Home Mortgage

At Harbor Credit, we want you to get comfortable with your home. Be it financing, refinancing, online mortgage loans, bad credit mortgage loans, equity lines, or insurances, we offer a range of services to prepare you to make wiser decisions.

Mortgage loans are normally broken up into two categories, prime and sub-prime. If you are a prime borrower, you meet the following criteria:
  • A credit score of at least 670
  • No late mortgage payments in the past 2 years
  • No bankruptcy or credit counseling in the past 4 years
  • No charge offs or collections on your credit report
  • Available PITI (Principle, Interest, Taxes and Insurance) reserves in a savings account for 3 months
  • A Debt-to-Income ratio no greater than 45%
If you're not a prime borrower, there are lending companies that specialize in bad credit mortgage loans. Though there may be a higher APR attached to this kind of loan, you can still obtain total financing.

As with any financing, your credit history is a factor in purchasing a home. Factors like bankruptcy, credit counseling, charge-offs, and collections can weaken your credit score. So it is important to obtain your credit report prior to applying for a new mortgage or refinance loan.

There is a large amount of money to be saved in online mortgage loans. The first option is to shop for the shortest term you can afford. Your payments will be larger, but interest will not accrue too much during the loan term, saving you cash. Another option is to find or refinance to a lower rate. By shaving just a few points, you can save thousands of dollars.

Consider refinancing if you:
  • Plan to live at the residence for an extended period of time.
  • Have an adjustable-rate mortgage (ARM) and want a fixed-rate loan.
  • Want to convert to an ARM with a lower interest rate or more protective features.
  • Wish to build up equity by converting to a loan with a shorter term.
  • Want to draw on built-up equity.
For any additional information, or if would like to speak with a helpful Harbor Credit customer representative, you can call 800.399.4272.

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