Can I get an FHA loan if my credit score is 615?
Question: “I’ve heard that FHA home loans are good for first time buyers who don’t have perfect credit. Can I get an FHA loan with a credit score of 615 and a decent down payment? Any advice would be much appreciated.” Only a lender can tell you if you qualify for a mortgage with a 615 credit score, whether it’s an FHA loan or a conventional mortgage. But I would say...
Read MoreHow to Become a Mortgage Broker – The Unwritten Rules
There are plenty of articles online that cover the steps needed to get a mortgage broker’s license. So I’m not going to recreate the wheel by addressing those steps here. Instead, I’d like to cover some of the unwritten rules you should know about, if you want to become a mortgage broker in the United States. How to Become a Mortgage Broker First, you need to realize that...
Read MoreCurrent Mortgage Rates Explained
Current mortgage rates are lower than they’ve been in many years. In fact, we saw record-low interest rates earlier this month. At the time this article was published, the current rate for a 30-year fixed mortgage was just over 5%. They may be higher or lower by the time you read this article. But that’s not what this article is about. I’m not going to talk to you about numbers...
Read MoreHow to Apply for a Home Loan Modification
How do I apply for a home loan modification under the Making Home Affordable program? What steps do I need to take when applying for a mortgage modification? On the surface, this seems like an easy question to answer. But unfortunately, there’s enough misinformation posted online to keep homeowners scratching their heads in dismay. So I’ve spent the last couple of hours gathering some...
Read MoreNew Rules for Good Faith Estimates on Mortgage Loans
On January 1, 2010, some new rules will go into effect that are designed to make Good Faith Estimates more accurate, and to help borrowers in their mortgage shopping efforts. Here’s what you need to know about it. What is a Good Faith Estimate, Anyway? When you apply for a mortgage loan, the lender is required to give you an estimate of all fees and costs associated with the loan....
Read MoreHome Loan Quotes for Beginners
Is it really possible to get home loan quotes online these days? And if so, how does the process work? Is it safe? Which websites are the best for getting quotes on mortgages? These are common questions among first-time home buyers, and it’s easy to understand why. Applying for a home loan online can be downright scary. But with a bit of research and planning, you can enjoy the convenience...
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