Credit scoring is a statistical method that lenders use to quickly and objectively assess the credit risk of a loan applicant. Today this is more important than ever The score is a number that rates risk associated with paying your debt on time. Credit scores only consider the information conta
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09/18/2008
NAR put this out a while back, but does it still makes sense today ? Tax write off: According to the U.S. Tax Code you can deduct the interest you pay on your mortgage, property taxes, and some of the costs involved in buying your home. Home value: While the median price of single family homes n
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09/16/2008
Cost of living in 1968 Dow Jones Avg- 943 ( today 12,000-14,000 ) Avg cost of a new home- 14,950.00 ( today 225,500.00 ) Avg income - 7,850.00 ( today 48,200.00 ) Avg monthly rent - 130.00 ( today 1,153.00 ) Gallon of gas - .34 ( today 4.00 ) Avg cost of a new car - 2,822.00 ( today 27,958.00)
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09/15/2008
Keep copies of all earnest money checks and proof that the checks have cleared your bank. Provide this documentation to your lender so that you get proper credit on your closing documents. Notify your mortgage company of the final sales price at least five days prior to your closing. If your s
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09/14/2008
"Bad credit? No problem!" Unscrupulous mortgage brokers and lenders use lines like this to aggressively target families and steal their single largest source of wealth-home equity. As families work hard to build wealth through homeownership, abusive loans can quickly sabotage their progress and e
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09/12/2008
An appraisal of real estate is the valuation of the rights of ownership. Instead of just creating the property value, the appraiser uses market data to derive a value estimate. The appraiser must take the site, amenities and the physical condition of the property into consideration when compil
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09/12/2008
An owner's title insurance policy protects the owner against title defects in the property. A mortgage title policy protects the holder of the mortgage on the property. Separate policies are required to protect both interests. After the buyer's deed is delivered and recorded, the owner's policy
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09/11/2008
Loans and gifts can help with your down payment but you can not use this strategy for all loan programs. The most popular program for this tactic is the Federal Housing Administration or FHA. FHA allows 100% gift funds for your down payment. The gift can be from any relative or can be collected t
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09/11/2008
The source of funds for your down payment and closing costs is a high level concern for lenders when they review your loan package for approval. Most likely, you will be asked to provide statements for the last two or three months on any of your liquid assets. This includes checking accounts, s
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09/11/2008
Your lender will provide a Good Faith Estimate of Closing Costs which include but are not limited to: Down payment The loan origination fee The mortgage loan processing fee The mortgage loan underwriting fee Appraisal fee Credit report fee Flood certification The homeowner's insurance premium for
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09/11/2008
