What Is a Conforming Loan?
What Is a Conforming Loan? When you're looking for a home mortgage, you might encounter something called a conforming loan. The conforming loans are mortgages that conform to rules set by Fannie Mae and Freddie Mac lending companies. The government agencies insured both these firms that own many of the ...
What Is the Right of Rescission on Mortgage Home Loans?
The right of rescission is a legal claim that allows homeowners to cancel certain types of mortgage, such as refinancing, home equity line of credit (HELOC), home equity loans, and even reverse mortgages. It provides three days to terminate an agreement and get your funds back. Recognizing how the right ...
Four Ways to Save Money on Your Home Mortgage
When you analyze your finances, your housing expenses are likely the highest cost in your budget plan. According to the United States Census Bureau, the average monthly mortgage payment in the United States is $ 1,200. Nevertheless, it does not cover additional charges related to homeowner insurance and real estate ...
Credit Utilization Ratio: The Best One To Go
The credit utilization ratio, also known as utilization rate, is a number that indicates the percentage of the available balance that borrowers use on their revolving credit accounts, i.e., credit or debit cards. In reality, the lower credit utilization rate is better for your credit rating, but a little utilization ...
What Credit Scores Do Mortgage Lenders Use? All You Need To Know!
What credit scores do mortgage lenders use? When you apply for a home loan, lending companies will require all three credit records (one from each credit bureau) and one FICO score based on each report. Nonetheless, the type of credit scores they request is typically older versions in line with ...
Jumbo Loan: Everything You Need To Know About It
A jumbo mortgage, also known as a jumbo loan, is funding that exceeds the credit limits established by the Federal Real Estate Financing Agency (FHFA). Unlike regular mortgages, jumbo loans do not qualify for the purchase, guarantee, or securitization by Fannie or Freddie firms. These mortgages are designed to finance ...
