Tehachapi's Online Community News & Entertainment Guide
Tehachapi's Online Community News & Entertainment Guide
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If you didn't know before, you know now... I am a fan of "The Wizard of Oz." For many reasons, but also because I am a fan of knowing that many of those scary things ended up not being so scary. So, what does this have to do with rates, recession and inflation? Well just like lions, tigers and bears... (oh my!) they may not be as scary as they seem if you are aware of the potential impacts, prepare yourself properly and make wise decisions with your money. Let's review some actions commonly...
Most people who need a mortgage loan would prefer to get the lowest and best rate. All too often getting the lowest rate comes at the highest costs. This is referred to as a discounted rate or paying points. When a borrower pays a point, they are paying one percent of the loan amount in a fee to reduce the rate. Other fees some lenders charge to quote a lower rate may be titled origination fees, document fees, processing fees or administrative fees. These fees determine what the discount is...
With over 33% of homebuyers being first timers, and that number projected to increase in the next several years, perhaps a great place to start with "Navigating Lending" is at the beginning. So, you want to buy a house but don't have a rich uncle willing to give you the cash, or multiple zeros to go with the numbers in your bank account. That means you will likely need a Mortgage Loan. A Mortgage Loan is a type of debt that is secured by the home or real estate property you are purchasing, with...
Kenneth Harney is a nationally-syndicated columnist on real estate for the Washington Post Writers Group. Here’s his March 29 post about credit scores. When is your “credit score” irrelevant in buying a house or refinancing a home loan? A new federal legal settlement with a major credit bureau has the answer: The only score that matters is the one your lender uses to evaluate you, not some random score you got on a website. All the others you might buy or see — there are dozens of them hawked...
If you’re a typical consumer, the holiday season means you’ll be using your credit cards to buy gifts for those you love. Be smart about your FICO score while you’re doing your shopping. Of the five components that make a credit score, the one that weights the most is your payment history. It should go without saying that you need to make all your payments on time to keep a good credit score. How much you owe on credit accounts makes up the next 30% of your score. History shows that once you c...
“I have a 700 FICO!” You’d think such words would be music to a mortgage advisor’s ears. Maybe, but maybe not. Credit scores are important, but a home loan credit pre-approval is concerned with so much more than just a number. Credit scores were put in place to help predict which consumers would experience a credit default in the coming twenty-four months, by examining their credit usage. Years of data were analyzed to come up with profiles of how consumers behaved right before their credit...
