Ten Credit Do’s and Don’ts To Bear In Mind Prior To Getting Your Mortgage Loan

Ten Credit Do’s and Don’ts to Bear In Mind Prior To Getting our Mortgage Loan How can a fully approved loan get denied for funding after the borrower has signed loan docs? Simple, the underwriter pulls an updated credit report to verify that there hasn’t been any new activity since original approval was issued, and …

Calculating Loan-to-Value (LTV)

Calculating Loan-to-Value (LTV) Understanding the definition of Loan-to-Value (LTV), how it is calculated, and how it impacts a mortgage approval will help you determine what loan amount and type of program you can qualify for. Since the LTV Ratio is a major component of getting approved for a new mortgage, it’s a good idea to …

What’s My Debt-to-Income (DTI) Ratio?

What’s My Debt-To-Income Ratio? Debt-to-Income (DTI) is one of the many new mortgage related terms many First-Time Home Buyers will get used to hearing. DTI is a component of the mortgage approval process that measures a borrower’s Gross Monthly Income compared to their credit payments and other monthly liabilities. Debt-to-Income Ratios are designed to give …

Alternate Sources For Establishing Credit

While the basic Rule-of-Thumb for acceptable credit history is a minimum of four trade lines documented on a credit report, there are alternative methods of building a credit picture that an underwriter can use to make a decision for a loan approval. For potential home buyers with little or no credit history, keeping records for 12 months of …

Is There A Rule-of-Thumb Regarding The Number Of Credit Lines To Have Open?

While the actual credit score has a big impact on a loan approval, it’s not the only component of the credit scenario that underwriters consider for a mortgage approval. Since loan programs, individual lenders and mortgage insurance companies all have their own credit report restrictions, it’s difficult to define a standard Rule-of-Thumb to follow. However, the number of “Open and Active …

Ten Things You Can Do To Protect Your Identity

Facts About Identity Theft: It’s estimated that there were 10 million victims of identity theft in 2008, and 1 in every 10 U.S. consumers have reported having their identity stolen. The U.S. Department of Justice reported in 2005 that 1.6 million households experienced fraud not related to credit cards (i.e. their bank accounts or debit cards were …

Shopping For A Hazard Insurance Policy

Shopping For A Hazard Insurance Policy When shopping for a hazard insurance policy, something called “bundling” can make the difference when it comes to how much you are willing to pay. Bundling can save you the money that can make or break your choice in insurance policy. Many of the big insurance companies price their …