Clear Choice Mortgage

Suffering from Credit Problems? Understanding Mortgage Lenders and How They Assess Your Credit

One of the most significant factors a mortgage lender will review when you apply for a new mortgage loan is your credit history and rating. While some people have stellar credit, others have a troubled credit history with lower scores. If you fall into the latter scenario, you may be wondering how lenders will assess your credit situation when you apply for a mortgage in the near future. Reviewing Your Credit Scores Initially, lenders will review your credit report to determine your credit … [Read More...]

What’s Ahead For Mortgage Rates This Week – April 5, 2021

Last week’s economic reports included readings on home prices, pending home sales, and construction spending. Data on public and private-sector employment and the national unemployment rate were published along with weekly readings on mortgage rates and jobless claims. vLast week’s economic reports included readings on home prices, pending home sales, and construction spending. Data on public and private-sector employment and the national unemployment rate were published along … [Read More...]

How To Get A Mortgage If You Are A Gig Worker

Twenty years ago the economy was putting the dot-com bubble behind it, and people were buying homes. The high majority of folks worked for someone else; they received a paycheck, were given a W-2 from their employer, and filed their income tax returns accordingly. This also provided easy documentation to loan officers when folks wanted to borrow a mortgage to buy a home. As of 2019 36 percent of workers in 2020 were identified as bona fide gig workers per the federal government, or a bit more … [Read More...]

Case-Shiller: Phoenix Home Prices Hot, Hotter, and Hottest

The S&P Case-Shiller National Home Price Index posted its highest gain in nearly 15 years with a year-over-year home price growth rate of 11.20 percent in January. The December 2020 National Home Price Index reported 10.40 percent home price growth. The S&P Case-Shiller 20-City Home Price Index reported 11.10 percent year-over-year growth with 19 of 20 cities reporting higher home prices. Cleveland, Ohio was the only city reporting no home price growth in January. Detroit, Michigan … [Read More...]

Important Legal Tips For Homeowners

Being a homeowner is exciting. It can be financially rewarding, too. Unfortunately, it can also put you in a tough legal position. Between the complexities of owning a house, having to deal with lenders and the risk that comes from owning something valuable, keeping yourself legally protected is a good idea. Here Are Some Risks -- And Some Ways To Handle Them. HOAs. If you own a condo, townhome or other property in an association, the homeowner association is extremely powerful. Not … [Read More...]

The Mortgage Pre-approval Letter: Why It’s Important and How to Get One

If you are thinking about buying a new home in the near future, you may already be searching online to get a feel for the different types of homes available in the local area. You may have reviewed your budget, and you may have a fair idea about a sales price that is comfortable for you to afford. While you may feel as though you have taken the preliminary steps necessary to prepare yourself to buy a home, it is important that you also get a mortgage pre-approval letter for your financing before … [Read More...]

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