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7 Things Your Bank May Do to Help You Right Now

The Coronavirus pandemic has caused irrefutable risk to the health and safety of hundreds of millions of people around the world, but the economic devastation is just getting started.

With stay-at-home orders pausing most travel and foot traffic, mass layoffs and an astronomical jump in unemployment, and small businesses going under left and right, the impact may be felt the ...

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Fight! Fight! FICO and Vantage Score duke it out over which scoring system will be used for mortgage lending.

Fight! Fight!

A brawl has erupted, and everyone’s circling around to watch. But instead of being schoolyard fisticuffs, this imbroglio is over which credit score lenders will use for home loans.

For as long as we can remember, lenders used FICO scores to decide whether a borrower qualified for a mortgage loan, which was then sold to the credit giants Fannie Mae or Freddie ...

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Everything you need to know about appraisals

If you’ve bought ot sold a home or even refinanced your mortgage, you’ve surely encountered the term “appraisal.” But what is it? An appraisal is just an informed evaluation from a professional appraiser. It attempts to define the market value, which is used by banks, lenders, and buyers and sellers.

It comes after a thorough and detailed inspection of the property in ...

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Fannie Mae’s Risk Based Pricing benefits mortgage applicants with high credit scores.

Approving mortgages is all about assessing risk, as underwriters scrutinize every detail and shred of data in hopes of accurately predicting if a potential borrower will pay their mortgage on time every month – or default.

That’s good news for consumers that are good stewards of their financial affairs since keeping a great credit score, a low debt load, and plenty of assets will help them get approved for the best low-rate mortgage loan when it comes time to refinance or ...

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10-reasons-every-renter-should-buy-their-first-home

10 Reasons every renter should try to buy their first home.

There’s a great saying about home ownership that goes: “Everyone pays a mortgage every month and everyone buys a house; it´s just a matter if it´s yours or your landlord’s.”  That’s 100% true when you think about it, because over a lifetime of paying rent, whether it’s in an apartment or house, your money is going to pay for the landlord’s investment. Of course renting is right for some people based on their financial situation and housing needs, but there ...

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Can you be denied for a loan or mortgage because of your Facebook friends?

If a recent patent is any indicator, then that you very well could be denied for a loan on a credit card, a car, or even a mortgage because of who you’re friends with on Facebook.

This summer, the U.S. Patent office granted an updated patent on technology that combs social media for evidence of a person’s closest network of friends and then relays that information to potential creditors, who can make lending decisions based on the friends’ perceived financial stability.

While ...

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