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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

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 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?

Blog Image: Three Things You Want to Avoid in the Mortgage Process

Three Things You Want to Avoid in the Mortgage Process

Ready to buy your dream home? Have you chosen your mortgage lender yet? You are much more likely to get mortgage-approved if your bank statements are clear of these three things:1.  Bounced checksIf your checking account is littered with multiple overdrafts or non-sufficient funds charges, underwriters are likely to conclude that you’re not great at managing your finances.Mortgage rule-making agency Freddie Mac says that additional scrutiny is required when bank statements include NSF fees.FHA loans require lenders to manually re-approve borrowers with NSFs, even if the borrowe...

September 29th, 2016 | 247, application, baltimore, home loan, lenders, loan programs, maryland, real estate, refinance, new, mortgage, mistakes, millenials, Three Things You Want to Avoid in the Mortgage Process

Blog Image: Homeownership Trends

Homeownership Trends

According to the U.S. Census Bureau, homeownership rate has resumed it's decline."Despite two years of strong monthly job gains and solid home sales at a pace of 5.5 million annually, the homeownership rate fell to its lowest level in 50 years in the second quarter."Homeownership numbers will likely move back up only if there is an expansion of first-time homebuyers. With the huge millennial generation coming of age, the demographics seem to be shifting in favor of higher homeownership levels.In better news, Fannie Mae recently uncovered evidence that the home...

August 19th, 2016 | 247, application, baltimore, home loan, lenders, loan programs, maryland, millenials, mortgage, new, real estate, refinance, Homeownership Trends