For most conventional mortgages, lenders want you to have a credit score of at least 620. However, the minimum score varies by loan type. The minimum credit score needed to buy a house can range from 500 to 700, but will ultimately depend on the type of mortgage loan youre applying for and your lender. … Read more
Having a high credit limit can be useful for big purchases emergencies and building your credit. But is it possible to get a credit card with a $100,000 limit? The short answer is yes, but it’s extremely rare and you’ll need exceptional finances to qualify. Let’s break down everything you need to know about obtaining … Read more
A common way for people to get cash quickly and easily is to cash checks. But a lot of people aren’t sure if cashing checks leaves a paper trail that the IRS can see. So do banks report cashed checks to the IRS?. The short answer is – it depends on the amount. Banks are … Read more
As long as your credit score is between 640 and 749, lenders may think you are a lower-risk borrower. According to FICO, a score that falls in the 670 to 739 range is classified as “good. FICO scores are based on data from Experian, TransUnion, and Equifax, which are the three main credit bureaus. Even … Read more
Before you start looking for a house, find out how much you can borrow and how to make the best offer on the one you choose. If youâre ready to make your dream of owning a home a reality, youâve probably already heard that you should consider getting prequalified or preapproved for a mortgage. Itâs … Read more
If youre trying to figure out what credit score you need to rent an apartment, youre not alone. Renters are usually concerned about having a low credit score for renting. Moreover, as youll soon learn, credit scores for renters vary greatly by both location and building type. Here’s what you need to know about getting … Read more
Hey there, fam! If you’re wondering, “Does Credit Sesame impact your score?” lemme put your mind at ease right off the bat. Nah, it doesn’t. Not even a lil’ bit. Using Credit Sesame to check your credit is what’s called a “soft inquiry,” which means it won’t touch your credit score at all. Unlike those … Read more
Being aware of your debt-to-income (DTI) ratio is just as important for managing your money as being aware of your credit score. According to the Wells Fargo Money Study, more than 20% of Americans are looking for ways to get out of debt. Knowing your DTI ratio can help you make smart decisions about how … Read more
If you’re just starting to look for a home, you may have heard of FHA loans. But what does “FHA” stand for, and why should you think about getting one? An FHA loan from the Federal Housing Administration (FHA) could be a good choice for you if you have debt or bad credit. You might … Read more
Navigating the world of loans often leads borrowers to wonder about the roles and influence of loan officers and underwriters. Many ask, “Can a loan officer influence an underwriter?” Understanding this dynamic is crucial for anyone involved in the mortgage process. Lets dive deep into how these two essential players interact, how their roles differ, … Read more