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Digitgal Mortgage Explained

The Digital Mortgage Explained

Show Notes

Who wouldn’t love an easy button?  The internet, and technology has created easy buttons for many industries including watching TV and movies, shopping for cars, booking a vacation, or even listening to music.

The mortgage industry is a couple years in on testing the digital mortgage easy button.  A digital mortgage in it’s perfect state allows you to get a home loan that requires little to no contact with a loan professional.

There are some really great ideas and innovations around this topic, and a slew of unintended consequences that I argue need more conversation and transparency.

In this episode, Josh and I dig deep into the benefits and challenges around the digital mortgage model, and what consumers need to know before ever pushing a button to get a loan!

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Links and Resources

Below you will find links to some of our most popular articles about this update that expand on the points that we touch on in this conversation.

Related Articles

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About the Author

Scott Schang

A 20 year veteran of the Mortgage and Real Estate industry, I am passionate about educating and empowering consumers. I have been writing about consumer protection issues, and making sense of complicated real estate and mortgage topics on this website since 2007

Leave a Question or Comment About this Topic

  • Emmit Collier says:

    On a $500 Capital One Credit Card. How much can I use each month and pay it in full? How much should be left untouched each month?

    • Scott Schang says:

      Hi Emmit,

      Great question! If you are paying off the balance of what you owe in full each month, you can charge the card up to your $500 high credit limit and it will not negatively impact your credit score.

      The credit card company is going to report the balance credit bureaus shortly after the “due date” each month. If you carry a balance of 25% or less of the high credit limit, your credit score should not be negatively impacted. I say “should not” because the actual credit algorithms are proprietary (so people don’t try to game the system), however, these are patterns we’ve seen over and over again.

      I have personally experienced a swing of 60+ points on a credit score simply by paying off a maxed out credit card.

      As a general rule, keep the balance at 25% or less of the high credit limit. As long as your balance is 25% or less after your payment each month, you’re in great shape.

      If you have further questions, feel free to email me directly to scott@findmywayhome.com if it’s easier.

      Hope this helps?