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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?

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

Blog Image: The 20 Percent Down Payment Myth

The 20 Percent Down Payment Myth

If you have ever purchased a home, or even talked to someone about doing so, you are familiar with the "20 percent down myth". Fearful first-time buyers, you can officially bust that myth today.Of course, there are many different factors that go into establishing the percentage that you will need to put down on your new home. If your credit score is acceptable, you can get a conventional home loan with a down payment of just 5 percent. Better yet, the entire amount can be a gift from a family member.Moreover, an FHA loan insured by the Federal Housing Administration requires just 3.5...

August 7th, 2016 | 247, application, home loan, lenders, loan programs, mortgage, new, refinance, baltimore, maryland, real estate, The 20 Percent Down Payment Myth

Blog Image: Baltimore Market on the Rise

Baltimore Market on the Rise

A new report this week showed that the Baltimore area is on the rise for potential homebuyers.Redfin, a real estate data group, released its Demand Index that focuses on home-buying trends, home tours and residential purchase offers in 15 major metro markets in the U.S. The index showed that interest in home buying in Baltimore led the U.S with rates that exceeded 20 percent over 2015 figures.If you are hesitating to buy and want to talk to a professional first, contact us today! We are here to help. All the time. 

July 27th, 2016 | 247, application, home loan, lenders, loan programs, mortgage, new, Baltimore Market on the Rise