Should you wait for lower prices & interest rates?

Home prices have been rising for over seven years, and mortgage interest rates for five years. Should you wait to buy a home? The numbers say no. According to the National Association of REALTORS®, the median existing home price is more than $250,000, the highest it’s ever been. If you wait to buy a home, […]

How Late Payments Impact Credit Scores

FICO scores, the Fair Isaac Corporation credit-scoring system, are used by lenders to determine your creditworthiness. The lower your scores, the more risk you pose to lenders, resulting in higher interest rates or loan denial. Scores fluctuate for many reasons, including your debt-to-income ratio, making minimum payments only, credit inquiries and other factors. But nothing […]

Using Gifts for A Down Payment

Merry Christmas, homebuyer! Don’t cash Mom and Dad’s check yet! Your loan could be denied if the money isn’t carefully documented. Why? Gifts can cause confusion. Is your parents’ money a gift or a loan? Unless the terms are clearly defined, don’t mix the gift with your own funds. It alters your bank statements and […]