With the new year right around the corner, that leaves you with precious little time to get your finances in order. Let's explore a few tips that will help you get a jump on improving your credit score before the end of the year. Grab A Fresh Copy The first step is to order a fresh copy of your credit report from one of the major agencies. The Fair Credit Reporting Act allows you to access a free copy of your credit report once every 12 months. So, if you have not ordered a copy recently, it is … [Read more...]
The Minimum Credit Score For VA Home Loan Approval: What To Know
When you are applying for a home loan, you need to make sure that you meet the minimum credit score requirements. If you decide to go with a traditional loan, the credit limit can be high, making it hard to qualify for a home loan. In contrast, you might be able to qualify for a VA home loan with a much lower credit score. What do you need to know? The VA Does Not Have A Minimum Credit Score Requirement One of the major benefits of applying for a VA home loan is that you do not need to worry … [Read more...]
What To Know About Your Debt-To-Income Ratio When Buying A Home
When you apply for a mortgage, your lender will do some quick math to figure out how much of a loan you can afford. Your lender will consider many factors, and one of the most important ones is your debt-to-income ratio. It is usually shortened to DTI, and understanding this formula can help you better understand how big of a house you can afford. An Overview Of A DTI Your DTI represents the amount of money you spend compared to the amount you make. Your lender is going to have very strict … [Read more...]
Mortgage Shopping And Your Credit Score
The vast majority of people have to take out a home loan to purchase a house. This means applying for a mortgage. Unfortunately, shopping for a mortgage can actually hurt your credit score. Any potential lender will probably have to do a hard pull on your credit. This could temporarily reduce your credit score by a few points. Those few points could make the difference between qualifying for a mortgage and getting denied one. Fortunately, there are ways for you to shop for a mortgage … [Read more...]
