Navigating The Financing Waters

Navigating The Financing Waters Credit Score Impact Pt.2 Here’s part 2 of my three part reference guide to credit scores in home financing. ________________________________________________________________________________________________ Impact on Interest Rates: General Rule: Higher scores = lower rates; lower scores = higher rates. Example (Conventional 30-Year Fixed, March 2025 Rates): 760+: 6.0% APR 700–759: 6.2% APR 620–699: 6.8% APR Below 620: Often ineligible or 7%+ with […]

Navigating The Financing Waters Credit Score Impact Pt. 1 This is the first in a three part series diving deeper into the credit score importance in home financing. ________________________________________________________________________________________________________ How Credit Scores Are Evaluated: Range: Credit scores typically range from 300 to 850 (FICO or VantageScore models). Key Factors: Payment history (35%), credit utilization (30%), length of credit history (15%), new credit (10%), […]

Navigating The Financing Waters Understanding Credit Score Basics One of the key elements in financing a new home purchase is your credit store. Below are some of the basic elements that make up this very vital component of the financing process. Understanding Credit Score Impact A credit score is a three-digit number, typically ranging from 300 to 850, that reflects your creditworthiness—essentially, how […]

Navigating The Financing Waters Everything You Need To Know About Mortgage Loans Part 3 Here’s a brief explanation of four variations of mortgage loans; they are worth exploring. The Ballon Mortgage is often used in seller financing options. Any of the four may suit your needs. Jumbo Loans Definition: Mortgages that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA) (e.g., $766,550 in most U.S. […]

Navigating The Financing Waters Everything You Need To Know About Mortgage Loans Part 2 The following are the 3 mortgage loan programs tied to the Federal Government, as opposed to conventional loans that originate from the private sector. 1. FHA Loans (Federal Housing Administration) Definition: Government-backed loans insured by the FHA, designed to help low- to moderate-income borrowers. Key Features: Low down payment requirement (as little as […]

Navigating The Financing Waters Everything You Need To Know About Mortgage Loans Part 1 Welcome back to my Blog. I’m Richard Schwartz, an agent at Coldwell Banker Ben Bates in beautiful Palatka, Florida; in the heart of Putnam County. As a prospective home buyer, one of the hardest obstacles to overcome is the navigating and understanding of the various methods of financing your dream purchase. In this series of […]