Found 2 blog entries tagged as FICO Scores.

As you begin your search for that perfect Tudor style Oakland home in the hills, there is always the concern about whether or not you will qualify financially, so that you can buy it.  This is not uncommon concern, and below are some tips on how to analyze where you are financially, and get a sense of just "how much home" you will be able to afford.  While it is not the final say, and there are many more elements involved, it will give you a general sense of what the banks will be looking for. 

Overall, the lenders are concerned about three things regarding future borrowers:

1. Credit Rating: In an earlier blog, on July 13th, I wrote a detailed blog on how a credit rating is arrived at.  But, in quick summary form, a credit rating is based on a FICO…

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Sooner or later, every buyer has to submit information to a lender regarding their credit history.  This information will be critical as a means by which a decision will be made as to whether the potential buyer will qualify for the loan to purchase their future home.  This is a time that makes many people anxious because they are not quite sure how their credit is evaluated. So, whether you are considering a Piedmont home or an Oakland home, the format remains the same. 

Right now, 90% of the largest banks use what is called a FICO score to make that decision.  This FICO score is used throughout the industry to determine your mortgage rate, as well as your car loan and your credit card monthly interest fee. 

This credit rating is a number that is…

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