FICO 2 vs FICO 8

Mortgage lenders may choose to use the FICO 2 scoring model instead of FICO 8 for several reasons. Firstly, FICO 2 is specifically tailored for the mortgage industry, making it …

Marry the House. Date the Rate.

Your mortgage interest rate is not a lifelong commitment because it’s subject to change based on market conditions and your financial circumstances. When you close on your home, you secure …

APR and Teaser Rates

The Annualized Percentage Rate (APR) includes both the interest rate and various loan costs, such as closing costs and other expenses. For instance, if a borrower secures a 6% interest …

What are Discount Points?

Today I want to talk to you a little bit about loan discount points. A loan discount point in mortgages is going to be roughly 1% of the amount that …