If you need money to fund a home improvement project or have experienced an expensive medical emergency, you may have heard other homeowners talk about taking out a home equity line of credit. But what is it and how would it help you, if at all? HELOC Acts Much Like A Credit Card A home […]
Why Refinance Your Home?
Why refinance? Most times, homeowners refinance their homes in order to take advantage of the current rate environment with the goal of paying less interest over the life of the loan. To put it simply, refinancing can be broken down into revising the loan’s interest rate, terms, payment schedule—typically when the market and your credit […]
What Determines Down Payment?
It is common home buying knowledge that when you purchase a home, you will be putting a down payment on it. A down payment is a payment made in cash that is a percentage of the total home cost. This percentage is typically 20%, though it can vary based on your circumstances and loan program. […]
Documents Your Mortgage Provider Needs To Get You Approved
Before you begin the process of purchasing a home, you must first prove that you are responsible and capable of paying off the loan you take out. As such, lenders are obligated to collect specific documents to review before they begin approving your application for a home loan.
How Mortgage Rates Are Determined
If you are shopping for a mortgage to buy a home, or looking to refinance the mortgage you currently have, how can you estimate how much you will be paying in mortgage rates? After all, it is what determines how much you will be paying each month. A number of factors determine how your mortgage […]
Factors Lenders Should Consider When Evaluating Applicants
Getting the right applicant approved for a Kansas City home loan is a lengthy, detailed process. As a lender, you will need to review their mortgage application carefully, along with a myriad of other documents, in order to determine if they are low-risk and able to repay the loan. Here are the factors you need […]
The Impact Of Credit Bureaus No Longer Collecting Tax Lien & Civil Judgement Info
Beginning July 1, 2017, credit bureaus like Equifax, TransUnion, and Experian will no longer collect tax lien and civil judgement information in order to calculate credit scores – especially if the information doesn’t provide complete details on the consumer like their name or date of birth, and public records aren’t checked for updates every 90 […]
3 Ways to Establish Credit When Your Score Is Bad
Boosting your credit score can sometimes be no easy feat. If you find that your credit score is poor, don’t panic. With the right methods and a little patience, there are ways to make your score better. Get a Secured Credit Card Using a credit card the right way will help you establish a positive […]
What is a Non-Performing Loan?
You have borrowed some money for a Kansas City home loan, but have found that you are unable to make scheduled payments. So you put off the payments until you discover that you’re 90 days past due and the loan has become non-performing. What does it mean for you and how can you avoid it?
What is a Conforming Loan?
As a loan officer, you should be aware of your borrower’s needs and the best options for them when they come to you for a home loan. It’s your job to give them choices that work with their financial situation, and conforming loans will be one type of financing that you will see very often.
