credit: Buyers Can Save on Their Mortgage
- 11/02/23 11:07 AM
Currently mortgage rates are in the 7% rate range. Buyers are feeling a financial squeeze and need to find a solution so they can purchase a home. Many are predicting mortgage rates will begin to fall soon and some home buyers have adjusted to current interest rates and home prices. Still many cities are experiencing home affordability issues. One way for home buyers to fight home price increases is to have a great credit score. This will allow them to get the lowest interest rate at that time therefore lowering monthly mortgage payment. Following is a list of other techniques that … (1 comments)
credit: Factors That Affect Your Credit Score
- 03/07/23 06:23 AM
Most people are concerned about their credit score. Some of these people have credit scores that need to be improved while others have used good practices and have great credit scores. Having a great credit score does not occur overnight, it takes long term financial practices to get yourself to that point. Having a high credit score can save you a lot of money over the years. It is especially important when you want to purchase a large ticket item that must be financed. Following is a list of factors that play into credit score and how to improve your score: On-time … (5 comments)
credit: Home Buyers Understanding Closing Cost
- 11/03/22 07:02 AM
Before starting the home buying process, be sure to take time to understand costs associated with purchasing property. These costs include down payment and closing cost. Closing cost include both prepaid and actual expenses to close the deal. Most loan types, the buyers’ credit score and down payment will be a major decision maker to determine how large a loan the buyer will qualify for. Down payment which is part of the closing cost will range between 3-20% of the purchase price of the property. Closing costs are fees charged by people involved in the purchase of the property such as: … (4 comments)
credit: Understand What You Can Afford When Purchasing Property
- 09/07/22 07:30 AM
One of your early steps in your home buying process is to fully understand your finances. This is not a fun step, but a very necessary to determine how much you can afford to avoid future financial problems. This requires gathering financial information to answer questions from a mortgage lender. These questions will include such things as: gross income, monthly expenses, credit card debt and how much you have in savings. Some mortgage lenders recommend home buyers should not spend more the 28% of their gross income on house payments. Your mortgage house payment includes principal, interest, taxes, and insurance. Understanding … (1 comments)
credit: Ways to Improve Credit Score
- 02/22/18 05:50 AM
As a home buyer, you need to keep your credit score high (above 700) in order to qualify for the best mortgage loan terms. People who use good financial practices in their daily lives will save thousands of dollars in interest fees during their lifetime. Following are some ways to manage your credit score: Credit Report - Go to annualcreditreport.com once a year and print off a copy of your report. If you find errors correct them immediately. Pay Credit Card Bills – If possible, pay off your total credit card bill monthly. This is one of the best ways to improve … (5 comments)
credit: How to Improve Credit Score
- 10/25/17 09:52 AM
At least once a year, or if you are planning on buying a home in next several months, you need to check your credit report. This allows you to verify existence of any errors, and/or gives you time to improve your credit score if necessary prior to starting the buying process. Making corrections or improving you credit score normally takes several months. Verify your score with the following 3 companies: Equifax, Experian, and Trans Union. One way to check your credit is to use the following web site: www.myfico.com. Obtain a copy of the report and score. Each report will provide the … (0 comments)
credit: Understanding FICO Credit Score
- 03/25/15 12:07 AM
Today’s world revolves around credit score. If you are thinking of buying a home or some other major purchase, someone will be checking your credit score before you are allowed to make the purchase. The credit score is a 3-digit number that will determine whether you will be approved for the loan and what interest rate you will be charged. Many lenders use the credit score developed by Fair Isaac Corporation (FICO) to determine whether you will receive a loan. FICO does not collect the information to determine the score, but is collected by Equifax, TransUnion, and Experian. Credit history goes … (0 comments)
credit: Why VA Veterans Should Consider VA Loan
- 01/20/15 12:01 AM
Many times veterans are not award of the benefits they are eligible for when purchasing a new home. In the last several years, it has become easier for veterans to get a VA home loan due to changes in eligibility, and flexibility of VA requirement towards loans. Following list are some benefits and requirements concerning VA loans: · Probably the main benefit to veterans, able to finance 100% of the purchase price. In addition, there is no mortgage insurance. · Veterans can negotiate closing cost to be paid by seller allowing then to close with little or no money down. · … (0 comments)
credit: Pay Off Your Debt and Buy a Home
- 02/27/14 11:05 PM
In this day in age there are many people who would love to own their own home or drastically reduce the amount they owe on their property. Many of these people have accumulated debt that does not permit this to happen. In order to get out of debt a person must develop a realistic action plan with short, medium and long term goals. The action plan and goals must be in a written document. Following are some suggestions on how to get out of debt: · Identify extras that are not absolutely needed in your life, and reduce or eliminate. · … (0 comments)
credit: Thoughts on How to Improve Credit Score
- 01/08/14 02:17 AM
At least once a year, or if you are planning buying a home in next several months, you need to check your credit report. This allows you to verify existence of any errors, and/or gives you time to improve your credit score if necessary prior to starting the buying process. Making corrections or improving you credit score normally takes several months. Verify your score with the following 3 companies: Equifax, Experian, and Trans Union. One way to check your credit is to use the following web site: www.fico.com. Obtain a copy of the report and score. Each report will provide the … (1 comments)
credit: Mortgage Lender Questions That Need To Be Asked By Buyer
- 07/15/13 05:28 AM
When interviewing mortgage lenders, buyers need to know what questions to ask. The interview process should be completed within a thirty day period, in order to have the least impact on your credit score. Following is a list of some important questions:
· Define the types of mortgages offered. When asking this question, define to the lender your current situation and future goals. Basically, loans breakdown into 2 major categories of loans, fixed and adjustable rate mortgages. Remember some lenders have a large variation of these types of loans, while other lenders offer few variations.
· Ask lender to … (0 comments)
credit: Tips When Acquiring a Mortgage Loan
- 12/25/12 10:56 PM
Most home buyers need to acquire a mortgage in order to purchase their home. In order to get approved for a mortgage loan you need to have a job with sufficient pay unless buyer has sufficient income from other sources, good credit, liquid assets for down payment, and minimum debt. Following list are some tips that will improve your likelihood of acquiring a mortgage loan that will help you avoid future financial problems: · Become educated on the various types of mortgage loans and choose the right type of loan that fits your situation. Seek out multiple professions in the field in … (2 comments)
credit: How to Know When You Are Ready to Buy
- 01/20/12 07:57 AM
Many times people have difficultly determining whether they are ready to buy. This is true for renters and people who need to move-up or down-size. There are signs that may help you determine whether you are a ready buyer: · If you are person who is familiar with the current market conditions, paying close attention to how much houses are listed for in desired neighborhoods and a have realistic understanding how much your new home will cost you. · Have money to cover 3 to 20% down payment plus closing cost. Closing cost will run between 2 and 7% of the value of … (1 comments)
Currently mortgage rates are in the 7% rate range. Buyers are feeling a financial squeeze and need to find a solution so they can purchase a home. Many are predicting mortgage rates will begin to fall soon and some home buyers have adjusted to current interest rates and home prices. Still many cities are experiencing home affordability issues. One way for home buyers to fight home price increases is to have a great credit score. This will allow them to get the lowest interest rate at that time therefore lowering monthly mortgage payment. Following is a list of other techniques that … (1 comments)
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