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Why is My Credit Score Different?

As a mortgage lender here in Reno, the Cushing Team spends a lot of time sharing information that we hope prospective homeowners will find useful. Some of the most common advice to those gearing up for a home loan involves reviewing your credit score. This information is often widely accessible from different websites and even your own credit card company. But people are often surprised that the credit score their lender ultimately accesses as part of the home loan process isn’t the same as the number they’ve been seeing. Here’s why your credit score is different. Continue reading “Why is My Credit Score Different?”

Here’s What Really Sets Mortgage Lenders Apart

If you’re ready to hold your nose, close your eyes, and leap into the home mortgage process, you have a lot of decisions to make on the way down. One of the big ones involves the mortgage lender with which you’ll ultimately partner. Here in Reno, there are national banks and local banks and credit unions who will compete fiercely for your business. And then there’s the seemingly limitless options you’ll find online. Programs and interest rates will vary only somewhat from one company to the next, so does it matter which lender manages your loan? It does, actually. Here’s what really sets mortgage lenders apart. Continue reading “Here’s What Really Sets Mortgage Lenders Apart”

The Advantage of Using Your Agent’s Lender

It’s common practice for real estate agents to offer recommendations for a variety of services, big and small. A good mortgage lender is one of them. And before you start wondering, it’s not because they get some kind of kickback for the referral – in fact, that’s prohibited by the Real Estate Settlement Procedures Act (RESPA). There’s actually a very good reason for a real estate agent to recommend a reputable mortgage lender, and it benefits the prospective homeowner, too. Here’s the advantage of using your agent’s lender. Continue reading “The Advantage of Using Your Agent’s Lender”

The Value of the Loan Approval Letter – And the 3 Mistakes You Might Be Making

There are a lot of hoops to jump through during the home buying process. Luckily, a trusted real estate agent can guide you away from common pitfalls, and so can an experienced mortgage lender. They’ll both recommend, or more likely insist, that a loan approval letter accompanies any offers you make on a home. These letters are a sign that you’re serious about buying a home and that you’ve already reached out to a lender for the preliminaries. It’s a bit of a formality, but it’s important nonetheless. This is the value of the loan approval letter – and the three mistakes you might be making along the way. Continue reading “The Value of the Loan Approval Letter – And the 3 Mistakes You Might Be Making”

House Hunting? Here’s What to Understand about your Debt-to-Income Ratio

Determining the appropriate mortgage amount for hopeful homebuyers involves a number of considerations and tools. A calculation known as the debt-to-income ratio (DTI) is one of them. If you’re ready to take the plunge on a new house, the Cushing Team in Reno is sharing what you should understand about your DTI ratio. Continue reading “House Hunting? Here’s What to Understand about your Debt-to-Income Ratio”

What to Know Before you use an Online Mortgage Lender

Here’s something interesting. Getting a mortgage means taking on an enormous financial responsibility, and yet, homebuyers tend to settle for the first lender that crops up. In fact, according to the Consumer Financial Protection Bureau, close to half of homebuyers don’t shop around for the right lender. Kind of startling, right? Most of us are used to researching our options online when it comes to purchases like a new laptop or shoes. Why don’t we do the same for the right lender? The catch, of course, is using the web to our advantage – for research and to compare your options – and not getting sucked in to something that’s likely too good to be true. To that end, here’s what to know before you use an online mortgage lender. Continue reading “What to Know Before you use an Online Mortgage Lender”

What Credit Score Do I Need to Buy a House?

It’s a common online search for any prospective homeowner – what credit score do I need to buy a house? There’s a short, easy answer – lenders usually want to see a minimum FICO score of 620 – but it’s also an incomplete picture. If you’re in the market for a new home, here’s what you should understand about your credit score and the bigger credit report. Continue reading “What Credit Score Do I Need to Buy a House?”

Getting Your Mortgage Pre-Approval? Here’s What You’ll Need

Before the house hunt should come the pre-approval. It’s an important first step that will give you a defined price range to better guide your search. It shows real estate agents and sellers that you’re serious and able to buy, and it puts you in a good position come negotiation time. Plus, a pre-approval can help clarify details about your mortgage as you move into the loan process. Here’s what you’ll need if you’re ready to get that mortgage pre-approval. Continue reading “Getting Your Mortgage Pre-Approval? Here’s What You’ll Need”

Six Application Tips for your Home Loan

Buying a new home is an exciting, emotionally-charged experience. Navigating the process may feel a little overwhelming, but there are things you can do to keep things on track. The Cushing Team here in Reno has years of experience helping people secure the homes of their dreams, and we have advice for those just beginning the process. Here are six application tips for your home loan. Continue reading “Six Application Tips for your Home Loan”