Comparing Mortgage Lenders

Posted on Leave a commentPosted in FAQs, Homebuyers, Homeowners, Mortgage, Rates & Fees, Refinance

$402,302

$341,956

$8,836.68

Ummm, ok, what are those numbers?  Those are numbers I think you will be quite interested in…

$402,302 is the average sales price in Denver right now.
$341,956 would be the mortgage amount with an average down payment (15%).
$8,836.68 is the extra interest paid over 30 years between a 3.875% rate and a 4% rate.… Read the rest

How Mortgage Companies Look at Credit Scores

Posted on Leave a commentPosted in Credit, FAQs, Homebuyers, Qualifying

You have a CreditKarma or FreeCreditReport.com account and you keep a close eye on your credit score.  You receive alerts notifying you of any activity or score changes.  You are on top of it!  Keeping tabs on your credit score through subscription programs like this may be helpful to see what is going on but do you know how mortgage companies look at credit scores?… Read the rest

Credit Disputes Impact Mortgage Qualifying

Posted on Leave a commentPosted in Credit, FAQs, Homebuyers, Qualifying

Did you know you could dispute items on your credit report?  Did you know that disputing items has become a popular method to clean up your credit and improve your score?  I am here to tell you that credit disputes impact mortgage qualifying, so be careful.

credit disputes

Fair Credit Reporting Act

The Fair Credit Reporting Act (FCRA) was put in place in the 70s but was amended under the Fair and Accurately reflect Credit Transactions Act (FACTA) in 2003.  … Read the rest

8 Factors to Calculating an Accurate Mortgage Payment

Posted on Leave a commentPosted in General

Calculating an accurate mortgage payment can be quite difficult.  There are hundreds, if not thousands, of mortgage calculators found online.  Unfortunately, most of them are either too simple or make too many assumptions.  You plug in one or two items and it spits out a payment for you.  These can be great for very simple situations but we do not live in a simple world and sometimes we need a more accurate mortgage payment to be calculated.… Read the rest

Don’t Pre-Pay Your Mortgage Until You Read This

Posted on Leave a commentPosted in Homeowners, Mortgage, Prepayment Strategies

The American Dream is to buy a home and we incur a massive debt to make that possible.  We are always told that debt is bad and so therefore the first step after getting this massive debt is to work on paying it off, right?  I am here to say that you should not pre-pay your mortgage until you read this…

pre-pay your mortgage

Most Americans, in addition to the debt they incurred to make home ownership a reality, have other debts.  … Read the rest