“Last week you answered a question about FICO scores. But what actually makes up a FICO score?”
***ANSWER:
Here’s what goes into your FICO, with some comments and tips:
35% - Payment history
How current you are with your monthly bills. So pay everything ON TIME.
30% - Amount of debt
It’s best to never exceed 30% of your available credit […]
“Something very strange just happened and I’d like your comments. My wife and I listed our home and after a couple of weeks we got two decent offers the same day. Since we had two buyers on the hook, so to speak, we took our time and countered back at our full list price. To […]
“Hi Gary. I just had my credit run and my FICO score is a 633. Is that good?”
***ANSWER:
Please refer to this chart:
720+ AA
700-719 A
680-699 B+
660-679 B
640-659 B-
620-639 C+
600-619 C
580-599 D
350-579 F
680+ / “Low Risk”
With credit this stellar, you’ll get the very lowest available rates.
620-679 / “Medium Risk”
In this range, you can still get many loans, […]
“As a homeseller, once I get an offer, how long do I have to respond?”
***ANSWER:
Great question. You have as long as the buyer has given you in the contract, usually 24-72 hours.
BUT…
I advise my clients that momentum is critical in every negotiation. If you make a homebuyer wait too long for your answer, they […]
“Question. We’re looking to buy a house in the next few months and talked with a mortgage broker we found on the internet. She said she can also be our Realtor and help my wife and I buy a home. I’m not sure that’s a good idea. Is that allowed?”
***ANSWER:
Allowed? Absolutely.
Good idea? Absolutely not.
Learn […]