This Cookies Policy explains what Cookies are and how We use them. You should read this policy so You can understand what type of cookies We use, or the information We collect using Cookies and how that information is used. Cookies do not typically contain any information that personally identifies a user, but personal information that we store about You may be linked to the information stored in and obtained from Cookies. For further information on how We use, store and keep your personal data secure, see our Privacy Policy.We do not store sensitive personal information, such as mailing addresses, account passwords, etc. in the Cookies We use.Common reasons for denial include: Insufficient Income: Your income is too low to support the mortgage payment. High Debt-to-Income (DTI) Ratio: Your existing debts are too high relative to your income. Poor Credit History: Low credit score, recent late payments, collections, or a bankruptcy/foreclosure. Low Appraisal: The property isn’t worth the loan amount. Unstable Employment: Gaps in employment or an inability to verify stable income.
Your decision should be based on your financial picture and future plans. Consider your available cash for closing, how long you expect to live in the home, and your tolerance for upfront costs versus long-term savings. Our loan officers can help you run the numbers to see if buying points makes financial sense for your specific scenario.
No. The transfer of your servicer does not change the original terms of your loan.
Your interest rate, monthly payment amount, loan balance, and maturity date all remain exactly the same.
The only thing that changes is the company you send your payment to.
Credit score requirements can vary by lender, but general guidelines are:
FHA Loan: Typically a 580 score for the 3.5% down payment option. Borrowers with scores between 500-579 may qualify with a 10% down payment.
VA Loan: While the VA itself doesn’t set a minimum, most lenders look for a score of 620 or higher.
USDA Loan: Most lenders require a minimum credit score of 640, though some may accept lower scores with strong compensating factors.
A second mortgage is a loan secured by your property, subordinate to your primary (first) mortgage. You borrow against the equity you’ve built up in your home. For debt consolidation, you receive the loan funds, pay off your various existing creditors, and then make regular monthly payments solely on the new second mortgage, ideally at a lower interest rate than your previous debts.
