One of the most important parts of your mortgage is the mortgage rate – the rate of interest that you’ll pay on the money you borrow to buy your house. Often, ads for mortgage lenders make it sound as if they offer a single mortgage rate to all lenders. If that were the truth, it [...]
1. Your payment history Your payment history accounts for 45% your FICO score, it is without a doubt the greatest factor when calculating your score. This is typically a payment history for any credit cards, installment loans, finance companys, vehicle loans, mortage loans, or any other type of loan 2. Amounts that you owe The [...]
Mortgage interest is calculated in two different ways, one being a principal and interest mortgage, which is a set rate payment method, and the other being an interest-only mortgage, where the lender only requires the minimum interest to be paid every 30 days. Understand how interested is calculated on a loan with tips from a [...]
