Fannie Mae and Freddie Mac Loans: How Do They Work?
How Do Fannie Mae and Freddie Mac Loans Work? You may come across many unfamiliar terms when shopping for a home mortgage. Typically, you will encounter two terms: Fannie Mae and Freddie Mac. But what are Fannie Mae and Freddie Mac, and what do they have to do with home ...
7 Steps To Creating A Will For Your Loved Ones
Creating a will is something no one looks forward to. This is because a huge percentage of people are scared of dying, and everyone assumes they have more time left in life. However, writing a will helps save your loved ones from any misunderstanding that could arise from your death. ...
Understanding the Basics of Credit Scores
Understanding Credit Scores Credit scores are numbers used by mortgagers to determine whether borrowers can repay on time when offered a loan or credit card. Your credit scores are based on your credit history. Furthermore, your FICO score ranges from 300 to 850. A decent credit rating is essential for ...
Credit Score Requirements to Get a Home Mortgage
Credit Score Requirement to Get a Home Mortgage The lending institution determines the minimal credit score required for mortgage approval. However, the credit score requirement can also depend on the type of mortgage you are seeking. Mortgage loans backed by government programs have strict eligibility standards, including credit history obligations. ...
Five things you need to get pre-approval for a mortgage
Five things You Need to be Pre-approved for a Mortgage Shopping for a house may be exciting and fun, but serious homebuyers need to start the procedure in a lender's office, not at an open place. Most sellers expect buyers to receive pre-approval letters and are more willing to negotiate with ...
What Constitutes a Good Debt-to-Income (DTI) Ratio?
Your debt-to-income ratio (DTI) is an essential personal finance measure that compares the amount of liability you have with your total income. Creditors, including mortgage issuers, use it as a way to determine your ability to manage monthly payments and borrowed funds. Understanding of DTI Ratio A low debt-to-income ratio ...