Is 630 a Good Credit Score? 630 FICO® credit ratings are in the fair range, indicating the individual has had some credit difficulties such as 30-day late payments. People with significant difficulties on their credit records, such as bankruptcies or foreclosures, will see a significant drop in their FICO® Scores, but these incidents can be […]
What is a 640 credit score? 640 FICO® credit ratings are in the poor to fair range, indicating the individual has had some credit difficulties such as 30-day late payments. People with significant difficulties on their credit records, such as bankruptcies or foreclosures, will see a significant drop in their FICO® Scores, but these incidents […]
Is 650 a Good Credit Score? 650 FICO® credit ratings are in the fair range, indicating the individual has had some credit difficulties such as 30-day late payments. People with significant difficulties on their credit records, such as bankruptcies or foreclosures, will see a significant drop in their FICO® Scores, but these incidents can be […]
Acceleration Clause Explained The activation of an acceleration provision in a mortgage contract may serve as a forerunner to a foreclosure action, in which a lender may legally compel the sale of the property obtained with the mortgage loan. The lender may seize the proceeds from any later sale of the property to recoup any […]
Adjustable Rate Mortgage (ARM) explained Borrowers who are willing to accept the risk of interest rate increases can usually cut their initial payments with an ARM. There is evidence that customers choose contracts with the lowest starting rates, such as in the United Kingdom, where customers are more concerned with monthly mortgage expenses. Consumer decisions […]
What are the Closing Costs in Alabama? Closing costs in Alabama are expected to range from $3000 to $5000, or 2% to 5% of the loan amount, depending on the size of the loan. Closing costs are the extra fees that come with buying a home. The majority of closing costs are charged by third […]
What are Amenities? An amenity is something that is believed to enhance an area, contribute to its enjoyment, and so raise its value in property and land use planning. The number and type of guest rooms, as well as the availability of amenities such as elevators, Wi-Fi, restaurants, parks, Community centers, swimming pools, golf courses, […]
Amortization explained Amortization is a strategy used in accounting to reduce the book value of a loan or intangible asset over a predetermined period of time. When it comes to a loan, amortization refers to the process of spreading out payments over time. Amortization is similar to depreciation when applied to an asset. Amortization process […]
Annual Percentage Rate (APR) explained It is a finance charge expressed as an annual rate. The term annual percentage rate of charge (APR), corresponding sometimes to a nominal APR and sometimes to an effective APR (EAPR), is the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a […]
What is an Appraisal? The process of determining a property’s value is known as appraisal, or real estate appraisal. Due to the rarity of real estate transactions and the uniqueness of each property, unlike corporate stocks, which are traded on a regular basis and are all the same, assessments are frequently required. Mortgage loans are […]
What is Appreciation? Appreciation is an increase in the price or value of assets. It may refer to appreciation of company stocks or bonds held by an investor, an increase in land valuation, or other upward revaluation of fixed assets. Time appreciation occurs Without the investor’s, appreciation might happen in a passive and progressive manner. […]
What is an Assessment? When the value of an asset must be determined for taxation purposes, an assessment occurs. Certain types of property, such as commercial properties, are assessed on an annual basis. Home values are frequently assessed each year, however certain taxing authorities may only do so every five years. Houses are evaluated […]