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Buying a Home? Know Hard Costs Going In
Surveys of potential home buyers, particularly first time buyers, are telling us that many could use a little more knowledge about two of the largest costs of ownership. Everyone needs a mortgage and insurance is necessary as well. Your lender will require that insurance premiums be escrowed in advance to be certain that the money is there when they are due. Mortgage interest with a long term fixed rate is at least predictable and stable, but too many new buyers aren’t aware of how their credit rating influences their mortgage rate.
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Credit scores are important for home financing and loan approval. A higher credit score can save borrowers thousands of dollars in interest over the life of a loan. Factors like payment history, credit utilization, length of credit history, and types of credit used make up a credit score. The document recommends borrowers review and optimize their credit by checking credit reports, verifying accuracy, and disputing any errors to improve their credit scores. Partnering with a local lender for credit analysis and repairs can help borrowers qualify for the best rates.
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This document discusses the importance of good credit and the costs of poor credit. It explains that a credit score is a 3-digit number that evaluates lending risk, and that scores above 720 are considered excellent while scores below 620 are poor. Borrowers with lower credit scores will pay significantly more over the life of a loan, with some paying over $300,000 more in interest for a 30-year mortgage. The document provides tips for improving credit scores by carefully managing payment history, credit utilization, credit mix, and inquiries.
Presentation For Realtors
The document discusses credit scores and how to improve them. It notes that the three major credit bureaus are Experian, TransUnion, and Equifax, and that creditors do not always report to all three. It then provides statistics on average credit scores by state, and explains the factors that affect credit scores, such as payment history, credit utilization, length of credit history, and types of accounts. The document offers advice on reviewing credit reports annually and maintaining low credit card balances to improve credit scores over time. It also advertises credit repair services from the company I Clean Ugly Credit.
Understanding Credit - NMLS# 267431
The document discusses credit scores and what they mean. It provides details on:
1. Credit scores range from 300 to 850 and are generated by analyzing a consumer's credit report, with higher scores indicating a lower risk of loan default.
2. The odds of consumer default vary significantly depending on credit score, from 1 in 15 for scores below 620 to 1 in 1,485 for scores above 800.
3. The five main components that determine a credit score and their relative weights are: payment history (35%), debt ratio (30%), age of credit (15%), credit mix (10%), and inquiries (10%).
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This document provides an overview of financial intermediaries including their functions, risks, and types. It discusses how financial intermediaries such as banks, credit unions, insurance companies, and pension funds facilitate the flow of funds between savers and borrowers. They do this by assuming different types of risks including credit risk, interest rate risk, liquidity risk, and exchange rate risk. The document also outlines the major sources and uses of funds for different financial intermediaries and provides data on their relative size in the US financial system.
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buying a house is right for you...
Do you have a steady income? Have you been employed on a regular basis for 2-3 years? Is your income reliable? Do you have a credit history? Do you have a good record of paying your bills? Will you be able to pay your bills and other debts? Do you have the ability to make the mortgage payment every month, plus handle additional costs for taxes, insurance, maintenance and repairs? Do you have money saved for a down payment and closing costs?
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Surveys of potential home buyers, particularly first time buyers, are telling us that many could use a little more knowledge about two of the largest costs of ownership. Everyone needs a mortgage and insurance is necessary as well. Your lender will require that insurance premiums be escrowed in advance to be certain that the money is there when they are due. Mortgage interest with a long term fixed rate is at least predictable and stable, but too many new buyers aren’t aware of how their credit rating influences their mortgage rate.
UcesCreditScoreEffects
This document discusses how credit scores affect various financial costs and rates. It shows that people with lower credit scores typically pay higher interest rates for loans and credit cards. For example, on a $20,000 auto loan, someone with a credit score of 660 would pay $22,824 over the life of the loan compared to $21,708 for someone with a score of 760. Similarly, someone with a credit card balance of $10,000 and a poor credit score would pay around $600 more in annual interest compared to someone with good credit. The document also indicates that most insurance companies use credit scores in their underwriting process, and those with lower scores typically pay higher insurance premiums.
Credit Its A Brand New Day
Credit scores are important for home financing and loan approval. A higher credit score can save borrowers thousands of dollars in interest over the life of a loan. Factors like payment history, credit utilization, length of credit history, and types of credit used make up a credit score. The document recommends borrowers review and optimize their credit by checking credit reports, verifying accuracy, and disputing any errors to improve their credit scores. Partnering with a local lender for credit analysis and repairs can help borrowers qualify for the best rates.
Credit Its A Brand New Day
This document discusses the importance of good credit and the costs of poor credit. It explains that a credit score is a 3-digit number that evaluates lending risk, and that scores above 720 are considered excellent while scores below 620 are poor. Borrowers with lower credit scores will pay significantly more over the life of a loan, with some paying over $300,000 more in interest for a 30-year mortgage. The document provides tips for improving credit scores by carefully managing payment history, credit utilization, credit mix, and inquiries.
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The document discusses credit scores and how to improve them. It notes that the three major credit bureaus are Experian, TransUnion, and Equifax, and that creditors do not always report to all three. It then provides statistics on average credit scores by state, and explains the factors that affect credit scores, such as payment history, credit utilization, length of credit history, and types of accounts. The document offers advice on reviewing credit reports annually and maintaining low credit card balances to improve credit scores over time. It also advertises credit repair services from the company I Clean Ugly Credit.
Understanding Credit - NMLS# 267431
The document discusses credit scores and what they mean. It provides details on:
1. Credit scores range from 300 to 850 and are generated by analyzing a consumer's credit report, with higher scores indicating a lower risk of loan default.
2. The odds of consumer default vary significantly depending on credit score, from 1 in 15 for scores below 620 to 1 in 1,485 for scores above 800.
3. The five main components that determine a credit score and their relative weights are: payment history (35%), debt ratio (30%), age of credit (15%), credit mix (10%), and inquiries (10%).
Mbb15
This document provides an overview of financial intermediaries including their functions, risks, and types. It discusses how financial intermediaries such as banks, credit unions, insurance companies, and pension funds facilitate the flow of funds between savers and borrowers. They do this by assuming different types of risks including credit risk, interest rate risk, liquidity risk, and exchange rate risk. The document also outlines the major sources and uses of funds for different financial intermediaries and provides data on their relative size in the US financial system.
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Do you have a steady income? Have you been employed on a regular basis for 2-3 years? Is your income reliable? Do you have a credit history? Do you have a good record of paying your bills? Will you be able to pay your bills and other debts? Do you have the ability to make the mortgage payment every month, plus handle additional costs for taxes, insurance, maintenance and repairs? Do you have money saved for a down payment and closing costs?
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The document provides an overview of the current bond market and interest rate environment. It notes that interest rates have been low since the financial crisis, but recent statements from the Federal Reserve suggest that further rate increases may be halted for now. This could provide an opportunity for bond investors to earn modestly higher yields. Several charts show current U.S. government bond yields across maturities remain low by historical standards, but fixed income can still serve as a portfolio diversifier. There is also over $10 trillion in global debt currently yielding negative returns, keeping U.S. bonds relatively attractive. With low inflation expectations, the Fed has leeway to keep rates from rising in the near future.
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Central bank policies have pushed interest rates lower globally, with over $13 trillion of debt outside the US carrying negative yields. The Federal Reserve is expected to cut rates further in 2019. With yields near historic lows, investors continue searching for safety, income, and higher returns, which has led some to take on more risk. Remaining flexible may allow capturing unique returns in areas like private credit.
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The document provides an overview of the current bond market and interest rate environment. It notes that interest rates have been low since the financial crisis, but recent statements from the Federal Reserve suggest that further rate increases may be halted for now. This could provide an opportunity for bond investors to earn modestly higher yields. Several charts show current U.S. government bond yields across maturities remain low by historical standards, but fixed income can still serve as a portfolio diversifier. There is also over $10 trillion in global debt currently yielding negative returns, keeping U.S. bonds relatively attractive. With low inflation expectations, the Fed has leeway to keep rates from rising in the near future.
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The 2007 mortgage market meltdown was caused by a perfect storm of subprime and Alt-A lending with loose underwriting standards, which led to many borrowers being unable to repay their loans. As delinquencies increased, mortgage-backed securities plunged in value, causing major lenders like American Home Mortgage to collapse. The results for the real estate market include fewer potential home buyers, an increase in foreclosures and inventory, and downward pressure on home prices. Real estate agents should prepare for closing 50% fewer deals and help clients properly qualify for loans through credit repair and documentation of income and assets.
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Global Financial Private Capital is an SEC registered investment advisory firm located in Florida. The document discusses how interest rates have been artificially low since the 2008 financial crisis due to the Fed's bond-buying program. Even if interest rates rise as expected, income seekers will likely have to wait a decade or more for safe investments like CDs and money market accounts to generate enough income to pay bills, as rates have taken 30+ years to return to normal levels following past crises. Active management is necessary for investors relying on investment income, as the strategies of the past no longer suffice in today's complex market environment.
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Determination on interest rate
The document discusses various determinants of interest rates, including the real risk-free rate which is the risk-free rate plus inflation premium, the nominal risk-free rate which includes a premium against the risk of default on payments, the default risk premium which covers the risk of a borrower failing to make interest or principal payments, the liquidity risk premium which covers the difficulty of selling less marketable securities, and the maturity risk premium which covers the risk of interest rates changing for bonds with longer maturities.
Specialty mortgages risks and rewards
This document summarizes the risks of specialty mortgages that allow home buyers to qualify for larger loans. Specialty mortgages often have low introductory rates but payments are likely to increase significantly in the future by as much as 50%. These include interest-only, negative amortization, and option payment ARM mortgages. The document cautions that specialty mortgages pose greater risks of being unable to afford payments long-term and the loan balance increasing instead of decreasing each month. It advises buyers to understand how much payments can rise, if their income will increase to cover future costs, and ensure goals align with risks before choosing a specialty mortgage.
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Since May, interest rates on bonds have drifted upwards and values have declined. Investing in bonds can no longer be left on auto-pilot. Please read on...
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Using credit cards irresponsibly can lead to debt and poor credit. It is important to pay credit card bills in full and on time each month to build credit without overdue payments. Maintaining a low credit card balance also minimizes the risk of being unable to pay the full balance. Monitoring your credit reports through a credit monitoring service ensures you are aware of payments and credit scores before making large financial decisions. Implementing these tips can help improve your financial standing and credit score over time.
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There are several types of reverse mortgages available to homeowners aged 62 and older including Home Equity Conversion Mortgages (HECMs) through the FHA and products from Fannie Mae and Financial Freedom. HECMs offer the largest loan advances, most payment options, and funds can be used for any purpose. Eligibility requires being aged 62+, owning the home for at least one year, and the home meeting HUD standards. The loan is repaid when the last surviving homeowner dies, sells the home, or fails to live there for over 12 months. Loan amounts are based on age, interest rates, home value, and payment method, up to county-set limits. Borrowers have options to
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Market Perspectives - September 2019
Central bank policies have pushed interest rates lower globally, with over $13 trillion of debt outside the US carrying negative yields. The Federal Reserve is expected to cut rates further in 2019. With yields near historic lows, investors continue searching for safety, income, and higher returns, which has led some to take on more risk. Remaining flexible may allow capturing unique returns in areas like private credit.
Home Loan Options
An adjustable rate mortgage offers an initial low fixed rate for a period of time, then the rate adjusts periodically according to the market. It is worth considering if you do not plan to stay in the home indefinitely. A low down payment loan allows buyers to purchase a home with as little as 3% down through conventional or FHA loans. VA loans provide benefits like no down payment or mortgage insurance for active military, veterans, and surviving spouses. USDA loans have lower rates but are only available in areas with populations under 10,000. A fixed rate mortgage locks in the interest rate so monthly payments remain the same for the full loan term.
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The document discusses the author's interest in bonds after learning about them in class. It defines bonds as marketable securities that represent loans to entities that must be repaid at a future date. While bonds offer lower risk than stocks, their returns are also lower which is acceptable to the author as a beginner investor. Bonds provide higher returns than savings accounts and can stabilize a portfolio. The document outlines some disadvantages of bonds like credit, interest rate, and income risks. It provides tips on managing risks and notes some bonds are exempt from certain taxes, making them more attractive. Overall the author feels bonds are a good next step for their current financial needs compared to just having a savings account.
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Jumbo & Jumbo Plus
This document outlines various mortgage loan programs offered by Planet Home Lending, including 30-year fixed rate, 5/1, 7/1, and 10/1 adjustable rate mortgages. It provides details on rates, loan-to-value ratios, credit score requirements, and eligible property types for primary residences, second homes, and investment properties up to $2.5 million. Contact information is included for a loan officer to discuss Jumbo and Jumbo Plus loan options that allow gift funds with a minimum 5% borrower contribution.
36 understanding credit
A credit report contains a person's financial history including loans, bills paid on time, and public records. Creditors use this information to determine creditworthiness and risk level. A credit score numerically represents this and is used to predict the likelihood of repaying future debt. FICO scores specifically analyze credit report data to make these predictions. Maintaining good credit involves paying bills on time and avoiding excessive balances that incur high interest costs. Fixing poor credit requires disputing inaccuracies, making consistent on-time payments, and keeping old credit accounts open. People are entitled to a free credit report annually from each of the major credit agencies.
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The document provides information about rebuilding credit after bankruptcy, including easy steps one can take immediately to improve their credit score. It discusses paying bills on time, paying down credit card balances, obtaining additional credit responsibly over time, and correcting any errors on credit reports. Taking these steps can help increase one's credit score and qualify for better credit terms in the future.
Money creditlesson
This document provides a guide to understanding credit reports and maintaining a healthy credit score. It discusses the key components of a credit report including personal information, credit accounts, inquiries, and public records. It then outlines factors that affect credit scores such as payment history, credit utilization, length of credit history, and types of credit. The document concludes by providing tips for keeping credit in good standing such as paying bills on time, negotiating delinquencies, and using MyFico.com to monitor credit scores.
40 Credit Repair Secrets
The document provides 40 tips for credit repair. Some of the key points covered in the first 3 tips are:
1. Get a credit report from all 3 major credit bureaus to check for any inaccuracies.
2. Review your credit report carefully for any errors on your personal information or credit lines that don't belong to you.
3. Checking your own credit is considered a "soft inquiry" and will not negatively impact your credit score.
Credit Scores and What You Need To Know
This document provides an overview of credit scoring and its importance. It discusses the five factors that determine a credit score, including payment history, credit utilization, credit history length, credit mix, and number of inquiries. A low credit score can significantly increase interest rates on loans like mortgages, costing borrowers thousands over the life of the loan. It also outlines tips for improving credit scores, such as paying bills on time, keeping credit utilization low, and maintaining a mix of different credit types. The document emphasizes the importance of not making changes to credit reports or applying for new credit during the loan application process.
102 credit
This document provides information about credit, credit reports, credit scores, and maintaining good credit. It defines credit and explains how credit reports and FICO credit scores are calculated. Key factors that influence credit scores are payment history, amount of debt, credit history length, recent credit applications, and credit mix. The document advises paying bills on time, keeping balances low, and carefully managing credit accounts to maintain good credit over time.
102 credit
This document provides information about credit, credit reports, credit scores, and maintaining good credit. It defines credit and explains how credit reports and FICO credit scores are calculated. Key factors that influence credit scores are payment history, amount of debt, credit history length, recent credit applications, and credit mix. The document advises paying bills on time, keeping balances low, and carefully managing credit applications and accounts to maintain good credit over time.
Credit Unraveling the mystery
FICO scores are a measure of credit risk calculated by Fair Isaac Corporation based on a credit report. Payment history makes up 35% of a score and factors like on-time payments, amount owed, length of credit history, new credit, and credit mix each influence the score. Individuals can improve their scores by paying bills on time, keeping credit utilization low, maintaining old accounts, and applying for new credit judiciously over time. A FICO score considers all these categories together to assess risk rather than any single factor.
Financial wellness
The document provides tips for improving financial wellness and independence, including paying off debt. It discusses the average amount of debt Americans hold ($52,940), broken down by type and demographics. It recommends creating a repayment plan, prioritizing debts from highest to lowest interest rate, and considering debt consolidation or refinancing while interest rates are low to reduce costs and make progress paying off debt. Building an emergency fund and living debt-free are also presented as important steps toward financial independence.
Credit Score
Credit Score and the importance of your score, how it can effect your financing options in today's market.
Some hints to get your credit score up quickly and keep it there! | Mark Lesi...
Some hints to get your credit score up quickly and keep it there! | Mark Lesi...Southwestern Investor Group
Mark Lesinski Hamburg NY - A credit score in the United States is a number representing the creditworthiness of a person, the likelihood that person will pay his or her debts. Credit scores are designed to measure the risk of default by taking into account various factors in a person's financial history. Today, because of the credit crisis having a high credit score is more crucial than it has ever been.Ultimate Credit Score Guide
Understanding your credit score and what factors impact that score are crucial tools for building a healthy credit rating.
Your credit score determines how much you will pay in interest rates to borrow money or even whether you will even get financing in the first place. Credit reports are also used to decide whether to provide you with insurance, housing, and utilities. Even many employment decisions are based on your creditworthiness.
A higher credit score makes you a lower risk to lenders, which, in turn, means you are more likely to get credit or insurance—or pay less for it. It also means you are more likely to get that dream job you worked so hard to achieve.
Keep reading and learn to understand, manage, and improve your credit rating.
What is Credit Score?
A credit bureau collects consumer credit information from various sources to provide details on individuals' borrowing and payment histories. This helps lenders assess creditworthiness when deciding whether to approve a loan and at what interest rate. A credit score is a 3-digit number that predicts how likely someone is to pay back debt, with higher scores indicating lower risk. Credit scores are calculated based on factors like payment history, credit utilization, credit inquiries, type of accounts, and time since accounts were opened. Maintaining a good payment record, keeping credit utilization low, and limiting credit applications can help improve a credit score over time.
Understanding Your Credit Report
Understanding Your Credit Report & Score provides information about credit reports, credit scores, and how to positively impact your credit. It explains that credit reports are compiled by three major credit bureaus and include your payment history, accounts, inquiries and public records. Your credit score, or FICO score, is calculated based on your credit report and influences your ability to get loans, credit cards, apartments and more. The article provides tips for building credit, checking your credit report and score, disputing errors, and factors that affect your credit score.
Intro to Credit
Learn the basics of credit in this easy-to-follow, introductory course that includes:
- What credit is and the different types of credit available
- How credit reports and credit scores work and the factors that go into building them
- Common options for building credit
And more!
Click through the slideshare to start your credit-education now.
Credit
The document provides information on credit and money management. It discusses understanding credit reports and credit scores, different types of credit cards and fees, calculating debt-to-income ratios, establishing good credit, and repairing credit. Tips are provided such as paying bills on time, keeping credit card balances low, and ordering free annual credit reports to monitor your financial health and credit standing.
Credit Scoring 101 Education
See the factors that make up a credit scoring calculation, frequently asked questions about credit reports, and common misconceptions of credit scores.
What is a Credit Score
A credit score is a number between 300-900 that lenders use to determine the likelihood of repayment for future debt. It is calculated based on information in a credit report, which details an individual's payment history and financial obligations. Five factors determine the credit score: payment history (35%), amount owed (30%), length of credit history (15%), new credit applications (10%), and types of credit used (10%). Maintaining a good payment history and managing debt responsibly over time are the best ways to improve a credit score.
credit.pptx
This document discusses managing credit and provides information on important credit-related topics such as what credit is, credit scores, using credit cards wisely, and average credit card debt among young adults. It defines credit as receiving goods, services, or money in exchange for a promise to pay later. Credit scores are determined by payment history, credit utilization, credit history length, credit mix, and new credit applications. The document advises using credit wisely by only purchasing what can be paid off and avoiding revolving credit card debt, which many young people struggle with.
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Unlocking the secrets of credit scoring presentation
- 1. 1 Unlocking The Secrets of Credit Scoring by Wanda Strickfaden, president Improve Credit, LLC www.ICDebt.com
- 2. 2 Unlocking The Secrets of Credit Scoring Positive Payment History Staying below 30% of your credit limit Having an account of 12 months or older Hard Inquiries Having a good mixture of credit
- 3. 3 Payment History Approximately 35% of your FICO score is based on this category. Pay your bills on time Delinquent payments and collections can have a major negative impact on your FICO score. The longer you pay your bills on time, the better your FICO Score. Be aware of your options prior to becoming delinquent on your active accounts. Call your creditor and negotiate a payment plan. Make sure you explain that you do not want to become delinquent, nor do you want a delinquency reported on your credit report.
- 4. Amounts Owed Approximately 30% of your FICO score is based on this category. Stay below 30% of your credit limit High outstanding debt can lower your FICO Score. Don’t close unused credit cards as a short term strategy to raise your FICO score. Don’t open a number of new credit cards that you don’t need, just to increase your available credit. This option should be researched carefully prior to considering this process. 4
- 5. 5 Length of Credit History Approximately 15% of your FICO score is based on this category. A longer credit history will increase your score Your FICO Score considers the age of your oldest account, the age of your newest account and an average of all your accounts. The length of time since your accounts have been established. How long it has been since you used certain accounts.
- 6. 6 New Credit Approximately 10% of your FICO score is based on this category. Re-establishing new credit Open an unsecured line of credit with your own cash at your local credit union or bank. Pay this line of credit off every month to re-establish your credit. Note: It’s OK to request and check your own credit report and your own FICO Score with all three bureaus for free once per year. This type of pull is considered a “soft pull”; which will not decrease your credit score.
- 7. Types of Credit Used Approximately 10% of your FICO score is based on this category. Having a mixture of credit is ideal Having an installment loan, revolving account, and mortgage is considered a good mixture of credit. An installment loan can be a personal loan, or student loan. A revolving account can be a home equity line of credit, or credit card. Your FICO score also looks at the total number of accounts you have for different credit profiles; how many is too many will vary, depending on your overall credit picture. 7
- 8. 8 Credit Score Your score can range from 300 up to 850. FICO Credit Scores 300 – 639 is considered the poor range 640 – 679 is considered the average range 680 – 699 is considered the good range 700 – 850 is considered excellent range. Did you know that only 13% of the population have a credit score of 800 or above.
- 9. 9 Unlocking The Secrets of Credit Scoring Wanda Strickfaden Improve Credit Consulting Firm wanda@improvecredit.biz www.ICDebt.com Call 704-877-8739 for your credit consultation!