Can I Afford a House?

The biggest question people ask is whether they can afford to buy a house and if so, how much. The answer depends on a number of factors such as income, debt, credit rating, and more. If you are thinking about buying a new house, the first thing we recommend is that you set a budget. With this, you will know how much you can afford versus what the lenders say you can afford. Remember, when you meet with a lender, he or she is going to qualify you at the top of the range. Therefore, while you might be told … Continue reading →

Mortgage Borrower Cautions

As you begin the process of looking for a lender on a home, you will have a number of considerations to protect yourself. While most lenders are honest and eager to work hard to make your dream come true, there are some more eager to simply make a buck without giving the borrower much consideration. Therefore, we wanted to provide some mortgage borrower cautions so you can buy your home without major complications. For one thing, be aware that if you have less than perfect credit, most lenders will want to be compensated for taking on the higher risk. Therefore, … Continue reading →

Mortgage Insurance

Mortgage insurance is a part of buying a home but it can all be a little confusing, which is why we have provided some easy to follow information for you. Lender Paid Mortgage Insurance Also called LPMI, this type of insurance is when the lender buys the mortgage insurance and then pays the premiums to the insurer. However, the lender increases the interest rate to pay the premiums. However, LPMI can also reduce settlement costs. Private and Government Insurance If your mortgage is backed by the government, that means the Federal Housing Administration or FHA, Department of Veterans Affairs or … Continue reading →

Your Fico Score, Your Mortgage, Your Landlord

Your FICO score is the three digit number that is the result of reports of your credit history. FICO is an acronym for the Fair Isaac Corporation, the company which developed the system for calculating the score based on your borrowing activity. Increasingly, this has become a very important number for anyone not only buying a home, but renting one as well. The FICO scores of prospective job applicants are also checked by some employers. When applying for a mortgage, the FICO score determines what types of loans and rates you are eligible for. If you have a low score … Continue reading →