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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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A mortgage pre-approval can speed up the home buying process, and it’s an excellent way to know how much you can afford before shopping for houses. A pre-approval involves giving the bank your income statements, such as W-2s or tax returns. The bank reviews your income and credit history, and based on this information, either approve or deny your mortgage application. A pre-approval letter indicates you’re a serious buyer, but it doesn’t guarantee you'll make it to the closing table. A bank can still reject your loan, especially if you make decisions that change your financial picture. To avoid any setbacks, here are four things you shouldn’t do after getting pre-approved for a mortgage loan. (more…) Read more

If you have an existing relationship with a big bank, you might choose it as a lender for your mortgage. These banks offer a buffet of mortgage products, but they don’t exactly cater to every type of borrower. Broaden your search and you may discover that small mortgage lenders can give the big guys a run for their money and even help you save some of yours. Whether it’s a small credit union, a community bank or a mortgage company, here are three reasons why you shouldn't overlook a small lender. 1. Flexible Lending Practices If a big bank turns down your mortgage application, don’t assume you can’t qualify at this time. Large banks have tighter lending guidelines, and they typically prefer applicants with ideal circumstances. This can be a problem if you are self-employed, buying a unique property or need a specialized mortgage. (more…) Read more

There’s no one-size-fits-all mortgage loan. You have the freedom to select the mortgage term, the type of mortgage product, and you can even choose between a fixed-rate or an adjustable-rate mortgage. The choices, however, don’t stop here. It might come as a surprise, but some lenders allow borrowers to choose the frequency of their mortgage payments. Mortgage payments are typically due on the first of every month, but you might have the option of biweekly payments. A biweekly mortgage plan requires a mortgage payment every two weeks. It’s not the full mortgage payment, but rather half payments. Understandably, you may prefer not to think about your mortgage multiple times in a given month—but this plan does have its advantages. (more…) Read more

Getting a mortgage has become harder for everyone due to tighter lending requirements—but if you are self-employed, you have a unique challenge ahead of you. Freelancers, independent contractors and other self-employed workers don’t receive a W-2 from an employer. Instead, they rely on stated income on their tax returns to determine eligibility for a mortgage. Their income can be irregular and fluctuate from week-to-week, so they’re often classified as high-risk borrowers. Being self-employed doesn't mean you’ll never be able to buy a home. The trick is understanding what lenders require from you. (more…) Read more

You may be financially ready to purchase a home, but buying a house requires more than income. You also need acceptable credit. Your credit score tells a lender a lot about your credit habits and, unfortunately, a bank isn’t going to give you a mortgage if you have unresolved credit problems. The good news is that you can fix your credit. So, while you may not qualify for a mortgage today, you can qualify in the future! Here are three strategies to get your credit mortgage-ready. (more…) Read more