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5 Things to Know About Variable Rate Mortgages

Posted onNovember 07/2014By

Buying your own home is one of the most important financial decisions you’ll make. Choosing the best mortgage can seem daunting as you have many options, but understanding all your options will help you make the right decision. This article explains the key facts about variable rate mortgages. Variable rate mortgages: a definition Variable rate mortgages do not have fixed interest rates. Unlike fixed rate mortgages, the interest rate and monthly payment you made with a variable rate mortgage will change with the prime lending rate your lender sets. Very simply put, your payments could decrease, but they do have a chance to increase. Variable rate mortgages fluctuate with prime rate Variable rate mortgages are quoted as the Prime lending rate plus or minus a percentage set by your lender. For example, if the variable rate is prime -0.8%, and the prime rate is 5%, you would pay 4.2% with…

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4 Things Everyone Should Know About Credit Scores

Posted onNovember 04/2014By

Your credit score is key to getting a mortgage—especially getting a mortgage from a prime lenders who offer the best rates. If you’ve had credit card troubles in the past and are worried about your upcoming mortgage application, here are four things you need to know: You can check your credit score Your credit score is a number from 300 to 900, calculated by a credit bureau and based on your credit report. Your credit report is a summary of your credit history. Your credit history begins when you apply for credit, or borrow money. It includes information on your debts, including how often you miss payments, or if you go over your credit limit. Your credit history will also include any bankruptcies. As your financial history changes, your credit score will change. If you’re applying for a mortgage, your lender will check your credit score. You can also check…

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