Wednesday, November 13, 2019 / by Suyapa Sauceda
Before you apply for a mortgage, make sure you’re in a good position to qualify for the best loan possible. Check and improve your credit, compare lenders, get preapproved and make a plan for your down payment and closing costs.
1. Check and improve your credit report. Lenders will check your credit report, so you want to identify and fix problems with your credit report before you apply.
Order a free copy of your credit report from each of the three credit bureaus at AnnualCreditReport.com. Your report will list your borrowing history, including any negative marks. You can pay extra to access your credit score with your report. Alternatively, some websites, banks and credit card issuers give customers free credit score access.
Check your report for errors and contact the credit bureau if you find any. You can take steps to improve your credit score, such as always making your monthly payments on time and paying down your balances.
Although impr ...
Wednesday, November 06, 2019 / by Suyapa Sauceda
NEW AGENT ALERT!
Welcome Florencia Montecchiarini to the Julie's Realty Team!!!
Florencia Montecchiarini strives to work with investors who are looking for different opportunities in Miami. Spending many years working for development companies she specializes in running companies platforms and bringing together their entire business, with financials and project management highlighting her extensive skillset.
Licensed for the last 4 years. Flor particularly specializes in the assembly and evaluation of Real Estate Businesses. From large scale site selection, to subsequent marketing, construction and financing of the projects, themselves.
With her clientele, Florencia believes communication is ESSENTIAL. Whatever it takes for everyone to be on the same page, calling, texting, emailing or sending a telegraph, Florencia makes sure everything is transparent and understood.
Florencia has been working in Real Estate Development since 2008, where she originally sta ...
Wednesday, October 30, 2019 / by Suyapa Sauceda
How Is Mortgage Interest Determined?
Interest Rate Factors
When lenders set your mortgage interest rate, they consider a wide range of factors, including your credit, loan term, home price and down payment, and whether it’s a fixed- or adjustable-rate mortgage. Knowing these factors can help you figure out how to qualify for a better rate.
The Consumer Financial Protection Bureau offers a calculator for average interest rates based on your credit score, state, house price, down payment and other factors.
Credit score. When you apply for a mortgage, the lender considers your credit score. Your credit score is based on your credit history and represents how safe you are as a borrower. FICO, the most commonly used credit score, ranges from 300 to 850. The higher your score, the better the chances you’ll qualify for a low interest rate.
You need a minimum credit score of 620 to qualify for a mortgage under Fannie Mae&nbs ...
Wednesday, October 23, 2019 / by Suyapa Sauceda
How Do Mortgages Work?
When you take out a mortgage, you borrow money from a lender to buy your home. A mortgage is a secured loan with your home as collateral, so the lender will hold the title to the property until the loan is paid in full. You will make payments on the loan each month, including interest, until it is paid off. At that point, you'll hold the title and own your home outright.
When you choose a mortgage, you have four major decisions to make: the lender, loan type, loan term and interest rate type.
Types of Mortgage Loans
There are two major types of mortgage loans: government-backed and conventional. Government-backed mortgage programs offer guarantees to lenders that reduce their risk and can make it easier for borrowers to qualify for a mortgage. Conventional loans do not offer the same guarantees but may have lower interest rates.
FHA loans. The Federal Housing Administration, part of the U.S. ...
Wednesday, September 18, 2019 / by Suyapa Sauceda
Infographic created by Ward North American