To cancel the monthly PMI that you pay for your mortgage loan, you should be consistent with your monthly payment. The federal law provides two means to cancel PMI from your loan, either removing PMI or terminating PMI; this applies to mortgage closed during or after July 29, 1999.
If you are applying for a mortgage loan, the lender has a number of criteria to help them decide if you are capable of repaying the loan. The criteria are:
• Credit report
• Credit score
• Credit history with the lender
• Your existing debt from other financial institutions
• Your current savings
• Total assets
• Present Income
Generally, if you have a lower credit score, the higher you have to pay for the interest.
TIP: Do not open new credit accounts especially when you are planning to apply for a mortgage. If you do, it may negatively impact your credit standing.
Q: Can you get an FHA mortgage if you are on an installment agreement with the IRS? Never been late on the payments, or delinquent in any way, doesn’t show up on credit reports.
A: Yes you may. Since it’s not a lien, all you would have to provide is a copy of the payment agreement & payment history on the tax lien. Usually has to be at least Continue reading