Realtor Sandra Seymour Blog

  What Homebuyers Need To Know About Credit Scores If you’re thinking about  buying a home , you should know your credit score’s a critical piece of the puzzle when it comes to qualifying for a home loan. Lenders review your credit to assess your ability to make payments on time, to pay back debts, and more. It’s also a factor that helps determine your  mortgage rate . An article from  Bankrate   explains :  “Your credit score is one of the most important factors lenders consider when you apply for a mortgage. Not just to qualify for the loan itself, but for the conditions:  Typically, the higher your score, the lower the interest rates and better terms you’ll qualify for .” This means your credit score may feel even more important to your homebuying plans right now since  mortgage rates  are a key factor in  affordability , especially today. According to the  Federal Reserve Bank of New York , the median credit score in the U.S. fo...

  Your Home Equity Can Offset Affordability Challenges Are you thinking about  selling your house ? If so, today’s  mortgage rates  may be making you wonder if that’s the right decision. Some homeowners are reluctant to sell and take on a higher mortgage rate on their next home. If you’re worried about this too, know that even though rates are high right now, so is  home equity . Here’s what you need to know. Bankrate   explains  exactly what equity is and how it grows: “ Home equity is the portion of your home that you’ve paid off and own outright. It’s the difference between what the home is worth and how much is still owed on your mortgage.  As your home’s value increases over the long term and you pay down the principal on the mortgage, your equity stake grows.” In other words,  equity is how much your home is worth now, minus what you still owe on your home loan . How Much Equity Do Homeowners Have Now? Recently, your equity has been gro...