Gulf Shores home buyers are needing higher and higher FICO scores these days in order to qualify for a mortgage. Very few Gulf Shores home buyers sporting credit scores below 620 are able to obtain loans. On the bright side, more are putting down less than 20 percent. According to the February Realtor Confidence survey […]
Your FICO Score: What Calculations Are Used?
Your FICO score is not a regular credit score. It is the brand of score most widely used in mortgage qualification. The FICO score was developed by Fair Isaac and a company known for developing risk assessment models. It is a complex equation that is not fully disclosed. The information used to calculate your FICO […]
Help for Homeowners: HARP 2.0
If you’d like a lower rate on your mortgage, HARP might be able to help. Get more mortgage tips and information by choosing the “Mortgage Info” category to your right. If you have questions about a mortgage or qualifying for a mortgage, use the comment link to contact us.
Buying a Gulf Shores Home: Finding a Good Lender
When buying a Gulf Shores home, you’ll need a large sum of money, and not everyone can afford to pay cash when buying a home. The majority of home buyers need a mortgage to fund the purchase. The buyer would then pay off the debt within a fixed time set by the lender. Buying a Gulf […]
Gulf Shores Short Sales: 3 Reasons They Benefit Homeowners
The thought of losing your Gulf Shores home may seem nauseating, but sometimes a short sale makes a lot of sense. While your financial life will surely be affected, the recovery of that financial standing could be somewhat easier, depending on your situation. Your lender may be willing to accept a short sale rather than proceeding […]
Settlement Reached Over Foreclosure Abuse
A landmark $25 billion settlement with the nation’s top mortgage lenders was hailed by government officials as long-overdue relief for victims of foreclosure abuses. But consumer advocates countered that far too few people will benefit… Know anyone who may actually benefit from this settlement? We’d love to hear about it. Just use the comment link […]
Mortgages: Check Those Escrow Statements
When you get a mortgage for your home purchase, if it’s a fixed-rate mortgage, the only amount that is likely to change over the life of your loan is your escrow payment – the amount set aside for taxes and insurance. Industry experts warn that homeowners should look carefully at their own escrow statements, as […]
Mortgages: Shopping for the Best Rates
All those “record-low” mortgage rates have you watering at the mouth to buy a home or refinance your current one? Mortgage lenders adjust their rates based on perceptions of risk, so unless you can show you’re a low-risk borrower, you are unlikely to qualify for a rate that matches those seen in all the advertisements […]
Checking Your Credit Report and Scores
Even if you’re not thinking about applying for a loan or credit card in the near future, it’s always a good idea to look at your credit report and scores. You should check your personal credit report and score at least twice a year to make sure that all of your personal information is accurate. […]
New Mortgage Rules Making Home Financing Harder
Mortgage rates below 5-percent have people scrambling to refinance. They have also helped breathe new life into the troubled real estate market. But a new rule has many people shocked to discover their financing is near collapse just days before closing. That’s what happened to Pam and Ted Ten Eyck of Mansfield. They planned to […]
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