5 Tips for Getting a Mortgage Loan with a Partner Who Has Challenged Credit

Most married couples apply for a mortgage home loan jointly, meaning that they each put their name on the application. The biggest benefit to this is that the couple can pool their financial resources together. A joint application will assess both incomes. This affects a number of important metrics that mortgage companies use in assessing…

Female, Single Millennials Rising in Homeownership

According to a recent study released by Ellie Mae, more single females from the millennial generation are buying homes than single men. While most borrowers are married men, the single cohort offers what many may consider a surprising result. From the millennial generation, 60% of women that were listed as the primary borrower were single….

Credit Card Debt Could Be a Barrier to Owning a Home

According to a new study released by NerdWallet, credit card debt in the United States continues to increase. As of 2017, household credit card debt reached a balance of $15,654. Let’s compare the amount of money spent on credit card debt to a mortgage. Last year, Americans owed $8.74 trillion on their mortgages while owing…

FHFA Considers Alternate Credit Scoring System

The venerable FICO scoring system for rating borrower’s credit has been a foundational piece of the mortgage process for nearly 30 years. The major credit bureaus (Equifax, Experian, and TransUnion) compile consumer credit files, which are then used to calculate the FICO credit score. While the system was the best attempt for a mathematical solution…

Female Millennials Have Higher Credit Scores

According to the United States Census Bureau, millennials are the largest living generation of Americans, with over 80 million today. Their importance to the economy, specifically the housing and mortgage markets, is hard to overstate. Industry experts have spent a lot of time and energy understanding how this group will act towards buying and financing…

How to Improve Your FICO Score in a Year

Your FICO score is one of the most important measurements in acquiring credit for a mortgage loan. It’s important to note that it is not the only measurement taken into account. You should always consult with a mortgage broker or loan officer on your qualification for a loan. There are a lot of different types…

Getting a Mortgage Just Got Easier

There’s some big news for home buyers! Two huge changes in the mortgage world have made it easier for borrowers to qualify for a mortgage. We at Pacific Union Financial want to make sure you have this information so you can make the best-informed decisions about your financial future. Credit Reporting The first change has…

5 Tips for Millennials Investing in Real Estate

Millennials, the largest living generation in the United States, are poised to enter their prime homebuying years. While the housing market has presented its challenges, particularly with shortages in some markets and increasing prices, many Millennials are still quite eager to buy. The same challenges that can make buying a home challenging could also be…

Alternative Credit Scoring Options

The traditional means of assessing the risk of a potential borrower is under review around the nation. The Great Recession of 2008 triggered a wave of regulatory restrictions on underwriting criteria. Many Congressional legislators aimed to restrict the types of products that were marketed to the American consumer with the goal of eliminating financial products…

The Pacific Advantage: Bruised Credit

Welcome to our Product Overview for Mortgage Pros. Pacific Union Financial recognizes what should be obvious, but seldom is – folks with mortgage expertise need the best tools in order to succeed. So we provide them. This series demonstrates that we have the range of products and tools to help accomplished mortgage professionals do what…