No homebuyer wants to hear the words, “Mortgage loan denied in underwriting.” The good news? A denial doesn’t have to be the end of the road for obtaining a mortgage. By understanding the warning signs your mortgage will be denied, you can take the right steps to get your homebuying journey back on track. Key … Read more
Strapped for cash? Your home can be an excellent source of funds Part of the Series Home Equity Loans/HELOC Homeowners in the United States with mortgages have recently seen the equity in their homes grow substantially: In the first quarter of 2024, home equity increased year over year by a total of more than $1.5 … Read more
While achieving a perfect 850 credit score is rare, its not impossible. About 1.3% of consumers have one, according to Experians latest data. FICO scores can range anywhere from 300 to 850. The average score was 714, as of 2021. The few people who do manage to achieve perfect credit scores tend to share three … Read more
Coming up with a down payment is one of the most challenging parts of buying a home. The typical homebuyer puts down 15% at the closing table, according to the National Association of Realtors (NAR), which often translates to tens of thousands out of pocket. For a $350,000 home, that’s a $52,500 down payment. But … Read more
“Expert verified” means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Bankrate is always editorially independent. While we adhere to strict , this post may contain references to … Read more
Being ‘blacklisted’ is a bigger deal than most people think, and the consequences also last longer than most would guess. This is a big statement, but is true: Understanding ‘blacklisting’ (and credit restrictions) could change your life. That’s right. It’s that important. Now, let’s back up that statement and tell you everything you need to … Read more
A declined Halifax mortgage application doesn’t have to mean the end of your dreams of owning a home. Find out how a broker can get your mortgage aspirations back on track. Halifax is one of the UK’s largest mortgage lenders offering a wide range of mortgage products to suit different buyers’ needs. But are their … Read more
The average credit score in Canada was 760 in November 2024, according to the Fair Issac Corporation, or FICO, a company that calculates credit scores for many credit reporting agencies around the world. Knowing your credit score and how close it is to the average can help you be more prepared to apply for financial … Read more
Having an escrow account set up with your mortgage lender can make budgeting easier by spreading property tax and insurance costs throughout the year. But sometimes, an escrow shortage can occur when there aren’t enough funds to cover upcoming expenses. If you’ve received notice of an escrow shortage, one option is to pay the full … Read more
American households carry a total of $18.203 trillion of debt and average $105,056 per household. Total debt is at an all-time high as of the fourth quarter of 2024, according to the Federal Reserve. Mortgage debt makes up 70% of total household debt in the United States. Drawing on data from Experian, the Federal Reserve, … Read more