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Blog Image: Credit Score: 5 Things You Might Not Realize Play A Role

Credit Score: 5 Things You Might Not Realize Play A Role

1. Library FinesWhile holding onto your rented library book for a few extra weeks might not have seemed like a big deal at the time, it could have come with a cost. And if you opted to ignore that late fee, you may be hurting your credit score. Libraries can send overdue fines to collections, which can be reported on your credit score.2. Parking TicketsLike other fines, cities are more frequently turning unpaid parking tickets over to collection agencies, and that can have a huge impact on your credit score. Next time you get a ticket for parking a little too long outside of the doctors office...

February 9th, 2017 | 247, application, credit, home loan, baltimore, loan programs, maryland, millenials, mistakes, mortgage, interest rates, lenders, new, refinance, Credit Score: 5 Things You Might Not Realize Play A Role

How To Get The Best Interest Rate

Getting the best interest rate is important- the lower the rate, the more money you have in your pocket. Here are a few ways to ensure that you get the best interest rate for your mortgage loan:1. Improve your credit scoreKeep credit card balances low, make payments on time, and make sure you have a variety of credit.2. Improve your debt-to-income ratioTrying increasing the amount you pay on your loans. When possible, always pay above the minimum payment.3.Consider a shorter-term fixed-rate mortgageMost borrowers consider a fixed-rate, 30-year mortgage. If you are able to handle higher monthly...

January 25th, 2017 | 247, baltimore, credit, home loan, lenders, loan programs, maryland, refinance, real estate, mortgage, interest rates, How To Get The Best Interest Rate

Blog Image: 4 Reasons to Buy a Home During the Holiday Season

4 Reasons to Buy a Home During the Holiday Season

Not many people like to uproot their family and go through the stresses of home buying and moving during the holidays, but some do. Here’s why they might just be doing it the right way…1. Less Market ActivityLots of family, school, and work activities, combined with the weather in many locations, lead to fewer real estate transactions over the holidays. Since fewer people overall are looking to buy houses, you will have less competition for your preferred house – and this gives you leverage.  2. Motivated Sellers – People who are selling their homes over the...

December 4th, 2016 | 247, application, home loan, credit, lenders, loan programs, maryland, refinance, real estate, new, mortgage, millenials, 4 Reasons to Buy a Home During the Holiday Season

Blog Image: What Is The Difference Between A Pre-Qualification & A Pre-Approval?

What Is The Difference Between A Pre-Qualification & A Pre-Approval?

One mistake that home buyers commonly make is not getting a pre-approval.  Many home buyers believe that a pre-qualification is the same as a pre-approval, which is not true.A mortgage pre-qualification can easily be defined as an estimation of how much a buyer can borrow.  In many cases a pre-qualification is only as good as the piece of paper that it’s written on.  It’s fairly common practice that a mortgage lender who pre-qualifies a buyer asks them for information such as income, debts, and other assets without verifying the information.  If a buyer is not t...

October 23rd, 2016 | 247, application, baltimore, credit, home loan, lenders, loan programs, maryland, refinance, real estate, new, mortgage, What Is The Difference Between A Pre-Qualification & A Pre-Approval?

Blog Image: How to Build Your Credit:

How to Build Your Credit:

Thinking of buying a home? Here are some best practices for building your credit:Keep balances low. For the best credit score, keep your balance under 30% of your card’s total limit. If your credit card has a $500 limit, don’t carry a balance of more than $150. If you use your card more than that, there’s a simple trick for having a lower balance reported. Just pay it down before the balance is reported to the credit bureaus (usually on the statement closing date, but check with your card issuer to be sure).The most important factor is your payment history. Do you make your m...

October 23rd, 2016 | 247, application, baltimore, credit, home loan, lenders, loan programs, maryland, refinance, real estate, new, mortgage, mistakes, How to Build Your Credit:

Blog Image: What credit score do I need to get the best rate?

What credit score do I need to get the best rate?

What credit score do I need to get the best rate? Great question!  This is one that I hear frequently from clients.  The answer is.......it depends on your situation. It depends on what type of loan program you are using, how much of a down payment you have, and which lender you are working with to secure financing.   Generally speaking, if you are obtaining a Conventional mortgage, backed by Fannie Mae or Freddie Mac, you can qualify for the best rates with a credit score of 740 or higher. There are a few exceptions , though. For example, if you have a down payme...

October 5th, 2016 | 247, application, baltimore, home loan, lenders, loan programs, maryland, millenials, mistakes, mortgage, new, real estate, refinance, credit, What credit score do I need to get the best rate?

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