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Your credit score is the single most important factor in determining your mortgage rate – and whether you get approved at all. Generally, the best deals go to borrowers with credit scores of 740 ...
There's a new trend underway: Lenders like U.S. Bank, Bank of America and Discover are increasingly saying goodbye to traditional appraisals for their home equity loans and home equity lines of ...
Pay stubs from at least the past 30 days. Tax returns (including W-2s) from the past two years. Bank statements from the past two months to three months – checking, savings, money market accounts
Bank of America Home Loans is the mortgage unit of Bank of America. It previously existed as an independent company called Countrywide Financial from 1969 to 2008. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006, Countrywide financed 20% of all mortgages in the United States, at a value of about 3. ...
Fannie Mae and Freddie Mac mortgages: These are traditional conforming loans that require a minimum 3 percent down payment and may have fairly strict approval requirements. It’s not impossible ...
The mortgage business consists of a few people: the borrower, the lender, and sometimes the mortgage broker. The people that originate the loans are usually the mortgage broker or the lender. Depending if the borrower has credit worthiness, then he/she can be qualified for a loan. The norm qualifying FICO score is not a static number.
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