Direct: (818) 435-6560 | tgrey@equitysmartloans.com

Blog

13
Dec
By Todd Grey
Mortgage,

Why Getting Preapproved Before Your House Hunt Is Crucial

Buying a home is one of the biggest financial decisions you'll ever make, and you want to make sure you’re as prepared as possible. Whether you’re just starting to browse homes or are ready to put in an offer, one of the most important steps you can take is getting preapproved for a mortgage. Preapproved vs. Prequalified: What’s the Difference? While you might come across the term prequalification during your home search, it’s important to understand the distinction between being prequalified and preapproved. Prequalification is a simpler process where the lender gathers basic financial information to give you a rough…
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12
Dec
By Todd Grey
Credit Scoring, ,

The Differences Between Hard and Soft Credit Inquiries

Credit inquiries, also known as credit pulls or checks, are a standard part of assessing creditworthiness. However, not all credit inquiries are the same. They fall into two main categories: hard and soft credit inquiries. Understanding the differences between these two types is crucial for managing your credit health and avoiding misconceptions. Below, we explore the distinctions between hard and soft credit inquiries to provide clarity on their purpose and impact. 1. Purpose and Usage Hard and soft credit inquiries serve different purposes. Soft Inquiries: These occur in situations like checking your own credit score, background checks by potential employers,…
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11
Dec
By Todd Grey
Holidays, ,

5 Financial Tasks to Tackle Before the New Year

As the year draws to a close, it's the perfect time to take stock of your financial health and set yourself up for success in the coming year. You can create a solid foundation to achieve your goals by focusing on key areas. Here are five important financial tasks to consider before the new year begins. 1. Review Your Spending Take a close look at your spending habits over the past year. Were there months or categories where expenses went overboard? Identifying patterns—like higher spending during the holidays or summer travel—can help you adjust your budget. If you don't already…
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10
Dec
By Todd Grey
Credit Scoring, ,

Will Refinancing Impact Your Credit?

Refinancing a mortgage can provide significant financial benefits, such as lowering your interest rate or accessing home equity. However, it’s important to understand how the process may temporarily affect your credit score. Here’s an in-depth look at the potential short- and long-term effects of refinancing on your credit, along with tips for minimizing any negative impacts. What Does It Mean to Refinance a Mortgage? When you refinance, you replace your existing mortgage with a new loan. Homeowners refinance for a variety of reasons, including: Lowering their interest rate Changing the loan term (e.g., from 30 to 15 years or vice…
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09
Dec
By Todd Grey
Financial Reports, ,

What’s Ahead For Mortgage Rates This Week – December 9th, 2024

With the CPI and PPI scheduled for release in the upcoming week, the previous week was lightly peppered with a small amount of impactful financial data releases. The highlight was the S&P Manufacturing PMI, which reported final numbers for the year showing better-than-expected improvements in the manufacturing sector. Unemployment data also aligned with expectations, reinforcing the likelihood of a Federal Reserve rate cut remaining on track. Lastly, the Consumer Credit Report had the expected jump just before the Holiday Season as consumers relied on credit to make holiday purchases for the end of the year. S&P PMI Final Input cost inflation…
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