Entries for the ‘Financing’ Category

What is a FICO Score?

FICO is the most commonly used credit score today and is named after the company that developed it, Fair Isaac Corp.   FICO scores range from 400 to 900 and the lower the score, the great the risk of default.  FICO score consists of the following components: 35 percent of the score is determined by payment [...]

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What is the Purpose of the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission, is designed to promote accuracy and ensure the privacy of the information used in consumer reports.

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Who are the Parties to a Mortgage?

There are two parties to a mortgage: (1) the mortgagor, or borrower (debtor), and (2) the mortgagee, or lender (creditor).   The mortgagor owns the property and the mortgagee owns the mortgage.

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What is Hazard Insurance?

Hazard insurance protects a property owner from specified losses, fire, windstorm or other natural events.  A property owner will receive compensation to cover the cost of any damaged incurred by such events if the specific event was covered within the policy.    Typically a Lender will want a borrower to pay for the first year’s [...]

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What is a Credit Report?

A credit report details the credit history and current credit status of an individual.  A credit report is used as a primary tool in determining credit worthiness.

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What Are the FHA Loan Limits for My Area?

FHA loan limits restrict the size of mortgages that can be insured by the Federal Housing Administration (FHA).   You can look up the FHA loan limits for your area.

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If Your Loan Was Declined by One Lender, Can You Use Another Lender?

Yes, ..sometimes one Lender will decline a Buyer and deny a deal.   As a Buyer, you can find a new mortgage Lender.   When a Buyer has a loan declined for any reason, he or she should ask for a detailed explanation of the facts (and request a denial letter) to provide to the new Lender.    Always [...]

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What is a USDA loan?

U.S Department of Agriculture (USDA) mortgages which are also called rural housing mortgages, help borrowers purchase in rural areas with 100 % financing.   Click to find out if a house is in an eligible location of Florida.

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Do You Want to Purchase Property Like a Pro?

Click on this link… How to Purchase Property Like a Pro.

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What is a Notary Fee?

A notary may charge for affixing her name and seal to various documents authenticating the parties’ execution of these documents.

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