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How important is my credit?
Your credit is an important consideration for determining your
creditworthiness. Information in your credit report is prepared by a
credit bureau or consumer reporting agency. Any late payments or other
adverse information contained in your credit report will receive
additional review during the underwriting of your loan application, and
may require further written explanation(s) or documentation from you as
we consider your loan request.
What if I've had credit problems?
Your credit history is only one factor in qualifying for a loan, and
having made some late payments doesn't have to keep you from buying a
home.
What will my mortgage payments include?
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Principal, which is the
total outstanding balance of the loan
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Interest, which is the cost
of borrowing money
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Taxes, which are levied on the property by
the government
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Insurance, which protects the owner and the
lender from losses caused by fire and natural hazards
How do I know if
it makes sense for me to refinance?
First determine your financial mortgage related goals: i.e. are you
looking to improve your monthly cash flow, reduce your mortgage term, do
you need to take out cash utilizing the equity from your home? Obtaining
the right mortgage for your particular needs could make sense even when
rates are not at their lowest levels. |
