When lenders review your application, they like to see consistency in your finances. Here are six things you shouldn’t do when applying for a mortgage: Do not make major purchases like furniture, appliances, jewelry, vehicles or vacations Don’t change or quit your job Consult with your mortgage professional before withdrawing, depositing or moving large amounts...Read More
Today’s adjustable-rate mortgages are a lot different than they were in the past. And they may be the best choice for your purchase or refinance. ARMs are smarter. Here’s why: Most people only stay in their mortgage for 5 to 7 years. Why not go for the lower rate? With an ARM, more of your...Read More
When a home buyer or investor wants to buy a cheap foreclosure, it’s easy to assume that all foreclosures sell for pennies on the dollar. However, that impression is somewhat false. It is not how foreclosures work. Especially if the home needs repairs. Your idea of a fix-up cost and the bank’s estimate might be...Read More
Your mortgage may come with a 15- or 30-year term attached to it, but that doesn’t mean you have to wait that long to pay it off. In fact, if you have the funds or the will to make it happen, you can pay off your mortgage much sooner than that. But is prepaying on...Read More
(Photo: Getty Images/iStockphoto) You probably know your monthly bills can impact your credit, as late payments or accounts in collections can land on your credit report and bring down your credit score. But are you aware your credit score can affect the payment amount on a number of your monthly bills? Here are seven monthly...Read More
When applying for a mortgage, you shouldn’t do anything that will cause a bank to question your ability to repay the loan. You don’t need perfect finances to get a mortgage, but it’s in your best interest to have a basic understanding of loan requirements. The more you know, the less likely you are to...Read More
Credit scores are easier to access than ever, but according to a new NerdWallet survey, 11% of Americans have never checked theirs. Harris Poll and NerdWallet surveyed more than 2,000 Americans about their knowledge of bad credit and credit scores. We found widespread misconceptions about credit scores and the factors that influence them. We also...Read More
By Jill Chodorov Kaminsky April 11 If you’re planning to take a loan out on your 401(k) to purchase a home, you better check with your employer first. Your employer’s rules on borrowing from your retirement funds might be tougher than those of the Internal Revenue Service. In a recent transaction, my buyer client learned...Read More
1st Phase Resources
Find out all of the latest industry news and tips, real estate advice and other home-buying resources.
