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Company spotlight loanDepot loanDepot prides itself on its technology platform, which combines robust lead-delivery systems and predictive data in order to better streamline the mortgage lending process. When it comes to the most important facets of mortgage loans – rates, reliability, and research,... Read Profile
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You probably have different options for paying your mortgage loan. This includes writing and mailing a check, making a one-time online payment, or setting up recurring payments so funds are automatically drafted from a savings or checking account. Depending on where you bank, you may also have the option of paying your mortgage with a credit card. This is a convenient feature. But before you enter your 16-digit credit card number, there are a few things you should know about paying your mortgage with a credit card. Pay With a Credit Card and Avoid Late Fees Some people could argue that paying a mortgage with a credit card is absurd and should be avoided at all cost. But the situation isn't black or white. The truth is, there are times when paying your mortgage with a credit card makes sense. The key, however, is knowing the correct way to approach the situation. Several reasons could justify paying a mortgage with a credit card. Let’s say you’re a self-employed worker or an employee who only gets paid once a month. In… Read more

Some homebuyers focus their energy on finding a house within a specific price range. But while getting a fair price for a property is important, it's also advantageous to secure a low-rate, affordable mortgage loan. Mortgage interest rates vary from lender to lender. This is why it’s crucial to shop around and compare home loans offered by different lenders. These lenders include big banks, community banks, credit unions and online lenders. After completing a pre-qualification form, these financial institutions can evaluate whether you’re eligible for a home loan, and provide a rough estimate of what you can expect to pay with regard to interest and fees. Interest affects how much you pay on a monthly basis and over the life of the mortgage. Mortgage fees, or closing costs, include the lender’s loan origination fee, credit application fee, appraisal fee, attorney fees, etc. Purchasing a home is a major investment, and sad to say, mortgage-related costs can drain your savings. Comparison shopping, on the other hand, can help you procure a low-rate mortgage, plus save on lender fees. Every time you… Read more

Mortgage rates are at historic lows, so now’s as good a time as ever to take the plunge and purchase your first property or buy another home. Since job stability and regular income are paramount if you’re thinking about a home purchase, make sure you have your financial house in order before meeting with a mortgage lender. Good credit helps you qualify for a mortgage and receive a low interest rate, but lenders also evaluate your income to determine how much you can spend on a house. For that matter, you need to know which types of income a lender uses when qualifying applicants. 1. Salary/paycheck If you're an employee and receive a W-2, your mortgage lender needs documented proof of this income. This includes copies of your tax returns from the past two years, as well as paycheck stubs for the past 30 to 60 days. Typically, you must be gainfully employed for a minimum of two consecutive years to qualify for a mortgage. If you switch jobs during this two-year period, you must remain in the same field… Read more

There are plenty of online resources and tools to help you count the cost of buying a house. A home purchase is a major decision and one of the largest investments you’ll make. Some people fear getting in over their heads. With a purchase of this magnitude, there’s the risk of being house poor. A bank will look at your income to determine your pre-approval amount. But sometimes, lenders pre-approve applicants for more than they can afford, so you have to use discernment. The good news is that an online mortgage calculator can help you decide a comfortable amount to spend on a property, as well as provide information about mortgage costs. Here are four ways to utilize a mortgage calculator when shopping for a home loan. 1. Estimate mortgage payment A mortgage calculator takes three variables into consideration: sale price, mortgage term and interest rate. This is an excellent tool for estimating your mortgage payment. If you are familiar with average prices of homes in your area, but not sure if you can afford to purchase within this range,… Read more

Getting a mortgage and buying a home requires proof of employment and a regular income source. However, it takes more than a job to qualify for a purchase. You also need a credit history. A lender will use your credit history to determine whether you can be trusted to repay a mortgage loan. Some people apply for a home loan without understanding how credit affects a bank’s decision. The more you know about credit, the more you can prepare for a home loan. Here are four things you should know about credit and buying a house. 1. It doesn't have to be perfect Some people put off purchasing a home because they think their credit has to be perfect to qualify for the loan. This isn't the case. It’s true that most lenders will not approve your application if you have more than one 30-day late payment within the past 12 months. They will, however, consider an approval if you have a minimum credit score of 620 (500 to 580 if you’re applying for an FHA home loan). So if… Read more