Getting pre-qualified and pre-approved for a mortgage are both important steps in the homebuying process. While pre-qualification and pre-approval may seem intimidating, they don’t have to be! This article explains both and offers some background for your reference.
The way FICO scores are calculated is changing this summer, and the move could make it tougher for some Americans to get approved for a mortgage, The Wall Street Journal reports. Fair Isaac Corporation, more commonly known as FICO, will soon start more harshly penalizing the scores of consumers who have rising debt levels or who fall [...]
Buyers must choose between fixed-rate and adjustable-rate mortgages, and they’ll have to determine if they want a conventional or government-backed loan.
