Question: “I have been told I need to check my FICO score before applying for a home loan? Is this correct? If so, can you tell me how to get my credit score from the web? Thanks.”
Technically, you don’t have to check your FICO credit score before submitting a mortgage application. There is no law [...]
Question: “I’ve been hearing a lot about FHA home loans lately, and how they offer certain advantages over conventional mortgage loans. What’s the difference between them? And which is better, FHA or a conventional mortgage loan?”
I can’t answer the “better” part, because it’s a relative term. It also depends on the type of real estate [...]
Question: “We have been told that we may want to consider a second mortgage loan when buying our home, in order to avoid extra insurance fees. How does a second mortgage work, and why do people use them?”
If you were told this by a lender, I would ask them to explain it. I’m happy to [...]
Do you really need to use a real estate agent when buying home? I’ve always recommended it. It’s even more important to use an agent if you’re buying your first home, buying in a new city that’s unfamiliar to you, or a combination of these things.
What are the benefits of using a real estate agent? [...]
Is now a good time to buy a house? This is one of the most common questions we receive from first-time home buyers. Typically, we refrain from giving specific advice on this subject, because it’s up to the individual to make such life-changing decisions. Generally speaking, however, the current housing market forecast shows a lot [...]
Reader Question: “How does a lender decide what mortgage rate I’m going to get? How are these rates determined when I apply for a loan?”
The amount of interest applied to a home loan is determined by many different factors. But all of these factors fall into one of two categories — economic and personal. Here [...]
I’ve always said the best way to prevent identity theft is to exercise good old-fashioned common sense. By protecting your personal information and keeping an eye out for fraud, you can protect yourself from most threats. But I recently revised my opinion on this subject, after becoming a victim of ID theft. I’ll spare you [...]