When borrowing money from a bank or another financial institution, people often need to provide a lender with collateral. Both in mortgages and home equity loans, your home serves as the guarantee for a lender you will return the money. Otherwise, a loan provider can seize your property.
We all get into trouble from time to time. Some, unfortunately, are reflected in our credit history. And, even more unfortunately, this can significantly spoil our financial relations with banks and even landlords. But you still need somewhere to live despite your credit score, right?
A solid credit score is necessary to get approved for a home loan. That's why we recommend against opening any new lines of credit or making large purchases on credit when applying for a home loan --these actions lower your score, resulting in getting denied a mortgage. But what...
There are many common mistakes first-time home buyers make. Some are minor, while others can end up being costly. Fortunately, several of these mistakes are avoidable. Please read and share this article with other first-time home buyers to help them spot these common errors before...
Everyone has a different path to homeownership. Items like the type of loan you get and deciding on a real estate agent affect your timeline. But generally speaking, it takes about 30 – 60 days from start to finish to buy a home. Let's take a closer look at the homebuying timeline so that...