Use our knowledge for your benefit!
Learn more about application process, loan terms and terminology. Understand the mortgage industry and use tips provided by our credit specialists.
A closed loan agreement with a particular lender does not mean that you have to settle with the existing terms until the end of your contract. Keep checking your options with other lenders, and if you find some other offer more favorable, refinance your loan.
A few weeks ago, in a discussion among colleagues we came up with the term “cookie mold”, describing mortgage lending practices in Latvia. If you don’t fit the mold, you will get a fast “No” (or worse — you will be waiting for that “No”). But each of us is so different! More about who is the bank’s ideal client and what to do if you are “an odd-shaped cookie”, read in a conversation with DMC credit specialist Gunta Martemjanova.
Yes – you read it right! For the purchase of housing you will get a loan offer that you deserve (you qualify for), not the one your neighbor got or you saw in an ad. Learn more about mortgages and interest rates in the interview with DMC Marketing Manager Una Kosite.
There may be different reasons why a housing loan application is declined. It is not always the worst-case scenario, and you don’t have to give up and accept that you won’t be able to buy your own home for a long time. DMC advises looking deeper into the reasons behind the rejection.
Adjustable loan that meets the customer’s wants and needs is a newcomer in the mortgage market. You can create favorable terms for yourself by changing interest rate and origination fee amounts.
When deciding to apply for a mortgage, you should know that issuing a loan creates extra expenses. The amount of expenses can slightly differ from one lender to another, however, the list of them is quite similar. Learn which the most common ones are.
Creating and sustaining a good credit history is a long-term process, and we never know when we might need a loan. However, there are multiple things you can do now to ensure a good credit history in the future. Here are 9 tips for improving credit history!
Every person creates their credit history by taking loans or signing billing contracts. These commitments, together with the habits of fulfilling them are reflected in a credit report. Find out where to get the report and what you should pay attention to!
Even though we don’t usually think about it, knowing our credit score is very important. This three-digit number reveals a lot about us and tells the lender if a loan should be issued. Credit score is important both to large loans, such as a mortgage, and also for smaller ones – when applying for a credit card or billing contract for a service. The higher your credit score, the better!
If you have had any experience with mortgages, then the uncertainty and worries related to this process probably are familiar. The lender provides a final answer only when all the documents have been submitted and the desired housing has been evaluated. There is no certainty of how much you can afford until the last moment. How to deal with this problem? With a mortgage pre-approval!
The down payment tends to be the biggest barrier for young adults when planning to apply for a mortgage. It takes some time to save up the money. It is not uncommon to postpone a house buying decision just because the down payment seems unreachable in a near future. However, there are steps you can take to speed up the process.
The mortgage application process is not known for being simple, especially if you are doing it for the first time. Even with DMC’s pre-approval and easy-to-fill-out online application it can get overwhelming at times. To make the process as simple as possible, we have prepared a list of questions you should find answers to.
Are you ready for your first mortgage? Don’t jump into browsing properties just yet. Take a look at what you should be doing first.
Mortgage interest rate, annual interest rate (APR), margin – what does it mean and which rate is worth your attention? Learn how to understand and evaluate your mortgage offer.