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Blog Category: Mortgage Basics

Second-Time Homebuyer Downpayment Strategies

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 is required by the loan program you use to purchase ... More

How Your Personal Finance Habits Impact What Home You Can Buy

How Your Personal Finance Habits Impact What Home You Can Buy

How Can I Improve My Personal Financial Position? It can be difficult to purchase or refinance a home with a bad credit score. This leads people to ask, is there anything I can do to quickly fix my score? Many people with bad credit think there is no foreseeable ... More

Mortgage Options for People with Bad Credit

Mortgage Options for People with Bad Credit

How Can I Get Approved for a Loan With Bad Credit? When interest rates are low, it’s a great time to apply for a home loan. But for many borrowers, there’s an “if” involved in that statement. When interest rates are low, it’s a great time to buy a home IF you have a good ... More

How Your Credit Score Affects Your Mortgage Rate

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 a FICO credit score above 700, your borrowing power is strong. ... More

How to 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, the average American’s credit score in 2017 ... More

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’t closed yet. It’s common to think that buying ... More

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, as such, look carefully at an applicant’s credit. Here ... More

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 out and, as such, look carefully at an applicant’s ... More

Good Habits for a Smoother Loan Approval

With the increased federal and state regulations governing today’s mortgage financing, both lenders and borrowers are having to work within tighter guidelines to secure a loan approval. To improve your loan approval experience, here are some helpful tips and good habits you should keep in mind to help secure a successful loan approval. 1. Monitor and maintain ... More

Preparing for Your Mortgage Approval

The “Do’s & Don’ts” of the home loan process With the increased federal and state regulations governing today’s mortgage financing, both lenders and borrowers are having to work within tighter guidelines. To improve your experience, here are some helpful tips and good habits you should keep in mind to help secure a successful loan approval. More

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