How Credit Score Affects Your Mortgage Interest Rate

Impact of  Credit Score on Your Mortgage Interest Rate. Among many factors that will determine the mortgage interest rate your lender may ask you to pay is your credit score. However, the impact that your credit score will have on the calculation of your mortgage interest rate will depend on the type of mortgage you are applying for. I will explain this in detail down the line. What is credit score? Credit score is the three digit number used by credit bureaus to measure the creditworthiness of individuals based on the available information in their credit file. In most cases, Continue ReadingHow Credit Score Affects Your Mortgage Interest Rate

How to Get Preapproved For a Mortgage Loan

Prequalification Vs preapproval In this article, I will try to use one stone to kill two birds. I will provide you a guide on how to get preapproved for a mortgage loan and at the same time show you the difference between prequalification and preapproval. It is good that I start with the basics so that you have a full understanding of the topic. A wise man once said that the best way to start anything is to begin from the beginning. That is true. Imagine someone who wants to build a house and decide to start the house from Continue ReadingHow to Get Preapproved For a Mortgage Loan

Personal Finance Resolution You Need to Make in 2018

My Personal Finance Resolution. Happy New Year to you all! How was the holiday period? I hope you had enough rest. Actually, the holiday period was not supposed to be used just for junketing from one place to another only. Being the end of the year, it should be a time of soul searching and reflection. What were your expectations for last year? How many of them actually came through? What were those things you did right and what areas did you commit blunders? What were those things you did that you would have done differently? What opportunities did you Continue ReadingPersonal Finance Resolution You Need to Make in 2018