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 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
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 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
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
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
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
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
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
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
