Low Cost Housing
Credit Report Scores - Who Determines Them?
There are three major credit reporting agencies:
,
, and
.
Each of these credit reporting agencies receives information from credit grantors such as credit card companies, stores granting credit, mortgage companies, and banks. They compile your credit history and compute your credit report scores.
They provide your history and credit report scores to others who have a genuine interest in your credit worthiness.
Buy Your Home at a Discount
There are many ways for you to buy your new home. One way most people do not consider is to buy a home in forclosure.
Free Foreclosure Listing
If you want a real deal on your new home, you should consider foreclosures.
Homes in foreclosure are good homes. But, due to unfortunate circumstances, their owners cannot make the mortgage or tax payments.
The home may have increased in value since the owner originally purchased it. So you may be able to buy it for less than its worth.
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Buy Your Home at a Discount
How does this work? A home purchased 5 years ago for $150,000 may now be worth $225,000. But, the owner cannot make payments.
The owner may have made a $5,000 down payment and gotten a $145,000 mortgage. Over 5 years the mortgage was reduced $10,000 by principle payments. The owner still owes $135,000.
Could you take over the payments and offer the owner $20,000 in cash? That is, for $155,000 you could get into a $225,000 home.
The only way to know is the ask the owner!
How could you easily finance this? You could get a $155,000 mortgage on the home, pay the owner $20,000 and pay off the old mortgage.
You wind up with a $225,000 home for $155,000. That's a 30% discount.
Sound impossible? It's done every day.
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