How will the Federal Reserve impact mortgage rates? Homebuyers sometimes misunderstand how the Federal Reserve affects traditional mortgage rates. The Fed doesn’t actually set mortgage rates. Instead, it determines the federal funds rate, which generally impacts short-term and variable (adjustable)…
Interest Rates to Remain Steady This past Wednesday, the Federal reserve met to discuss the interest rate for the duration of 2019. It was reported that only 6 of the 17 officials opposed the plan to keep the interest rate…
Concerned About Saving for Your First Down Payment? A big misconception among first-time home buyers is that you need a 20% down payment to purchase a home. Several home loan programs now have minimum down payment options resulting in…
Wondering if You are Qualified to be a Homeowner? Are you wondering if you are qualified to be a homeowner? In this GMFS Mortgage video we discuss a range of home loan programs with varying minimum qualifications and features such…
What Does a Loan Officer do? This GMFS Mortgage video explains how Loan officers, often referred to as mortgage loan originators, are people who help borrowers acquire loans such as mortgages from banks and lending institutions. Loan officers work directly…
How Does Student Loan Debt Impact Your Ability to Become a Homeowner? This video from GMFS Mortgage helps explains how having student loan debt does not mean you cannot qualify for a mortgage. As with most financing, your debt to…
Concerned About Your Credit Score? This video from GMFS Mortgage helps explains how your credit score is one of the key factors in determining what type of mortgage and interest rate you qualify for. The higher your score, the lower…
What is a FICO score? Back in 1956, an engineer named William Fair and a mathematician named Earl Isaac came up with a formula to calculate the first credit scoring system. This calculation measures a consumer’s credit risk and has…