You need credit to get a mortgage, that’s common knowledge. But what if you don’t have a credit score? Will the USDA still consider you for a mortgage? Compare Offers from Several Mortgage Lenders. While it seems odd, you may still be able to get a USDA loan even if you don’t have a credit score. While the USDA and USDA lenders would prefer it if you had a credit score and long credit history, they do offer alternative methods to … [Read more...]
Tips for a Smooth USDA Loan Approval
Loan applications get turned down every day, but USDA loans have a unique aspect about them. If you think you may be eligible for this program, keep reading to learn the most common reasons USDA lenders turn loan applications down. What is the USDA Loan? First, let’s look at how the USDA loan works, as it’s a unique program compared to any others available today. Looking for Current Mortgage Interest Rates? Click Here. USDA … [Read more...]
What is Loan Principal?
When you take out a mortgage, your payment may be comprised of several parts including the principal, interest, and mortgage insurance. It’s important to understand each part of the payment so that you can choose the loan that is right for you. There’s no doubt that you will pay some type of fees, such as interest, as every lender charges interest as a fee to borrow the money. Understanding the Principal The principal balance of … [Read more...]
Debt Consolidation and Debt Settlement – What’s the Difference?
You are ready to buy a house – congratulations! Before you start, though, you need to do the hard work of finding a mortgage. If this is your first home, you may not even realize how many mortgage programs are available today. It’s more than choosing the right interest rate or even the right term – you have to put all of the pieces together to choose the right loan. Get Matched with a Lender, Click Here. The Type of Loan First, you … [Read more...]
Taxes and Mortgage Interest Deduction: Is Itemizing Necessary?
Taxpayers have long been able to deduct mortgage interest on their taxes. And then came the Tax Cuts and Jobs Act. While the Act did change the type and amount of deductions, it didn’t entirely eliminate the mortgage interest deduction. Looking for Current Mortgage Interest Rates? Click Here. Taxpayers may still be eligible to deduct mortgage interest paid. It depends on a variety of factors, including whether or not you will be … [Read more...]
