One of the most common questions lenders get when it comes to home equity lines of credit, or HELOCs, is, What’s the difference between a draw and repayment period? And it’s no wonder — there’s a lot to unpack when it comes to these! Let’s answer some of the most common questions. A home equity … Read more
Credit score ranges vary across creditors and score types. For base FICO® Scores, the credit score ranges are: There are many models used to calculate your credit score, but most of the ones published by FICO and VantageScore® have a score range of 300 to 850. A higher credit score indicates you are statistically less … Read more
The types of bills that affect your credit scores are those that are reported to the national credit bureaus. This includes consumer debts and unpaid bills turned over to collections. If you use Experian Boost, eligible recurring payments could also help credit scores based on your Experian credit report. A bill only affects credit scores … Read more
Closing on a home can be an exciting yet stressful process. Once you get the keys and move into your new place, you may think the hard part is over. However, your relationship with your lender doesn’t necessarily end on closing day. Many lenders do follow up with borrowers after closing to ensure everything goes … Read more
When it comes to credit cards, “good” can mean a lot of things, but today, we’re talking credit limits. You know, the magical number that determines how much you can spend before your card gives you the cold shoulder. But what exactly is a good credit limit? Is it enough to cover a trip to … Read more
Navigating the world of loans often leads borrowers to wonder about the roles and influence of loan officers and underwriters. Many ask, “Can a loan officer influence an underwriter?” Understanding this dynamic is crucial for anyone involved in the mortgage process. Lets dive deep into how these two essential players interact, how their roles differ, … Read more
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Mortgage rates have been hovering in the high 6 percent range for a 30-year fixed loan, but some states see tougher odds of homebuyers getting approved. In a new National Association of Realtors (NAR) report, some states … Read more
The FICO score is one of the most important numbers in your financial life. This three-digit credit score can determine whether you qualify for credit cards, loans, mortgages, utilities, and more. But what exactly is the FICO score, how is it calculated, and why does it matter so much? Keep reading to learn everything you … Read more
Debt-to-income (DTI) ratio compares your recurring monthly debt payments against your monthly gross income, expressed as a percentage. Hey there, fam! If you’re wondering, “Is a 30% DTI good?” let me hit ya with the quick answer right off the bat Hell yeah, it’s darn good! A 30% Debt-to-Income (DTI) ratio means you’re in a … Read more
A personal bank loan is a type of loan offered by banks that provides borrowers with a lump sum of money to be repaid over a set period of time. Personal bank loans can be used for a variety of purposes and provide an alternative to other types of financing such as credit cards or … Read more