Category: Credit
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First C of Lending: Credit
When it comes to getting a mortgage, one of the biggest things lenders look at is your credit. Credit is super important for deciding if you’ll get approved and what loan terms you’ll get. In this chapter, we’ll break down the first C of mortgage lending: Credit. We’ll talk about how credit scores are calculated,… Read more
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The 3 C’s of Lending
In mortgage lending, there are three key factors lenders use to decide if you can get a loan: Credit, Capacity, and Collateral. Let’s break these down in simple terms so you can understand why they matter. Credit is the first thing lenders look at. Your credit score shows how responsible you are with money. It’s… Read more
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The Critical Role of Credit Scores in Your Home Buying Journey
Introduction: Embarking on the quest to purchase your dream home can be thrilling yet daunting, and the role your credit score plays in this adventure is monumental. If buying a home were akin to sailing the seas, then your credit score would be the compass guiding your voyage. This guide will explore why a robust… Read more
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Interest Only Mortgage
Description An interest-only mortgage allows the borrower to pay only the interest on the loan for a specified time, typically 5-10 years. After the interest-only period, the payment will increase to include both principal and interest. Benefits Requirements Loan Options Most interest-only loans are structured as adjustable-rate mortgages, adding a level of risk due to… Read more