Are you busy plowing through the multitude of advice available regarding what you should do to improve your chances of securing the mortgage that you need to buy your dream home? You’re probably finding plenty of information about your FICO credit score, why it matters, and how to improve it. However, your credit score isn’t the only number that lenders care about. Knowing how to calculate debt-to-income ratio and what it says about your financial health can help you make smart decisions that will put you in a better position when you’re ready to apply for a mortgage. [Read more…]
When it comes to securing a mortgage, your credit history matters. Borrowers with excellent credit can expect to be offered more options and better terms, but you aren’t necessarily out of luck if your credit is less than stellar. Are you eligible for a VA loan? If so, exploring how to get a VA loan with bad credit should definitely be on your list of things to do. Because this type of loan is guaranteed in part by the U.S. Department of Veterans Affairs, VA loans generally come with favorable terms and more forgiving standards. [Read more…]
If you want to purchase a new home, it is important that you understand the role your credit will play in your ability to get approved for a mortgage. Lenders review your credit score and history to ensure that you are a reliable candidate for a loan. A high credit score can help you secure a great mortgage, but people with lower scores can still qualify for a mortgage with higher interest rates. If you currently lack credit, now is the time to learn how to build your credit. Everyone has to start somewhere.