Tagged : credit RSS Feed

Many people think that renting is less expensive than owning their own home. But as it turns out, it’s actually cheaper to pay a monthly mortgage payment than a month’s rent. 

According to a study done by the personal finance website GOBankingRates.com, the median monthly rent price for a single family home was $1,195, while the average mortgage payment was $934—a difference of $261! What could you do with an extra $261 a month?

Taking the leap from renting to buying a home is one of the biggest financial decisions a person can make, but mortgage rates are still historically low, making now a great time to buy. It’s also gratifying for homebuyers to see their mortgage going towards something that is theirs, as opposed to throwing away money…

Buying a home can be stressful, especially if you’re a first-time home buyer. If you’ve been considering buying a home, now is a great time! To help you get ready for this big life decision, we’ve gathered some of the most important tips you should know before you buy: 

1. Start saving for a down payment early 

There are plenty of mortgage programs that offer as little as 3% down on a new home—but by putting less than 20 percent down, you’ll be losing a lot of money in the long run. If you borrow more than 80 percent of the value of your home, you normally have to pay for private mortgage insurance (PMI) to protect the lender. That PMI typically costs between .5-1 percent of the loan amount, which may not sound like much, but if if your loan balance…

If you’re looking to buy a home, it’s time to check that dreaded credit score! While to us our credit score doesn’t mean too much, to a lender who’s considering whether to approve your mortgage loan, a low credit score can indicate you’re a risky borrower. And for most of them, that’s not a risk they’re willing to take. 

So, what do you do to get your credit score up and get ready for your home purchase? Let us help with these tips. 

1. Get a current copy of your credit report

Knowing is half the battle when it comes to your credit. If you know where you stand, then you know exactly how much work it’s going to take to make that good credit score happen for you. You're entitled to one free copy of your credit report every 12 months from each…