Monthly Archives: January 2016

January 2016

Who Will Represent You?

By |January 21st, 2016|

It’s time to sell your home. You’ve decided to really do it. Your next big decision is who you will use as a real estate agent. If you are like me, you know of several agents. There is your friend’s spouse who is an agent, the friend at work who is selling homes part time, and perhaps the agent you used to buy your current home.
 
You know that choosing the right agent is important, and the best way to move forward is to begin by interviewing potential agents. You are looking for someone who is skilled, knowledgeable, and who you can trust. The questions you should be ready to ask should include their price and timeline.
 
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“Derogatory” Credit

By |January 21st, 2016|

The FICO score is a measure of consumer credit risk, and it is used by mortgage companies to help screen and qualify buyers for their loans. You’ll hear about this a lot but be aware that the FICO scoring process can be complex and baffling. When I was working with my mortgage broker to get ready to buy a home, I needed to delve into FICO score details and some negative marks on my score from the past. These are called “derogatory” credit marks. I realized that in order to figure out how my score got so low, I also needed to understand the factors used to create my score so I could raise it in order to qualify for a mortgage. Fortunately, my mortgage broker and her team were great at coaching me on how to clean up my negative FICO score issues and teaching me how to increase my score. Sometimes you just need to ask for help to get started. So, here is what I learned about trying to reboot my credit.
 

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MIP (Mortgage Insurance Premium)

By |January 21st, 2016|

MIP (Mortgage Insurance Premium) is insurance homeowners pay to the FHA (the Federal Housing Commission) to protect the lender against loss on FHA insured loans.
 
You may be able to eliminate this monthly fee in certain cases. In some areas values, have gone up enough to allow homeowners to refinance and drop this charge.
 
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