Remove Debt-to-income ratio Remove Mortgages Remove Pre-qualification
article thumbnail

How lenders can help borrowers improve their credit score

Housing Wire

At HousingWire’s 2021 Annual Spring Summit, CreditXpert VP of Sales and Client Success Matt Hydrew and T odd Worthington , director of qualification support at Bank of England, discussed top-of-the-funnel strategies lenders can use to help borrowers gain a better understanding of their credit score. Or, give up looking altogether.

article thumbnail

LOs and brokers, are you prepared for an evolving workforce?

Housing Wire

Between significantly fewer refinances, rising mortgage rates and housing inventory nearly cut in half since 2020, loan officers (LOs) and brokers face a pivotal time where adaptation is a must for success. More people are diversifying their income streams and opting to work for themselves or through real estate investments.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Second-Time Homebuyer: What to Expect This Time Around

Redfin

Try to avoid overlapping mortgage payments or being stuck without a home. As of early June 2025, the average 30-year fixed mortgage rate is around 6.8–6.9% That increase significantly shrinks your buying power, even if your income or equity has improved since your first home.

article thumbnail

What’s the First Step in Buying a Home? Your Answer Here

Realtor.com

Real estate agents agree that long before you peruse listings or check out open houses, you should talk to a lender about your credit score, so that you can secure a mortgage. Here are more step-by-step home-buying details, including information about down payments, closing costs, mortgage rates, pre-approved mortgages, and more.

article thumbnail

Answering Your Top Questions About Home Affordability Calculators

HomeLight

It’s tough to say without a mortgage approval, but it always helps to start with a home affordability calculator. You may be wondering how affordability calculators work if you’re ready to get some numbers down on paper before showing up for a pre-qualification meeting with a lender. So, how much home can you afford?

article thumbnail

How Fast Can You Get Pre-Approved for a Home Loan?

Redfin

Getting pre-approved for a mortgage is one of the first steps in the homebuying journey. But if you’re ready to start shopping for a home, you might be wondering: how long does it take to get pre-approved for a mortgage? What is mortgage pre-approval? You can also read Can You Get a Mortgage with a New Job?

31
article thumbnail

Why Can You Pay $2,000 in Rent (Or Any Other Amount) but Not Be Approved for a Mortgage That Costs the Same Amount per Month?

Lighter Side of Real Estate

Unless you come into a windfall of money, most people need to get a mortgage in order to buy a home, so getting a mortgage pre-approval to find out how much a lender will allow you to spend is the first step. Those are decent standards for a landlord to consider, but they’re nowhere near what a mortgage lender will consider.