Four Mortgage Myths, Debunked
Whether you're hearing mortgage myths from friends and family, or just finding the information online, finding out what it actually takes to become a homeowner can be difficult. We will fill you in on four common mortgage myths and give you the correct information so you feel confident moving forward as a future homeowner. 1. Myth: You Need 20% Down to Purchase a Home One of the most popular myths [...]
How Credit Inquiries Affect Your Credit Score
What is a Credit Inquiry? Before we get into how a credit inquiry affects your credit score, let's briefly go over what it is exactly. A credit inquiry is a request made by an institution for credit report information from a credit reporting agency. This is done by lenders to check on your credit history before making a decision on lending you money for a house. The Difference Between Soft [...]
What Should You Do if Your Mortgage Application is Denied?
Was your mortgage application recently denied? If so, don't panic! This doesn't mean that all hope is lost. Team Crescenzo has some tips and advice for you on what to do if this happens to you! Call Your Lender First thing's first, you need to find out why your application was denied. Legally, your lender is required to tell you why you were not approved. Giving your lender a call [...]
What to Avoid After Applying for a Mortgage
So, you've applied for a mortgage. Congratulations! This is an exciting time, and one of the first steps in the home buying process! While it may feel like you're in the clear, there are some things you will want to avoid doing, even after you've applied for a mortgage. Applying for New Credit You want to avoid applying for any type of new credit, whether it's a new car, credit [...]
Why Your Home Inspection is Important
Are you purchasing a new home and thinking about skipping the home inspection? While this may be tempting to do in order to appeal to the sellers, we do not recommend skipping this extremely important step. What is a Home Inspection? A home inspection is a non-invasive examination of the condition of a home. Home inspections are conducted by someone who's certified and has the proper training to go through [...]
Can You Qualify for a Home Loan if You Have Student Loans?
If you're ready to purchase your first home, but you're worried your student loan debt may be holding you back, we're here to help! Although it's true that having too much debt will affect your interest rate and whether you can qualify for a mortgage, in most cases you can still consider buying a home if you're ready to. Debt-to-Income Ratio Your debt-to-income ratio is the percentage of your gross [...]
