MORTGAGE BLOG

5 Strategies for Navigating a Low Affordability Housing Market

Blog posted On August 02, 2024

What are some of the biggest homeownership hurdles holding you back? Well, high interest rates and historically high home prices to start! It’s understandable to ask, “WHY are people buying now, and HOW are people affording homes?” Instead of holding off and continuing to wait for rates to drop, this may be the best time to buy, especially with the help of loan programs like Rate Rebound. According to MarketWatch, buying now is key—once the Fed finally starts cutting interest rates, the lack of home supply will remain, meaning that “high home prices today could soar.” Let’s tackle five strategies that can put you ahead of the game in this low affordability market.

Legislative Proposal to Ban Trigger Leads Offers Consumers Hope of Long-Needed Relief

Blog posted On April 27, 2023

Last week, Rep. Ritchie Torres of New York introduced bill H.R. 2656 in hopes of ending the sale of trigger leads, which could greatly reduce the number of unsolicited calls a consumer receives after applying for a mortgage. Oftentimes, trigger leads cause confusion for buyers because they can come from competing lenders who are asking for personal information. Although this bill is still in the early stages, it’s a good (and far overdue) step in the right direction.

Doing This Now Can Help You Save Up to $100,000 on Your Mortgage

Blog posted On August 11, 2022

Home prices, mortgage rates, and inflation are all cooling. But they’re still at higher levels than they were last year and the year before, making homeownership harder to achieve for some. Certain buyers are deciding to take a step back. Others can’t afford to wait. Regardless of where you are in the home buying process, there’s one thing that everyone can do to save money on your purchase.

Why Your Credit Score Matters When Rates Are Rising, and How to Improve It

Blog posted On April 20, 2022

Working to improve your credit score is always good idea, especially when preparing to buy a home. But when interest rates are rising, it may be even more important than you think.

How to Tackle Credit Card Finances Before Rates Rise

Blog posted On February 02, 2022

In a rising rate environment, credit cards typically get hit the hardest. Interest rates on credit cards are generally much higher than interest rates on a mortgage. While average mortgage rates have been hovering between 2% and 4%, average credit card rates have largely been hovering between 15% and 20%. And credit card rates typically follow the federal funds rate much more closely that mortgage rates. So what should you do if a federal funds rate hike is coming?

3 Credit Card Resolutions for Next Year

Blog posted On December 22, 2021

Your credit score is one of the most important factors when it comes to applying for loans, leases, or even cell phone plans. When determining whether or not to provide you a loan or lease, most lenders will assess your credit score and credit history. The best time to try and boost your credit score is well before you plan on making any important financial moves. So, to help you prepare for next year, here are three important habits that can help boost your credit score.

How to Make Large Purchases Without Using Your Credit Card

Blog posted On November 17, 2021

Credit cards are useful for quick payments and things like monthly bills. But they often have higher interest rates than personal loans, which can make paying them off harder. If you’re thinking about making a large purchase (home renovation, household appliance, holiday gift), then you might want to explore your other options.

How to Protect Yourself from Cybercrime

Blog posted On October 06, 2021

Every year, Americans lose billions of dollars to cybercrime. In 2020, cyber criminals stole over $210 million from home buyers alone. Real estate wire fraud is one of the fastest growing schemes in the United States. Hackers often target people transferring large amounts of money like down payments. But don’t worry. It doesn’t mean that your transaction isn’t safe. It just means that you need to take a few extra precautions along the way.

Common Reasons Your Credit Score Might Drop, and How to Avoid Them

Blog posted On August 25, 2021

When you first start building credit, your payments are likely relatively simple – gas, food, rent etc. But the older you get, the more the bills pile up. Soon, you’re paying for medical expenses, trips, home repairs, clothes, and more purchases than you remember. Still, you pay your bills at the end of the month and check your credit score every so often. Normally it might hover in the same range, but a common shock for credit borrowers is when your score drops unexpectedly. Because your credit score affects your ability to qualify for other financial products, seeing a sudden decline can be disconcerting for most. If you’re wondering what might have gone wrong (and what to be aware of in the future), here are six common causes for a falling credit score.

6 Ways to Improve Your Credit Score Right Now

Blog posted On July 07, 2021

If you have a less than perfect credit score, applying for a mortgage or other type of loan might feel impossible. Fortunately, there are several mortgage programs that have lenient credit requirements plus many ways you can boost your score on your own before you apply for a mortgage.

6 Ways to Improve Your Credit Score Right Now

Blog posted On July 07, 2021

If you have a less than perfect credit score, applying for a mortgage or other type of loan might feel impossible. Fortunately, there are several mortgage programs that have lenient credit requirements plus many ways you can boost your score on your own before you apply for a mortgage.

How to Remove Negative Items from Your Credit Report

Blog posted On June 09, 2021

Your credit score can influence a lot of different opportunities, including your ability to buy a home. Different loan programs have different credit requirements, and the higher your credit score, the better chance you have at getting approved. A higher credit score can also increase your chances of securing a lower interest rate, which can save you thousands over the life of your loan. So, it’s important to stay on top of your credit, and if you notice a negative item bringing down your score, here’s what you should do.

How Carrying a Balance Affects Your Credit Score

Blog posted On April 28, 2021

You carry a credit card balance when you don’t pay your total bill on time and in full each month. Whatever’s left unpaid gets carried over to the next month’s bill. For example, if you bought a $1,000 TV and paid off $700, you carried over a balance of $300. For the most part, credit card users are encouraged to pay their bills on time and in full. So, is carrying a balance ever a good idea? 

5 Simple Ways to Boost Your Credit Score

Blog posted On April 21, 2021

There are certain factors that are out of your control when getting a mortgage rate. You can’t control the Federal Reserve, bond market, or any of the economic factors that influence rate trends.  However, you can control your credit score. Your credit score shows lenders how good you are at borrowing money and repaying debts. The higher the score, the better. By improving your credit score, you could qualify for a lower mortgage rate and save money over the life of your loan.

5 Ways to Be Smarter with Your Credit this Year

Blog posted On February 10, 2021

Late fees, overdraft fees, and fraud expenses are easily overlooked credit card costs, and though they may seem miniscule, they tend to add up. Last year, Americans spent a collective $74 billion on these ‘miniscule’ fees – or an average of $577 per household. But now that it’s a new year, it’s time for some new (and improved) credit card tactics. To get you started, here are five ways to improve your credit habits starting now. 

Does Your Credit Score Matter in Retirement?

Blog posted On October 21, 2020

Your credit score can make or break many financial opportunities – mortgage loans, car loans, getting hired for a job, and more. For years, you’ve been carefully paying your bills on time, keeping your credit balance low, avoiding debt, and doing everything you can to maintain a good credit score. Now, as you head into retirement, you have a fully owned home, a paid-off car loan, no outstanding debt, and no intention of getting a full-time job.  You don’t think you’ll be borrowing money anytime soon and you begin to question if you really need to keep up with your credit score once you head into retirement.