Did you know Beacon scores can range anywhere from 300 to 850? Reportedly, only 13% of credit scores exceed 800, and only 1% achieve a perfect score of 850. Typically, the higher the score, the lower the risk to default in the lenders mind. The scoring is computer generated taking into consideration the following 5 [...]
Anyone who tells you to choose bi-weekly mortgage payments, ain’t helping your cause. The KEY word is ACCELERATED bi-weekly. Most financial institutions offer a number of payment options (monthly, semi-monthly, bi-weekly, accelerated bi-weekly, weekly, and accelerated weekly payments). Although these options may all seem the same, some payment methods such as accelerated weekly and bi-weekly [...]
Today is day one of the government’s new mortgage rules. Here’s a quick video rundown on qualifying rate…. QUALIFICATION RATE The biggest rule change affects borrowers who put down less than 20% and want a variable or 1- to 4-year fixed term. Yesterday, you might have qualified for a high-ratio $250,000 variable-rate mortgage with a [...]
