Happy 2-sday of 2-22-22.
At work, other companies will offer webinars on various topics. This webinar was about suggestions when buying a home. Bank of America presented this webinar. Any misinformation is the fault of the note taker.
Half of Americans are stressed about their finances.
What are the advantages of buying a home?
- Increased equity.
- You have a place of your own.
- Avoid the risk of rent going up.
- Expenses are deductible.
Barriers to buying a home:
- Saving for a down payment
- You pay for the cost of maintenance and other expenses.
Understanding credit:
- Credit is influenced by a credit report and induvial credit report
- Credit scores of 700 is considered good
- A score under 600 makes it hard to get a loan. You will get the best mortgage options.
- How credit scores affect your interest rate” https://bettermoneyhabits.bankofamerica.com/en/home-ownership/how-credit-affects-interest-rate
- Those reviewing your credit wants to see evidence of past credit history
- Set a saving goal for buying a house.
Useful Bank of America websites:
- Introduction to Better Money Habits>
https://bettermoneyhabits.bankofamerica.com/en .
- Greater detail what goes into FICO Scores
https://www.myfico.com/credit-education/what-is-a-fico-score
- Better Money Habits link to “Setting a Budget” https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/set-budget-stick-to-it
- Calculating your Affordability
- https://bettermoneyhabits.bankofamerica.com/en/home-ownership/buying-home-comfortably-affordably
- Bank of America “Down Payment Center”
- https://mortgage.bankofamerica.com/mortgage-down-payment-center
- Link to Bank of America Affordable Loan Solution page https://www.bankofamerica.com/mortgage/affordable-loan-solution-mortgage/
Q&A:
- What is the advantage of an adjustable-rate mortgage? Often lower than fixed.
- Are school loans affected for qualification? School loans are factored in. the only exception is a doctor’s loan program.
- When pull report does it, count a search and take a point? Yes. Every time it will show up. There are several free sits for credit reports.
- What about a prequalification letter? It needs to have the credit run.
