For most homeowners, their monthly mortgage payment encompasses more than just the principal and interest on their loan. A significant portion often g...
Read More
For many homeowners, the ability to deduct mortgage interest on their tax returns is one of the most significant financial benefits of owning a home. ...
Read More
The journey to homeownership is often symbolized by the quest for the perfect mortgage rate, but the financial responsibility extends far beyond that ...
Read More
Before you embark on the journey of applying for a mortgage, there is one crucial number you must know: your debt-to-income ratio, or DTI. This single...
Read More
A cash-out refinance is a powerful financial tool that allows homeowners to access the wealth they have built in their property. Unlike a traditional ...
Read More
The moment you receive the keys to your new home is a monumental achievement, but it also marks the beginning of a new financial chapter. The transiti...
Read MoreThe primary reason to refinance is to secure a lower interest rate, which can reduce your monthly payment and the total interest paid over the life of the loan. However, other strong reasons include changing your loan term (e.g., from a 30-year to a 15-year), converting from an adjustable-rate to a fixed-rate mortgage, or tapping into your home’s equity for cash.
Yes, indirectly. A higher credit score can sometimes help you qualify for a loan with a lower down payment. For example, with a strong credit profile, you might be approved for a conventional loan with just 3% down. With a lower score, a lender may require a larger down payment (e.g., 10-20%) to reduce their risk, which lowers your loan-to-value (LTV) ratio.
You cannot remove accurate negative information that is still within its reporting time limit. However, you can and should dispute any information that is:
Inaccurate: The account isn’t yours, or the reported late payment is wrong.
Outdated: The item is being reported past the 7-year (or 10-year) time limit.
Incomplete: The information is missing key details.
You can file a dispute for free directly with the credit bureaus online.
Yes. The CFPB’s Loan Originator Compensation Rule is a key regulation that:
Prohibits compensation based on the terms of a specific loan (e.g., you can’t be paid more for convincing a borrower to take a higher rate).
Bans “dual compensation,“ meaning a loan officer cannot be paid by both the borrower and the lender for the same transaction.
Title insurance is a one-time premium paid at closing. The cost is typically based on the loan amount for the lender’s policy and the purchase price for the owner’s policy, and it varies by state and provider. In many areas, the seller pays for the owner’s title insurance policy as part of the negotiation, while the buyer pays for the lender’s policy. Your title agent or mortgage professional can provide a specific estimate.
