Is a Mortgage Pre-Approval Right for Me?
Posted On: March 30, 2020 by Prevail Bank in: Banking, Community, Home Loans
A mortgage pre-approval qualifies you with the amount of available money you can borrow, including your monthly payment, and your interest rate. This amount is typically subject to a property appraisal and other requirements. Mortgage pre-approvals are determined by a Mortgage Loan Originator who reviews your finances. This includes your debt, income amount, assets and credit history. Following the pre-approval evaluation, a letter is then provided as proof...
Homebuying Tips for First-Time Home Buyers
Posted On: January 8, 2020 by Prevail Bank in: Home Loans
Interest rates are still historically low, but rising. The housing market is strong. The economy is on the upswing… You've decided now's the time: you're going to buy your first house. It can be an intimidating process, so here are a few tips to help your transition from renter to owner go smoothly:
1: Do Your Research
The first—and most crucial—step in home buying is to determine how much you're able to spend. That includes knowing how much...
Improve Your Credit Score
Posted On: March 27, 2019 by Prevail Bank in: Banking, Home Loans
Is your credit score affecting your life? Understanding your credit score can be confusing. Here are some helpful tips to help understand how to improve your credit score and get your life back on track.
Avoid late payments. Payment history is the main factor when determining your credit score and making a payment on time, every time is very important. Signing up for recurring payments is an easy way to avoid missing a payment and late fees. Increase credit limits. Credit utilization...
Three Tips to Raise Your Credit Score and Keep it High
Posted On: August 1, 2017 by Prevail Bank in: Home Loans
Your credit score affects many aspects of your life, including making large purchases, obtaining loans, renting an apartment and even applying for a job! Do you know your current credit score? When was the last time you checked your credit report? Here are a few simple steps you can take to help improve your credit score and keep it working for you, not against you.
Monitor Your Debt Ratio
One of the major factors in your credit score is how much...
Budgeting for Homebuying
Posted On: November 4, 2016 by Prevail Bank in: Home Loans, Savings
The Federal Reserve may have raised interest rates slightly, but mortgage rates are still near historic lows. It's still a great time to buy if you've been considering a new home! But how much house can you really afford? This is a difficult question, particularly for first-time homebuyers. Here are a few important points to consider when setting your house-hunting budget:
Start with your Income & Interest Rate
When setting your budget for a house, there are two primary...
