Filing for bankruptcy is a way to erase certain types of debt and stop creditors from harassing you. It’s unfortunate when it happens, but it’s often necessary for saving your financial future. People often wonder if they can fully recover to the point of buying another home. Even though a bankruptcy will stay on your […]
The buyer typically pays for any fees relating to their mortgage loan. The seller typically pays the agent’s commission and various fees relating to the transfer of property. With that being said, closing costs are often just as negotiable as anything else in a real estate transaction. California: Both buyers and sellers are responsible for certain closing costs during the final stage of the home buying
California: Home-buyers can expect closing costs to average of 2% to 3%. There are two types of expenses: one-time (non-recurring) and recurring (pro-rated or ongoing). For example, if you buy a house in San Diego for $800,000, your one-time closing costs would range from $16,000 to $24,000. Additionally, the recurring costs would be similar. Florida: The average closing
What is a Closing in Real Estate: Understanding the Final Step in the Home Buying Process Closing is the final step in the home buying process. It is the point at which ownership of the property is officially transferred from the seller to the buyer. During a closing, various paperwork and agreements are signed, funds
A FICO score depends on five main factors: payment history, amounts owed, length of credit history, new credit, and credit mix. Each factor carries a different weight, and changes in any of them can move your score up or down. The same actions that help your score grow can also cause it to drop, sometimes
A VantageScore is one of the two main credit scoring models that banks and lenders use to evaluate your creditworthiness. The other widely used model is the FICO score. Both scores help lenders decide whether to approve you for credit and what interest rate to offer. VantageScore focuses only on your credit behavior. It uses
You’re ready to begin applying for financing, but what kind of credit history do you need to get a mortgage with an affordable interest rate? Unfortunately, there’s no magic number to define. Banks, credit unions, and online lenders will all have their own criteria and limits, so once you’ve researched all of your top picks
Why you should check your credit every year Checking your credit report and credit score each year helps you understand your financial situation from a lender’s point of view. Lenders use your credit history to judge risk, set interest rates, and decide whether to approve loans. When you review your report regularly, you stay informed
A FICO score is a type of credit used to assess the “risk” of lending to someone. A base FICO score ranges from 300 – 850 and takes into account payment history, debts, and credit history, along with other factors. There are definite benefits to increasing your score over time. Banks and credit unions could
A good credit score is what each of us aspires to. After all, a credit score is one of the important determining factors when it comes to borrowing money – and getting a low rate when you do. A credit score is a three-digit number calculated from your data-rich credit report and is one factor
