Knowledge Base

This past week, the FOMC released their Monetary Policy Statement, and Chair Jerome Powell hosted a press conference to discuss the economic outlook and the path of interest rates. Let’s discuss what was said, how the markets reacted, and what the future may hold.

The smell of pumpkin spice is in the air, which means the scent of peppermint is not far behind. With the holiday season rapidly approaching, now is the time to start swiping your credit cards and clicking those “Buy Now” buttons.

You’re now the proud owner of a mortgage – congratulations! But do you know what your mortgage payments include, and everything that goes into making up that monthly payment you’ll be making for the life of your loan (or until you decide to sell)?

So many people want to know so many things about you during the home buying process – and it may seem at times like it’s never going to end. And like they couldn’t possibly need to know so many things. And hey, isn’t that last question intrusive!? It can be hard to understand what your mortgage lender needs to know.

Buying a home means dealing a lot with your finances – and one of the most important pieces of that puzzle can be found in your credit report. Having a good score and a healthy debt-to-income ratio can mean the difference between getting a great mortgage or losing out on the house of your dreams.

It’s a wise choice to get a solid grip on your finances when you start the planning stages of buying a home. Not only can it help you determine how much you can afford to spend, but it can also help you strengthen your credit as you pull your reports, examine them for blemishes, and then work with the reporting agencies to fix them. Anything you can do to strengthen your credit report and increase your credit score works in your favor, but the one thing you think might be the best step – namely, paying off your credit cards and closing your revolving accounts – may not be the wisest choice.