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Category: Mortgage Basics (10 Articles)

Second-Time Homebuyer Downpayment Strategies
April 23, 2020 | 8 minute read

Second-Time Homebuyer Down Payment Strategies

Do Second-Time Homebuyers Need a Down Payment? The quick answer is yes, it is almost certain that you will need a down payment. How much do you have to put down on a second home? That answer will depend on how much you can afford and how much ... More

Mortgage Options for People with Bad Credit
April 16, 2020 | 5 minute read

Mortgage Options for People with Bad Credit

When your credit score is low, your borrowing options are limited. But there is hope for your homebuying dream. Don’t get overwhelmed. There are programs available and people willing to help you. More

How Your Credit Score Affects Your Mortgage Rate
April 14, 2020 | 5 minute read

How Your Credit Score Affects Your Mortgage Rate

How Much Can I Borrow With a 700 Credit Score? A high credit score is your golden ticket to a low-interest rate home loan. So if you are among the nearly 58% of Americans with ... More

January 24, 2019 | 6 minute read

Increase Your Credit Score by 100 points in 45 days

Increasing your credit score is a popular topic that millions of people offer their advice on. Summit Mortgage has been dealing with credit scores for the last 25 years, so take it from us: not all of that information is accurate. According to Experian, More

January 28, 2018 | 3 minute read

5 Items To Wait To Buy Until After Your Mortgage Loan Closes

It’s perfectly normal to be excited about finally purchasing the home you’ve always dreamed of. Now you’re ready to ditch the hand-me-down furniture you’ve used for years and pick up that new matching bedroom set. There’s only one problem. Your mortgage loan hasn’... More

January 10, 2018 | 2 minute read

3 Credit Considerations Before You Apply For A Home Loan

Before applying for a mortgage, borrowers need to build a plan for how they are going to manage their credit both going into the mortgage process and as they navigate through it. Lenders like to know that borrowers have a strong likelihood of repaying the loans they take out and, ... More

January 5, 2018 | 2 minute read

From Application to Ownership: How to Manage Your Credit Score

Before applying for a mortgage, borrowers need to build a plan for how they are going to manage their credit both going into the mortgage process and as they navigate through it. Lenders like to know that borrowers have a strong likelihood of repaying the loans they take ... More

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