Found 8 blog entries tagged as Mortgages.

What You Should KNow About Your Credit Score

Buying A Home with A Mortgage: What You Should Know About Your Credit Score!

If you are planning on buying a home and and getting a mortgage, knowing your credit score before you start looking is a critical piece of information, particularly in today's low inventory environment. When mortgage lenders review your credit they are focused on a variety of things such as your timeliness in making your payments, have successfully paid your debts, how much credit you are using and more. Your Credit Score Will in Large Part Determine Your Mortgage Rate.

While your credit score isn't the only deciding factor when being considered for a mortgage, it is most definitely a significant one. Your credit score is commonly referred to as a FICO score and can…

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The dream of owning a home is central to the American Dream. Real estate represents much more than an investment, it is also part of our identity. However, in the current market, with inflation, and mortgage rate news, the prospect of homeowning and saving is often accompanied apprehension at figuring out a substantial down payment. It is important to debunk the myth that 20% down payments are the only way to own a home. Our government realizes how central homeowning is to the success of populations and generations and thus have many loan options and assistance programs, to make purchasing a home, easier than you think. Here are some of the ways to rethink downpayments, your first step towards homeowning.

20% Down Myth

20% is what people think…

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Changes to Credit Reporting and What it Means for 2023 Buyers

For many who are looking to buy a home, the variability in interest rates may have put a halt to your search. Some of our Buyer clients have concerns about obtaining financing, as a result of their credit scores as interest rates rise, they assume they won't qualify.

If you share these concerns, we have great news. There are big changes to how credit is being calculated and debts reported that may impact your ability to borrow, in major positive ways. Let's go over the five major changes to credit reporting in 2022 that impact your ability to borrow in 2023.


  1. The No Change Change. Credit scores stalled in 2022. Overall the average gain was 7 points, which takes scores back…

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Creative Ideas as Mortgage Rates Rise

The FED's effort to battle inflation, by increasing interest rates, can be very frustrating, confusing and difficult for home buyers to understand. Many consider the volatility of rates to mean that they should not buy a home now, or that it is too difficult to buy a home with conventional lending. It is true that conventional mortgage rates are much higher than they were just a year ago, however, it does not preclude you from purchasing. Homeowning has many benefits including emotional, stabilized housing costs, and the financial benefits of building equity that make it a smarter decision than renting. With mortgage rates predicted to continue to rise in 2023, we thought this would be a great time to discuss…

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As we head into the holidays, we are still seeing strong buyer demand and while typically this isn't a time sellers flood the market with listing, there are still sellers listing to take advantage of the market conditions. For those of our readers who do not follow our blog regularly, in 2021, and more specifically the latter half of the year, mortgage rates fell below 4% and remain there. As we approach 2022, rates are rising and buyers need to be serious about taking advantage if this climate if they are looking to finance their home. Sellers who are coming to the market are well aware that they have leverage. BUT, and this is the big BUT, sellers cannot ask way above the asking price and expect their home to sell. In this post we will discuss…

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Are you considering a reverse mortgage? Do you know what a reverse mortgage is? Is it the same as refinancing? In the past decade reverse mortgages have gained in popularity, but we have also witnessed a rise in fraudulent and predatory practices within this industry. It has been pushed to seniors as a catch-all financial retirement product. However, it is important to understand that in reality it's a loan and when used to cover living, medical or other expenses you must understand that you are reducing the equity in your home. Applied without careful consideration, it can put your finances in a much worse position than other options that may be available to you. Let's explore the reverse mortgage and see if this is an option that makes sense for…

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What's a Good Credit Score and Why does it Matter

 What's a Good Credit Score and Why Does it Matter?

Your credit score is so important throughout your life that it should be taught as part of a standard curriculum for financial literacy and adulthood. Unfortunately it isn't and in this instance, ignorance is anything but bliss. In this blog, we're going to take a deep dive to explain the importance of your credit score, how it's determined and steps you can take to improve it. My NC Homes would like to help our would be home buyers understand how your credit impacts not just your ability to purchase a home but also the terms you'll be given. Just because your credit is fair on one report, it still might not qualify for the lowest available mortgage rates. You may also be rejected depending on the…

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Testimonials

Moving is stressful and real estate transacting, whether buying or selling, is emotional. The team you use can ease emotions or add drama. We have found that buyers who choose their vendors based on digital review or paid review sites have unreliable results, at best. In our decades of experience in real estate, we have witnessed the rise of the digital professional over the word of mouth professional, and would like to offer our vendors who are proven beyond paid review or page rank. If you are looking to buy or sell a home in Raleigh-Durham, contact a member of our team to begin your search.

Lenders

A reputable lender will offer fair terms and competitive rates derived from your present financial status, adjusted income, and credit history.…

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