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How To Repair Your Credit, 7 Recommendations

Is your credit terrible? The helpful information in this article will show you how to begin repairing your credit and become financially functional. Read on to discover credit repair alternative ideas and tricks specifically targeted for people in your situation planning to repair their credit rating and get on with life. Open a secured credit card to begin restoring your credit. It may seem alarming to have a credit card account open if you have bad credit, but it is essential for…

Posted in Real Estate

Buying Florida Real Estate

Things to Consider Planning to move out of the area in a couple of years? If so you may be better off not buying a home now. The cost of selling a house generally falls in a range of 7% 8% of the sale price which may be more than the appreciation of the house. Check out this Rent vs. Buying web site to compare the advantages of each. Thinking about changing jobs? It might be best to wait until…

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Real Estate Closing Costs

Down Payment Most lenders require at least 10% of the purchase price, though new programs are available for 3%-5% down. 100% financing can be found, but you credit must be excellent and PMI insurance will be required. Loan Origination Fee A lender’s fee for establishing a new loan. Government regulations allow only 1% origination fee on FHA or VA loans. Conventional loan fees can vary from -1 to 3+ points, plus other costs. A point is 1% of the loan….

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Credit Reports and FICO Scores

Good FICO Scores = Best Loan Rates FICO scores (credit score) are what the vast majority of American mortgage lenders use to evaluate home loan applicants’ creditworthiness. The scores are based on a number of factors that analyze the electronic credit files maintained on virtually all adults in the U.S. The scores range from the 300s to around 850, with higher scores indicating lower risk. Many lenders reserve their most favorable quotes of rates and fees for applicants in the…

Posted in Mortgage, Real Estate

Top Tips Regarding Your Credit Report and Mortgage Loan

What To Do First: Obtain a copy of your credit report and check for errors. Do this prior to your lender ordering one and before mistakes are found. FICO Scores: What They are and Why They are Important Next gather all your financial data. Lenders will want to see bank account statements, paycheck stubs, W-2 forms and tax returns for the last two years, investments and proof of any other sources of income. Down Payment Sources Savings Sell a car,…

Posted in Mortgage