FICO

February 2017

Low Rates = More Purchase Power

By |February 15th, 2017|

January 2017

Three Things I Learned About FICO

By |January 13th, 2017|

The FICO score is the number that credit agencies calculate and use to determine someone’s credit worthiness.  Having a good score is a critical step toward getting a mortgage or other loans on good terms.

 

 

There was a time when my husband and I were denied a $500 line of credit to buy tires for […]

August 2016

Juggling Act: How to Buy and Sell a Home Simultaneously

By |August 23rd, 2016|

Buying a home when you don’t already have a home is one thing. Buying a home when you already have a home can feel like juggling a set of flaming torches: A lot is going on, and if you miss something, it could be hazardous. Addressing the three key questions below can help you […]

April 2016

Finance Your Renovation: A 203(k) Q&A

By |April 20th, 2016|

You have a dream of what your home should be. But if it’s not there yet and you’re thinking of undertaking a major remodel—or of buying a fixer-upper—then a Renovation Loan may be just the kind of financing you need.
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February 2016

Learn from the Experts

By |February 15th, 2016|

If you dream of owning a home, a place where you can paint, have a media room, raise your kids, celebrate holidays or have a pet, it might be time to learn what you need to do to prepare. If you aren’t sure of exactly what you need to do to obtain a mortgage don’t worry, you are not alone. A recent national Fannie Mae survey revealed that very few people, even those who own homes, know the current minimum home ownership criteria. The least informed group was renters hoping to buy a home within five (5) years. These renters admit they don’t know exactly how much money they will need for a down payment, how high their credit score needs to be to qualify for a mortgage and very few understand the debt to income ratio requirements.
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Should I Buy or Wait Until Next Year?

By |February 15th, 2016|

The cost of waiting to buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time. Freddie Mac predicts interest rates to rise to 4.8% by next year. CoreLogic predicts home prices to appreciate by 5.3% over the […]

January 2016

“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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April 2015

Five Factors of FICO

By |April 15th, 2015|

The FICO score has always seemed a bit mysterious but it is an important ingredient in obtaining a home loan. The FICO score uses your credit information and identifies how reliable you would be in repaying borrowed money or if you are credit worthy. A FICO score can vary, depending on the specifics used by the lender and the credit agency. […]