A credit report is a statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts. Lenders use your credit scores and the information on your credit report to determine whether you qualify for a loan and what interest rate to offer you.
Congratulations on closing your mortgage! You’ve completed one of the most significant financial transactions of your life. However, the journey doesn’t end at the closing table. Here’s what you can expect after closing on your mortgage: 1. Receiving Your Closing Documents After closing, you will receive a stack of important documents, including: Promissory Note: Your...
In the United States, the interest paid on a mortgage for a primary residence or a second home is generally tax-deductible. This is known as the mortgage interest deduction. Let’s explore the key points about this valuable tax benefit and how you can calculate your savings. In the United States, the interest paid on a...
When your loan officer informs you that your mortgage loan is “disclosed” and you need to sign it, the lender has prepared and provided you with the initial loan disclosure documents. These documents outline the terms, conditions, costs, and other crucial details of your mortgage loan. Signing these documents is a vital step in the...
