Understanding Private Mortgage Insurance
Private Mortgage Insurance (PMI) is insurance required by the lender to protect the lender. PMI is generally required if you put more than 80% of the price of a home on your mortgage. This happens if you do not have atleast a 20% down payment to put on your new home....
FICO Credit Score Breakdown: Balance-to-Limit Ratio
Balance-to-Limit ratio is the second largest factor in your FICO credit score. It makes up 30% of your score and is calculated by your current balance of credit compared to your limit. Balance-to-Limit Ratio: 30 for 30 The thing to remember when it comes to your...
FICO Credit Score Breakdown: Length of History
The third largest factor of your FICO credit score is Length of History, which accounts for 15% of the FICO algorithm. Length of History is calculated based on the length of time you have had an active trade with a creditor. This is why credit cards are so important...