#home loan help
What Is A FICO Score? FICO stands for Fair Isaac and Company, who created this credit scoring system. A FICO score is used by credit companies to determine a borrower’s potential lending risk. The FICO system gauges a borrower’s ability to pay their bills by looking at their history. There are three main credit reporting agencies in the U.S. – Experian, TransUnion, and Equifax. Each credit agency uses a different formula for determining a FICO score, consequently, the scores slightly different. FICO scored differ between the agencies because creditors don’t always report everything Keep Reading
Raising Your FICO Score
FICO Score Boosters – These are things that will boost your FICO score: 1. Pay on time. With timely payments making up 35% of your FICO score, paying on time will actually make you money when it’s time to get a home loan. 2. Control your debt. 50 percent is the debt to available credit ratio for all credit cards. Don’t go over that number prior to getting the home loan. You’ll need that credit after you purchase your new home. [Read More]
Learning The Loan Process
Before you go house hunting, you need some research on where to go for a mortgage. Once this is done you need to move on to setting up lawyers, insurance agents and engineers, which will help you along with the transaction. If you take the time to be patient in finding the professionals that will assistant you during the home buying process, you will be less likely to make a hasty decision out of stress. [Read More]
What Mortgage Is Best For You?
As recently as the late 1980’s home loan options were minimal. There was a fixed 30 year loan, a fixed 15 year loan, and a 1 year adjustable rate loan. Over the past several years we’ve seen far more mortgage loan options available to home purchasers. There have never been more choices in the real estate lending industry – some risky and some conservative. Here are some of the options available to consumers. [Read More]