What Costs Are Included In My Mortgage Payment?
What Costs Are Included in My Mortgage Payment? By BestQualify Principal The amount, unique to your loan, that pays down your unpaid debt. Interest The fees incurred for borrowing money.…
What Are Mortgage Points?
What Are Mortgage Points? By BestQualify Mortgage points are often referred to as rate discount points. You pay your lender a specified fee for a lower interest rate. Each point…
How Much Should I Save for a Down Payment & Closing Costs?
How Much Should I Save for a Down Payment & Closing Costs? By BestQualify This will largely depend on the type of loan you have. Some loans require at least…
What Are the Common Types of Mortgage Loans?
What Are the Common Types of Mortgage Loans? By BestQualify There are different forms of mortgages that are available depending on your individual circumstances. Here is some key information on…
Common Reasons Why Your FICO Score May Be Low
Common Reasons Why Your FICO® Score Is Low By BestQualify There are many factors that can put your score on a positive or negative trajectory. The understanding of these factors…
Do Other Scoring Models Exist?
Do Other Scoring Models Exist? By BestQualify The FICO model did not have any competition until the VantageScore® model was introduced in 2006 by the credit bureaus—Equifax®, Experian®, and TransUnion®. Both…
What Is a FICO Score?
What Is a FICO® Score? By BestQualify FICO, originally known as the Fair, Isaac, and Company, is a data analytics company based in San Jose, California. The main focus of…
What Is a Tradeline?
What Is a Tradeline? By BestQualify Tradeline is an industry term for the accounts found on your credit report. Every time you open a new credit card or another type…
What Is an Inquiry?
What Is an Inquiry? By BestQualify A credit inquiry is a request for a specific individual’s credit report from a reporting agency. Banks and other lenders will request the credit…
What Is a Credit Report?
What Is a Credit Report? By BestQualify There is a lot of misinformation about what a credit report is and what it actually contains. It’s like a report card from…