Author Archives: Eric Witczak

How to Ensure a Good Credit Score

First, let’s understand how your credit score is determined. Your credit score is broken down into five categories weighted accordingly: Payment history = 35% Total amount owed = 30% Length of credit history = 15% New credit = 10% Type of credit in use = 10% MAKE YOUR PAYMENTS ON TIME. This is the most […]

How To Ensure A Good Credit Score

First, let’s understand how your credit score is determined. Your credit score is broken down into five categories weighted accordingly… Payment history =  35%… Total Amount Owed = 30%… Length of Credit History = 15%… New Credit = 10%… Type of Credit in use = 10%. MAKE YOUR PAYMENTS ON TIME!  This is the most […]

Credit Score and Mortgages

A credit score is a number that helps lenders predict the likelihood of a consumer’s ability to repay a loan.  Credit scores range from 300 to 850.  In the past, a credit score of 640 or higher meant “good” credit and (typically) approval.   Today… any credit score under 680 is (most likely) a denial.   It […]

80-10-10 Mortgages

What does 80-10-10 mean?  The 80 stands for an 80% First Mortgage;  the 10 stands for 10% Second Mortgage and the last 10 stands for the 10% down payment from the consumer.  This is done quite simply to avoid PMI (Private Mortgage Insurance).   Banks typically require 20% down from someone when purchasing a home… the problem is that […]

No Money Down….Not a good deal!

I’ve never been a fan of the “no money down” or even “low money down” concept for home purchases.  The ZERO (or little) down programs most often result in higher rates and higher fees.  The fees will more than likely be added to the mortgage.  This, in turn, makes it nearly impossible to gain any […]

What’s Up With Mortgage Fees & Points?

Consumers have gotten used to refinancing their mortgage with little to no costs over the past 10 years.   This is about to change!  The problem was simple; business only works when it’s a win-win situation for everyone included.  This has not been the case in the mortgage industry.   The consumer refinances to a lower rate […]

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