Lynel Adams

02/21/2020

Sun is shining 🌞 looks like a great weekend to shop for a home. Call me for your pre-qualification/pre-approval and all mortgage needs. Thank you, Lynel 770.318.6740. [email protected]

02/05/2020

"Fair Isaac Corp., the company behind the popular FICO credit score, announced the launch of its latest FICO 10 model [on] Jan. 23 that will start incorporating consumers’ debt levels into their scoring model...

FICO estimates that about 110 million consumers will see a change of less than 20 points to their score under the new credit score model. Overall, roughly 80 million consumers will see a change in score of 20 or more points in either direction, upward or downward, FICO says.

Those who fall behind on their loan payments are more likely see the drop in their score, according to the Wall Street Journal, who first reported the changes. FICO also plans to flag consumers who sign up for personal loans, which are generally considered more risky since these are unsecured and typically do not require collateral like a car or a house.

'Those consumers with recent delinquency or high utilization are likely going to see a downward shift and depending on the severity and recency of the delinquency it could be significant,' Dave Shellenberger, FICO vice president of product management, said in a statement.

The new scoring model will also likely create a wider gap between those who are considered good credit risks and those who are not. Consumers who already have good credit, for example, and who continue to whittle down their already existing loans and make on-time payments will see higher scores. But those who score below 600 will see bigger dips in their scores under the new model."

Source: cnbc.com

02/04/2020

"An appraisal is a written document that shows an opinion of how much a property is worth.

The appraisal gives you useful information about the property. It describes what makes it valuable and may show how it compares to other properties in the neighborhood. An appraisal helps assure you and your lender that the value of the property is based on facts, not just the seller’s opinion.

When you borrow money to buy or refinance a home, your lender may need to get a new appraisal and may require you to pay for it. Your lender may also use other ways to check the value of the home. For a typical home loan (that is, a loan secured by a first mortgage on your residential real estate), you are entitled to receive a copy of appraisals and opinions of value your lender gets. You should receive them soon after they are delivered to the lender in complete form—no later than three days before closing."

Source: consumerfinance.gov

02/03/2020

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02/03/2020

02/01/2020

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