Posts in category 'Real Estate Blogs'
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13
10 Ways to Boost Creditworthiness
Using credit responsibly is an integral part of personal financial health. Not only is credit a key factor in securing loans for a home, vehicle or other major purchases, landlords often look at credit before approving new renters, as well.
"Improving and maintaining a positive credit history is important for people of all backgrounds, ages and life phases," says Mike Sullivan, director of education for Take Charge America, a national nonprofit credit counseling and debt management agency. "A few credit missteps can set back your financial goals significantly, even years in some cases."
To do just that, Sullivan recommends the following tips.
1. Limit the Number of Cards
People are bombarded with dazzling credit card offers, but applying for too many can negatively impact credit w...
5
FICO: Confused about Credit Scores? You're Not Alone
Whether for free or a fee, numerous websites offer credit scores. However, according to a recent FICO® report, the majority of credit score inquirers believe they're receiving their FICO Score, when, in fact, they're receiving a non-FICO score.
"Because other credit scores look similar to FICO Scores, consumers have no way of determining, through the credit score itself, whether or not it's a FICO Score," says Jim Wehmann, executive vice president for scores at FICO. "Credit scores are unlike other products; the consequences of not recognizing credit scores from different companies can be much more serious. The new research findings bring to light an important issue: if the majority of consumers are confused about these non-FICO credit scores being provided to them, then millions of Americans are lik...
29
Mortgage Rates Sink Lower This Week
Averages on fixed-rate mortgages dropped lower this week, continuing to provide a benefit to home buyers and refinancers, Freddie Mac reports.
Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 22:
- 30-year fixed-rate mortgages: averaged 3.79 percent, with an average 0.6 point, dropping from last week's 3.82 percent average. Last year at this time, 30-year rates averaged 3.92 percent.
- 15-year fixed-rate mortgages: averaged 2.98 percent, with an average 0.5 point, falling from a 3.03 percent average. A year ago, 15-year rates averaged 3.08 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.89 percent, with an average 0.4 point, rising from last week's 2.88 percent average. A...
22
Looking to buy a home? 5 mortgage steps you need to know
(BPT) - The home loan process can seem intimidating, especially for a first-time homebuyer. It is not a simple process, but it doesn't have to be too complicated. There are many resources available to help you prepare for your home buying journey, and your mortgage lender can answer the questions you have throughout the process.
'We're finding that many of our customers come into the home loan process with limited knowledge of how the home loan process works,' says Eric Hamilton, President of Vanderbilt Mortgage and Finance. 'It's important to take the time to familiarize yourself with the process so you know what to expect.'
Here are some of the key steps to the home loan process, as well as some tips to help...
15
Mortgage Rates Average Well Below 4 Percent
The PMMS® also reports the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.88 percent (with an average 0.4 point), and the 1-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.55 percent (with an average 0.2 point).
"Calling the September jobs report disappointing is an understatement," says Sean Becketti, Freddie Mac's chief econ...