Homeowners who have waited patiently to see if rates will go lower finally have their chance. Freddie Mac says that the 30-year fixed-rate mortgage rate hit a new low of 2.5% during the week of January 6, 2021. This was the lowest rate ever recorded. 65%. Rates are still close to their lowest levels in … Read more
Here’s some good news: If you have a 696 credit score, you’re sitting firmly in what is considered the “good” range using both FICO® and VantageScore credit scoring models. And that could make it easier for you to qualify for a credit card or loan. But because 696 is still a bit lower than the … Read more
Mortgage lenders usually verify your employment by contacting your employer directly and reviewing recent income documentation. The borrower has to sign a form giving permission for an employer to give a potential lender information about their job and income. At that point, the lender typically calls the employer to obtain the necessary information. Most employers … Read more
Credit report items that lenders see as bad are called “derogatory.” These can be late payments, collection accounts, bankruptcy, charge-offs, and other marks on your credit report. This can impact your ability to qualify for new credit. A derogatory item is considered negative, and typically indicates a serious delinquency or late payments. Lenders see bad … Read more
Many banks don’t limit the amount of cash you can deposit. However, depositing more than $10,000 will subject your deposit to extra rules and regulations from the bank and the federal government. If you have a substantial deposit to make, know that holding more than $250,000 at the same bank—even in multiple accounts—may not be … Read more
Selling tradelines has been written about on several reputable websites referring to it as a “$1,000 per hour side gig,” but is this true?. Technically, the answer is yes, but let us explain further. Keep reading this article to find out how to make money selling tradelines. Your credit score is a valuable asset that … Read more
Your credit score ranges tell lenders what type of borrower you are. Credit scores are calculated with a formula that uses five variables: payment history, amounts owed, length of credit history, credit mix, and new credit. The interest rate you pay on a loan may depend on your credit score range. It may also determine … Read more
The purpose of this content is to teach, so it may include details about products, features, or services that SoFi does not offer. Heard of a no-closing-cost mortgage or refinance? Sounds divine, but mortgage closing costs are as certain as death and taxes. They must be accounted for, one way or the other. You may … Read more
Reporting rent payments to credit bureaus may help build credit. Heres what to look for if youre considering this service. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. … Read more
Paying off your mortgage early can seem like an impossible feat. But what if you could shave years off your loan term and save thousands in interest just by paying a little extra each month? Let’s explore what happens when you pay an extra $1,000 toward your mortgage principal every month. How Making Extra Payments … Read more
