Financing a home can be one of the most complicated and frustrating parts of a home purchase. There are points, APR, fixed-rate loans, adjustable loans, balloon loans, reverse loans, fees, adjustments and combinations we didn't even know existed. For loan approval one must show income, outflow, down payment, job, shoe sizeŚwell, you get the idea.
That brings us to your "credit score". This is the magic number that the finance companies use to determine if they are willing to loan you the money for your new home. It will also effect your loan rate. I found that this link gives a good explanation of the terms and types of things that will change your score for better or worse. You can also check your credit score For A Fee. Click here for myFICO.
Not sure how much home you can afford? Would you like to know what your house payments will be? These are just a few of the calculators available to you. Check out these great calculators.
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JoAnn & Dennis Olson, Realtors