Welcome to Home Mortgage
Wells Fargo Home Mortgage Current Refinance Interest Rates Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
FICO Score 101 - what does your FICO score mean to you
from: Delia GalleyFICO stands for "Fair Issac Corporation," the company that invented the FICO scoring system. Your FICO score is a number generated by one of the three Credit Report Agencies (Equifax, TransUnion or Experian) based on your credit history. This number helps lenders to predict how likely you are to pay your loans on time in the future. A FICO score will range between 300 to 850. The higher your score, the less risk you represent to a lender. Generally, FICO scores below 600 indicate a higher risk to creditors and could cause a lender to charge you a much higher interest rate or turn you down for a loan. According to the Fair Issacs Corporation, approximately 14% of credit worthiness Americans have a FICO score of below 600. This example illustrates how a FICO score can affect "real" life experiences.
Bob has a FICO score of 600 and applies for a home mortgage loan. Mary also applies for a home mortgage loan and has a FICO score of 720. According to the Fair Issacs corporation, Bob would likely get an interest rate of 8.531%, while Mary would get an interest rate of 5.702%. On a $300,000 mortgage loan, Bob's monthly payment (principal and interest) would be $2,313 while Mary's monthly mortgage would be $1,742 - a whooping difference of $571. I don't about you but I could surely use an extra $571 in my bank account at the end of the month.
What goes into my FICO Score?
Payment History - 35% of score.
* Did you pay your bills on time?
* Does your file reflect a bankruptcy, lien, wage garnishment, collections, delinquent accounts?
* How many past due/delinquent accounts do you have?
* How severe is the delinquency (30, 60, 90 days... past due)?
* How long has it been since the accounts were delinquent?
Amount owed - 30% of score.
* How much is owed on your accounts?
* How many of your credit lines are being used?
Length of Credit History - 15% of score.
* How long have your accounts been opened?
* How active are the accounts?
New Credit - 10% of score.
* What new accounts have been opened and what types are they?
* How many recent inquiries have been made against your credit?
* Is there evidence of re-establishment of positive credit?
Type of Credit - 20% of score.
* What is the number of the various accounts (major credit cards, retail cards, mortgage, equity lines of credit, etc)
What does NOT go into your FICO Score?
* Race, color, religion, national origin, sex, marital status
* Age
* Salary, occupation, title, employer, date employed
* Place of residence
* Requests that you have made for your credit report, pre-approvals, employer inquiries
* Whether or not you are participating in credit counseling.
The author is the owner of the information-rich website www.poorcreditgenie.com. The website offers free advice on how to rebuild credit and manage debt. The site also features numerous articles and news stories on credit report, credit cards and bankruptcy.
About the Author
The author is the owner of the information-rich website http://www.poorcreditgenie.com. The website offers free advice on how to rebuild credit and manage debt. The site also features numerous articles and news stories on credit report, credit cards and bankruptcy.
Wells Fargo Home Mortgage Current Refinance Interest Rates News
JP Morgan, Wells Fargo Reserved For Mortgage Settlement - Wall Street Journal
 USA TODAY | JP Morgan, Wells Fargo Reserved For Mortgage Settlement Wall Street Journal "The Refinance Program will not result in any current-period charge as the impact of this program will be recognized over a period of years in the form of lower interest income as qualified borrowers benefit from reduced interest rates on loans ... Foreclosures to Climb Before Bank Deal Helps US Housing Market Questions and answers on the mortgage settlement AG: Mortgage deal to help thousands in California |
Wells Fargo Announces Details of Agreements with State Attorneys General and ... - MarketWatch (press release)
 News Sizzle | Wells Fargo Announces Details of Agreements with State Attorneys General and ... MarketWatch (press release) "Today's agreement represents a very important step toward restoring confidence in mortgage servicing and stability in the housing market," stated Mike Heid, president of Wells Fargo Home Mortgage. "Wells Fargo has actively participated in the ... Closing Week Mortgage Rates: Another Straight Week of Leading Refinance ... |
Senator Boxer Faults BofA for Mortgage-Refinancing Delays of Up to 90 Days - Bloomberg
 Bloomberg | Senator Boxer Faults BofA for Mortgage-Refinancing Delays of Up to 90 Days Bloomberg “Delays could prevent borrowers from taking advantage of today's historically low interest rates and improvements recently made to the Home Affordable Refinance Program,” the California Democrat wrote in a letter today to Chief Executive Officer Brian ... As Mortgage Refinancings Surge, Banks Struggle Refinancing applications reportedly overwhelm BofA |
NJ gets $837.7M in nationwide mortgage and foreclosure settlement - Dailyrecord.com
NJ gets $837.7M in nationwide mortgage and foreclosure settlement Dailyrecord.com Borrowers who are current on their mortgages but owe more than their homes are worth will receive $3 billion to refinance loans at a lower interest rate. Borrowers will receive up to $7 billion for other forms of relief, including extending the time ... |
Mortgage Rates: Low Mortgage Rates Trend Continues While Refinances Surge - FreeRateUpdate.com
Mortgage Rates: Low Mortgage Rates Trend Continues While Refinances Surge FreeRateUpdate.com The current low mortgage rates trend continues again today while refinances surged last week according to the Mortgage Banker's Association. The refinance index increased 9.4% from the previous week and accounted for 80.5% of all loan applications. |
The Mortgage Deal: A Reality Check - NPR
The Mortgage Deal: A Reality Check NPR Those borrowers are also considered "underwater" — they owe more on their mortgages than their homes are worth. At least $3 billion will go toward refinancing loans for borrowers who are current on their mortgages but are underwater. |
Minnesota joins national mortgage settlement - Coon Rapids ECM Publishers
 CBS Local | Minnesota joins national mortgage settlement Coon Rapids ECM Publishers Refinancing Benefits. This federal portion of the settlement allows borrowers of mortgages owned by the five banks to refinance to a lower interest rate if they are current on their mortgage and have no delinquencies in the last 12 months, ... Foreclosure settlement could help 17K Minn. homeowners Mortgage settlement will affect thousands of Minnesotans Minn. expects up to $280M from national mortgage relief deal |