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How Impactful is Good Credit When Buying a Home?

The home buying process can often be surprising for first-time buyers. One thing that comes as a shock, even in this era of free online credit reports, is the direct impact credit scores can have on the cost of financing. There are several approaches to calculating a credit score. It is important to know that those used by mortgage lenders are often the most comprehensive. That is because mortgage lenders have a fiduciary duty to ensure a borrower has the ability and willingness to repay what, for many, will be the largest financial obligation of their lives.

So, how much…

Navigating the Home Buying Process

If you’re new to the home buying market or haven’t gone through the process recently you may be in for a surprise at how challenging it can be these days, especially if, like most of us, you need to obtain a mortgage. Looking back over the past 20 years or so, there have been significant changes in the mortgage industry.

In the early 90’s most mortgage loan applications required full underwriting which meant documenting and proving a borrower’s ability and willingness to repay an obligation by verifying income, assets, credit profile and the subject property’s value/condition. Then things began to…

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