Market Recap: Construction Spending Unchanged, Mortgage Apps Up, ADP Employment Numbers Positive

Mortgage rates started to trend upward after a few weeks of holding steady.  This month, US construction spending remained unchanged and private-sector jobs grew less than anticipated.  New purchase mortgage applications rebounded after last week’s declines, and refinance applications decreased slightly. US construction spending from April to May was unchanged Read More

3 Mortgage Myths that are Wrong

As the spring and summer buying seasons quickly approach, prospective homebuyers have to remain careful about falling for mortgage myths. Let’s dispel the following three mortgage myths: No. 1: Buyers must have a high credit score Having a high credit score won’t hurt, but subpar scores won’t bar buyers from Read More

How to Whip Your Credit Into Shape Before Buying a Home

Mortgage interest rates have dominated the news lately, but there’s another aspect of buying a home people shouldn’t forget about: credit scores. It’s one of those things many individuals don’t even think about it until it’s time to make a big purchase. But a poor credit score can be a Read More

Balancing Your Expenses: What a Debt-to-Income Ratio Means for a Mortgage

One important consideration that a lender takes into account when deciding whether to approve a borrower for a mortgage or a mortgage refinance is their debt-to-income ratio. This small ratio, buried among all the other percentages and numbers in an application, is often a key deciding factor – even more so than credit scores and savings. Read More

What compensating factors help get buyers qualified outside of FICO scores?

Your FICO credit score is an important element of qualifying for a mortgage – but maybe less important than you think. While lenders traditionally look to a high credit score as in indicator of a responsible borrower, this has started changing in recent years. There are other factors that may qualify a person Read More

How Does a Credit Score Affect a Mortgage?

For first-time homebuyers, understanding how their credit score will affect your mortgage eligibility can be tricky. Not only will your credit history help determine if you qualify for a mortgage, it can also shape the kind of mortgage you can get—and how much you end up paying for a home Read More

Young People Still Want to Buy Homes

Young millennials are waiting longer to buy houses than previous generations, leading some market experts to surmise that they simply don’t want to own property. This isn’t true. Millennials appear just as willing and eager to buy homes as anyone else — especially now that rising rents are surpassing the Read More

Mortgage Applications Up, Rates Down

According to the Mortgage Bankers Association (MBA)’s report on mortgage application activity, mortgage applications increased by 4.6 percent week-over-week during the week ending March 27. This increase followed close on the heels of a 9.5 percent week-over-week rise the week before, indicating that spring is getting off to a strong Read More