Brianna McGurran

5 days ago | experian.com | Brianna McGurran

Pros and Cons of a No-Closing-Cost MortgageThere are clear benefits and drawbacks to a no-closing-cost mortgage, and it's key to understand exactly how much it'll cost you in total before choosing one. Here are the major pros and cons:Less to pay initially: It's already overwhelming for many borrowers to come up with a down payment, let alone closing costs. A mortgage that lets you transfer some of the upfront charges to a different part of the loan means less to save up for.

1 week ago | experian.com | Brianna McGurran

Requirements for First-Time HomebuyersIf you meet the definition of a first-time homebuyer, you can search for a home and apply for a mortgage with the help of programs designed with you in mind. Here are the additional requirements you'll likely need to meet:Credit score requirements vary from program to program. Some, like Tennessee's Great Choice Loan Program, have a minimum credit score of 640, which is in line with the requirements for traditional conventional loans.

1 week ago | experian.com | Brianna McGurran

Quick AnswerThere are many ways you can pay your mortgage, including online, by phone, by mail and via direct debit. Choose the mortgage payment method you’re most comfortable with based on your lender’s available options. There are many ways you can pay your mortgage, including online, by phone, by mail and via direct debit. The best way to pay your mortgage is the method that is most likely to get the payment to your lender on time.

2 weeks ago | experian.com | Brianna McGurran

Quick AnswerA bank statement loan is a type of mortgage designed for those who can’t provide mortgage lenders with traditional income documents like W-2s, pay stubs or tax returns. They’re often best for self-employed individuals and business owners. A bank statement loan is a type of mortgage that self-employed individuals and business owners can qualify for based on their cash flow.

2 weeks ago | experian.com | Brianna McGurran

Quick AnswerA closing disclosure is a document that explains a mortgage’s final terms and closing costs. It helps you understand the precise terms of the loan and compare those details with the loan estimate previously provided by the lender. A closing disclosure is a document that explains a mortgage's final terms and closing costs. Under federal law, if you're financing a home, the lender must give you a copy of your closing disclosure three business days before closing.