Buying a Home with Challenged Credit
Buying a home with poor credit can be a challenge, but it’s not impossible. Your credit score – whether it’s good or bad – is just one of the factors your home lender will use to decide whether you’re eligible for a loan. What is a Bad Credit? Bad or “low credit” typically means your FICO score is under 600. FICO credit scores range from 300 to 850 and […]
6 things you shouldn’t do when you’re pre-approved for a mortgage
Just because you’re pre-approved for a loan doesn’t mean you’re guaranteed to get final approval on your loan. When your offer has been accepted and it’s time to begin closing on your loan, your mortgage lender is going to take another detailed look at your credit history, assets, income, and FICO score. You want to make sure you look just as good as […]
Closing on a home – how to prepare
You’re getting ready to close on a new home – congratulations! You’ve completed your house hunt, you negotiated the price, and your offer was accepted. Before you get handed the keys to your new house, there’s one final step you’ll have to complete – closing on your home. What is closing? It’s the final step […]
How much will your down payment on a house be?
What is a down payment on a house? A down payment is a minimum cash payment a buyer makes during the closing process to secure a loan on a home purchase. Down payment requirements vary for different types of loans, and can range from as low as 0% of the total purchase with a VA […]
Buying a second house using a home equity loan
Purchasing a second or a vacation home is a dream for many people. But saving enough for a down payment may be a considerable barrier. A home equity loan could be the solution. If you own a home and you’ve built equity in it, it may make sense to use that equity as the down […]
What is a cash-out refinance?
So What is a cash-out refinance? A cash-out refinance is a type of loan where a borrower has a mortgage they are currently paying off and they replace it with a new mortgage for more than their remaining principal. The difference between the principal balance of the first mortgage and the new one is given […]
Mann Mortgage Named one of America’s Best Place to Work by Outside Magazine
Each year, Outside magazine accepts submissions from companies around the U.S. to be included in their prestigious list of Best Places to Work. Outside vets each company’s workplace culture, demographics, work-life balance, and perks of the job. In addition, they do an extensive anonymous survey with current employees to get their take on the work […]
Buying a house when you have student loan debt
More than half of all college students have taken on some form of debt in order to pay for their education – mostly through student loans. The average outstanding amount owed? Between $20,000 and $24,999. If you’re among those that have student loan debt, what are your options for getting a home loan? Do lenders look at debt? When issuing credit, lenders biggest concern is […]
Buying a home during a pandemic
There’s no doubt that Covid-19 has impacted how Americans are buying and selling their homes. Social distancing rules, historically low interest rates, and more people working from home have all changed, but certainly not stopped, home sales. What homebuying trends can we expect to continue through 2021? Virtual home tours Don’t assume you’ll be able to attend open houses or leisurely tour homes on […]
What is a home equity line of credit?
A home equity line of credit (HELOC) uses the equity you’ve built in your home as collateral to get an additional loan. Since you’re using your home as collateral, lending institutions generally are able to offer much more favorable interest rates than you would get from an unsecure borrowing source (like a credit card company). How much money can […]
